On your novated e-bike, says ATO, and go FBT free

Entering into a remuneration package to secure a vehicle through a salary sacrifice arrangement is a popular option offered to employees. However the ATO has issued a ruling on another particular set of wheels that opens up both a tax and health incentive. ATO guidance covering the use of an electric bicycle (e-bike*) by an

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Daily updates: 23-27 November

27 November NEWSGood news for some to hold on to over the weekendThe extra COVID-19 economic support payments announced by the Federal Government recently will start to hit people’s accounts next week. Eligible recipients will receive two separate $250 payments, with the first to be paid progressively from 30 November 2020 and the second from 1 March 2021. The

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5 minute tax updates: 23-27 November

ATO offers support for longer-term lodgment obligation difficultiesGST assurance test guidanceParliament report of future of auditingCOVID-19 is ongoing, and so is TPB supportASFA’s retirement cost index up, in spite of pre-COVID prices partial returnLiving life ‘online’ brings some (perhaps not unexpected) dangersASIC Corporations (amendment) Instrument 2020/1080Seasonal Labour Mobility Program adjustmentTax transparency: reporting of entity tax

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Some JobKeeper and cash flow boost ineligibility cases to be re-visited

The Inspector-General and Taxation Ombudsman (IGTO) reports in its latest IGot News that over recent months its office has received an influx of complaints from a number of small businesses (as well as their representatives in the accounting and tax profession) around their eligibility for JobKeeper and Boosting Cash Flow payments.   Ombudsman Karen Payne

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Daily updates: 16-20 November

20 November NEWSNo more activity statement notification emails to registered agentsThe ATO has issued a statement notifying practitioners that it will no longer by emailing activity statement notice by email. Your clients’ monthly and quarterly activity statements are available online by the 16th of each month before they are due. The ATO says you can

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5 minute tax updates: 16-20 November

National Tax Clinic consultation openAPRA releases paper for consultation on revised cross-industry remuneration standardBeing eligible for GST margin schemeProfessional firms – allocation of profit guidelinesBanking Royal Commission changes reform laws introducedAppeal on work related clothing claim lost in AATSocial services COVID-19 financial support measures now lawCloud computing Q&As from TPB webinar publishedASIC consults on promoting

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Corporate residency rules tweaked to allow for COVID-19 contingencies

A long-established feature of the taxation landscape for Australian business entities is that the residency status of a business determines a large part of its income tax obligations. Foreign resident entities are generally taxed in Australia on any income that has an Australian source. Australian resident entities are generally taxed on their worldwide income. Also

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Insufficient records to join JobKeeper’s ‘tier 1’ club? There are options

In some situations, an employer client may not have sufficient records to work out if staff have satisfied the 80-hour threshold in their 28-day reference period for JobKeeper payments (which can also include an alternative reference period). For example, they may not have sufficient records because: They paid employees salary, wages, commission, bonus or allowances

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ATO takes aim at ‘you-scratch-my-back’ auditing arrangements

It has long been an accepted standard that the auditor of an SMSF needs to be independent of that fund, and be a third party entity to the SMSF. This requirement is written into the SISR legislation. There have of course been breaches of this requirement, and instances where auditors and/or fund trustees have suffered

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