Enriching Your Business
A plethora of superannuation law tweaks has recently been made (via recent legislative reforms) which include: Removing the $450 monthly super guarantee threshold. Reducing the eligibility age for making downsizer contributions from 65 to 60. Changes to facilitate the removal
After much speculation, the Government announced that COVID-19 tests, including Polymerase Chain Reaction (‘PCR’) and Rapid Antigen Tests (‘RATs’), will be both: tax-deductible; and exempt from FBT; broadly where they are purchased for work-related purposes. This will require the introduction
The ATO has extended the Single Touch Payroll (‘STP’) reporting exemption available to entities that have a withholding payer number (‘WPN’). As a result of this extension, certain entities that have a WPN (but not an ABN) will not be
As we recently communicated, the High Court has held that the ‘working holiday maker tax’ (also known as the ‘backpackers tax’) did not apply to a taxpayer on a working holiday visa from the United Kingdom who was also an
The JobKeeper rules have been amended to ensure the ATO can make payments to certain taxpayers after 31 March 2022. Where a taxpayer has objected to an ATO decision relating to JobKeeper, a payment can be made by the ATO
The Government has recently extended the SME Recovery Loan Scheme by a further six months (to 30 June 2022) to support SMEs adversely economically affected by the Coronavirus Pandemic. Under the Scheme, eligible businesses can obtain loans through participating bank
The ATO has reminded taxpayers that it has a range of support available for small businesses experiencing difficult situations, such as natural disasters, mental health challenges or financial hardship. Depending on the business taxpayer’s circumstances, the ATO may be able
The ATO has reminded employers to consider their tax and super obligations when employees are provided with incentives or rewards for getting their COVID-19 vaccination. When employees are provided a cash payment, including paid leave for employees to get their
The ATO has advised it will acquire Medicare Exemption Statement (‘MES’) data relating to approximately 100,000 individuals from Services Australia for the 2021 financial year through to the 2023 financial year inclusively, and compare it with claims made by taxpayers
The ATO has issued a reminder to businesses that paying regular attention to their record-keeping and reporting tasks will help them better manage their cash flow and allow them to plan for the future. The best way to make sure