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Star & Associates
Level 7, 16 O'Connell Street
Sydney NSW 2000

JobKeeper extension compliance focus areas

In addition to the existing focus areas, the ATO has identified two new focus areas for compliance  with the JobKeeper extension.  • Actual decline in turnover test  • Claiming the incorrect higher tier rate of JobKeeper payment.  The additional actual decline in turnover test must be satisfied to access JobKeeper payments for  fortnights from 28…

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COVID-19: no penalties in absence of valuation evidence for SMSF assets

The ATO will not impose penalties if it is satisfied that SMSF trustees find it difficult to obtain the  required valuation evidence for fund assets due to the impacts of COVID-19.  Auditors should however consider the need to modify Part B of their audit report and lodge an  Auditor/actuary contravention report (ACR), if necessary, during…

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ATO focus on capital gains from shares, property and cryptocurrency

The ATO will use data-matching as it looks closely at gains from disposals of shares, property and  cryptocurrency.  Records relating to any capital gains tax (CGT) event should be kept for at least five years after the  year in which the event occurred. Records should also be kept of any net capital losses, which could …

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Impact of COVID-19 on loss utilisation

The ATO has clarified on how the business continuity test applies for companies affected by COVID 19.  To utilise carried-forward losses in a particular year, a company must satisfy the continuity of  ownership test or business continuity test. The business continuity test will not be met where a  company has ceased its business with no…

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Legislation to facilitate JobMaker Hiring Credit payments introduced

The Economic Recovery Package (JobMaker Hiring Credit) Amendment Bill 2020 proposes to  amend the Coronavirus Economic Response Package (Payments and Benefits) Act 2020 to allow the  Treasurer to make rules for a kind of COVID-19 economic response payment that is primarily  intended to improve the prospects of individuals getting employment or increase workforce  participation.  The…

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COVID-19 (NSW): Payroll tax Stimulus Payment Arrangements

Businesses in NSW will be able to pay their deferred payroll tax liabilities over 24 months via a  payment arrangement with Revenue NSW. The first year of the arrangement will be interest-free.  These Stimulus Payment Arrangements are available to all NSW businesses as part of the NSW  Government’s economic package to help businesses impacted by…

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COVID-19 and car fringe benefits

Employer fringe benefits tax (FBT) obligations may be affected where employees have been garaging  work cars at their homes due to COVID-19. The ATO has clarified that an employer will not be taken to hold a car for the purposes of providing  fringe benefits to an employee where a car has not been driven at…

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COVID-19: change in tax outcomes for residential rental properties

The ATO has released guidance on tax issues for residential rental properties arising from COVID 19.  The guidance covers:  • claiming deductions if less rental income has been received while normal expenses continue  to be incurred  • the proportion of expenses that can be claimed as a deduction if the property was used  differently in…

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Working from home? How to claim your home office tax deductions

With more office employees working from home as a result of the coronavirus crisis, the number of claims made to the Australian Taxation Office for home office expenses this year will soar. There are three ways of calculating home office expenses depending on your circumstances. The methods are the: Shortcut method (80 cents) – only available 1 March…

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