Being ‘stood down’ is not being sacked
Accountants are fielding lots of questions in the COVID-19 shutdown. One of the most confusing is about standing down staff.
IN BRIEF -
While being ‘stood down’ sounds like a retrenchment or redundancy, it is not the same.
Standing…
Explanatory Memorandum - April 2020
Coronavirus cash flow boost payments explained
As a part of the second round of economic stimulus in response to the COVID-19 pandemic, the Australian Government has legislated a measure to boost cash flow for employers. Put simply, the cash…
Client Alert - April 2020
Coronavirus cash flow boost payments explained
As of the second round of economic stimulus in response to the COVID-19 pandemic, the Australian Government has legislated a measure to boost cash flow for employers. However, small to medium employers…
Explanatory Memorandum - March 2020
Super guarantee loophole closed
A superannuation guarantee loophole that allowed employers to use salary sacrificed contributions to make up part of their required super guarantee contributions has been closed. From 1 January 2020, employers…
Client Alert - March 2020
Super guarantee loopholes closed
The concept of a superannuation guarantee – the legal requirement for your employer to contribute 9.5% of your salary into a nominated super account – should be familiar to everyone, as it makes up the bulk…
Explanatory Memorandum - February 2020
ATO backs down from controversial time limit ruling
In 2018, the ATO issued a controversial draft ruling which took a very strict stance on the four-year time limit for claiming input tax credits and fuel tax credits. The ruling had been used…
Client Alert - February 2020
ATO backs down from controversial time limit ruling
In 2018, the ATO issued a controversial draft ruling which took a very strict stance on the four-year time limit for claiming input tax credits and fuel tax credits. The ruling had been used…
Foreign Resident CGT Regime
The government had announced that Australia's foreign resident CGT regime would be extended to deny foreign and temporary tax residents access to the CGT main residence exemption in May 2017.
Following consultation, the government had also…
Explanatory Memorandum - November 2019
Getting the benefit of your business tax losses
Made a tax loss? If you’re a sole trader or individual partner, you may be able to apply the loss against other income like salary or investment income, or carry the loss forward to a future…
Client Alert - November 2019
Getting the benefit of your business tax losses
When you’re starting a new business venture, it may take some time before the business becomes profitable. And there may be other situations where an established business operates at a loss…