Posts by Luke Star
Instant asset write-off and the car limit
Following the expansion of the instant asset write off, the ATO has clarified that the car limit of $57,581 (for the 2019–20 financial year) applies to passenger vehicles (except motorcycles or similar vehicles), designed to carry a load less than one tonne and fewer than nine passengers. The excess cost of the car cannot be…
Read MoreCOVID-19: Super guarantee amnesty
The ATO has advised that employers affected by COVID-19 should apply for superannuation guarantee amnesty by 7 September 2020, even where they are concerned that, as a result of COVID-19, they will not be able to pay the liability. The ATO will work with employers to establish a flexible payment plan to assist in making…
Read MoreJobKeeper payments for business groups and ‘one-in, all-in’ rule clarified
Business structures that house their employees in a separate entity from the operating entity may still be able to access the JobKeeper Payment scheme. They can do so by applying an alternative decline in turnover test by reference to the combined GST turnovers of the related entities using the services of the employer entity. The…
Read MoreNSW government waives payroll tax for small business, as part of its $2.3 billion stimulus package
New South Wales, currently the Australian state worst affected by the COVID-19 outbreak, has announced a state government stimulus package encompassing health and economic measures worth $2.3 billion. Some $700 million will be spent on boosting the capacity of intensive care units throughout the state, while $1.6 billion is being pledged to help keep people…
Read MoreSupport measures to assist those affected by COVID-19
The Australian Taxation Office (ATO) will implement a series of administrative measures to assist Australians experiencing financial difficulty as a result of the COVID-19 outbreak. Commissioner of Taxation Chris Jordan is encouraging businesses impacted by the coronavirus to get in touch with the ATO to discuss relief options. “We know that many businesses and communities…
Read MorePrime minister announces economic stimulus package
The Morrison Government has announced a $17.6 billion economic plan to keep Australians in jobs, keep businesses in business and support households and the Australian economy as the world deals with the significant challenges posed by the spread of the coronavirus. Our targeted stimulus package is focused on keeping Australians in jobs and helping small…
Read MoreAre you ready for myGovID and RAM?
AUSkey will be retired at the end of March 2020 and will be replaced by myGovID and Relationship Authorisation Manager (RAM). Together these services will provide you with a secure, simple and flexible access to government online services including the ATO Business Portal. To make the move to myGovID faster and easier, you should check that all your Australian…
Read MoreTax exemption for government payments and allowances
People affected by bushfires declared as disasters can apply for various payments, including: disaster recovery payment – one off tax-exempt payment disaster recovery allowance – tax-exempt short-term income support for New South Wales volunteer firefighters – tax-exempt payments of up to $300 per day, and up to a total of $6000 per person for self-employed individuals or…
Read MoreATO’s new cryptocurrency data-matching program
The Australian Taxation Office (ATO) is collecting bulk records from Australian cryptocurrency designated service providers (DSPs) as part of a data matching program to ensure people trading in cryptocurrency are paying the right amount of tax. There has been significant growth in participation of crypto-assets in recent years. It is estimated that there are between 500,000 to one…
Read MoreATO treatment of foreign resident CGT exemption changes
The ATO has released details of its administrative treatment of proposed changes to deny foreign residents access to the CGT main residence exemption. Under amendments in Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019, the exemption for the disposal of a main residence will be denied except where certain life events (terminal medical…
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