Enriching Your Business
The Government has committed to modernising certain laws so that they are ‘technology neutral’, to enable easier communication between businesses, individuals and regulators. The first phase of legislative reform will focus on key areas raised by stakeholders which are implementation-ready
The ATO is using its compliance resources to maintain the integrity of the JobKeeper measure. While most businesses and employees have done the right thing, the ATO has identified concerning and fraudulent behaviour as well as claims by a small
The Australian Small Business and Family Enterprise Ombudsman, in conjunction with Family Business Australia, has released a new online guide to succession planning — the “Introductory Guide to Family Business Succession Planning” — which provides a step-by-step guide to passing
The ATO has recently identified a new scheme where SMSF trustees were informed that they could set up a new SMSF to roll-over the fund balance from the old SMSF and then liquidate their old SMSF, in an attempt to
The ATO has updated its webpage containing the fringe benefits tax (‘FBT’) rates and thresholds for the 2017/18 to 2021/22 FBT years. Two amounts that were not previously announced for the 2021/22 FBT year are: the FBT record keeping exemption
The ATO has confirmed that more than 60,000 businesses have not yet complied with lodgment requirements under the taxable payments reporting system (‘TPRS’) for 2019/20. The TPRS is a black economy measure designed to assist the ATO to identify contractors
A person claiming to be a sole trader was convicted of three counts of making a false and misleading statement to the Commissioner of Taxation, in order to receive $6,000 in JobKeeper payments to which he was not entitled, as
On 24 March 2021, the Full Federal Court handed down its decision in a case concerned with the requirement that an entity claiming JobKeeper must have had an ABN on 12 March 2020, or a later time allowed by the
The ATO has advised that the final JobKeeper payment will be processed in April 2021. Enrolled businesses do not have to do anything when the program closes, although they will need to complete their final March monthly business declaration by
The ATO has previously advised that it will no longer issue paper activity statements after electronic lodgment. Instead, electronic activity statements will be available for access online, three to four days after the activity statement is generated. As part of