tax

JobKeeper, Cash Flow Boost denials revisited, reconsidered

Neville Birthisel In the wake of the taxpayer’s victory in the Full Federal Court JobKeeper case Commissioner of Taxation v Apted [2021] FCAFC 45, the ATO has issued a Decision Impact Statement and a Law Administration Practice Statement.  These set out its revised policy towards allowing a “later time” to hold and ABN (JobKeeper Rules s11(6)) or

[ Read More ]

When refinancing, loan interest can be deductible to a partnership

A general law partnership is formed when two or more people (and up to, but no more than, 20 people) go into business together. Partnerships are generally set up so that all partners are equally responsible for the management of the business, but each also has liability for the debts that business may incur. A

[ Read More ]

Activity statements digitally delivered can cause problems

Tax & Super Australia (TSA) members have identified a significant problem caused by a recent decision of the ATO to change paper-based activity statements to digital delivery from the month of November 2020.  This change in technology is causing problems for tax agents and their clients. TSA’s Tax Counsel John Jeffreys says the ATO is

[ Read More ]

Daily updates: 14-18 December

18 December NEWSStaying JobKeeper compliant with bring-forward payments for the holiday season The ATO says that where an eligible employer with a regular fortnightly pay cycle (or shorter) makes additional payments to its employees in the JobKeeper fortnight immediately before its holiday closure, and those additional payments relate to a future JobKeeper fortnight or fortnights

[ Read More ]

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

[ Read More ]

5 minute tax updates 2-6 November

Seasonal worker taxation fact sheet providedClients missed SG deadline?Ongoing small business focus from ATO revealedMore on exemption from FBT for retraining and reskilling benefitsNew guidance for re-shaped R&D incentiveSignificant SMSF reporting change buried in Treasury’s “portfolio” amendmentsProposal to change rules so super complaints can continue to be dealt withGST and property: Quick ATO guidance for

[ Read More ]

Daily updates: 19-23 October

23 October NEWSABS: Less reporting fall in turnover in October compared to JulyThe Bureau of Statistics (ABS) has just published a report that shows the proportion of businesses reporting a fall in their monthly revenue decreased from 47% in July to 31% in October. Its latest Business Impacts of COVID-19 Survey also showed that almost

[ Read More ]

5 minute tax update: 12-16 October

Data matching and the reporting of asset disposals for CGTIs ATO being put on a cost-of-operation diet?FFC hands decision win in Healius appeal to CommissionerSTP reporting: ATO has compiled a troubleshooting pageWithholding schedule update released post budget rates changesGuideline on SMSF penalty administrationChange made so super providers do not re-use payment reference numbersSMSF auditors reminded

[ Read More ]

5 minute tax updates: 5-9 October

Insolvency reform consultation openSmall business tax concessions extended to more SMEsGranny flats to be CGT freeGST BAS toolkit under developmentGST and transaction account acquisitions made outside of AustraliaTPB announces increased service provision for BAS agentsE-invoicing unstoppableBusiness support grants in Victoria to be non-assessable (and could spread)Economy recovery bill introducedAdvisers get to give feedback on code

[ Read More ]

5 minute tax updates: 28 September – 2 October

Updated guidance on Commissioner discretion over cash flow boost and JobKeeper eligibilityTPB warns practitioners to conduct thorough identity checksLand tax incentive for community housing in ACT expandedTwo factor authentication now required for TPB log insInformation needed for third party adjustment notes for GSTGST ruling issued for transaction account acquisitionsUpdate on home loan lenders with securitisation

[ Read More ]