tax

5 minute tax updates: 21-25 September

Updated PS LA on discretion exercised under COVID conditionsFair Work amendment legislation for continuing JobKeeper issuedATO virtual open forums for practitioners in OctoberDo you have business clients who may rack up losses for first time?Letter sent to outdated address no excuse, rules AATOne complaints door closes, another opensConsultation and feedback sought on reforms to foreign

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5 minute tax updates: 14-18 September

JobKeeper 2.0 rules have been releasedThree legislative instruments released on JobKeeper extensionAll your JobKeeper extension questions will be answeredUpdated guidance on JobKeeper from ATOQuo vardis GST?Land duty valuations: New guidance from Victorian SROFASEA confirms dates and venues for 2021 examsAcquisition of economic entitlements in VictoriaSun will not have set on permitted worker permits, so re-issuing

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5 minute tax updates: 7-11 September

SG amnesty is now closedForeign exchange rates updatedPS LA 2004/11 on documents used as a tax invoice updatedGIC and SIC rates, October to December 2020Revenue NSW releases practice note on payroll tax and sharesATO to issue practitioners with list of their JobKeeper clientsCorporate card holders and no-invoice input tax credit claimsCOVID-19 relief: Changes to the

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5 minute tax updates: 31 August – 4 September

Hybrid mismatch clarificationPRRT augmentation and GDP factors updated for 2020New guide released for R&D tax incentive – comments invitedCapital gains and foreign income tax offset adviceBoard of Tax says corporate tax residency rules need urgent reformTPB webinars for the rest of the calendar yearDetermination ensures continued access to cars and car parts for disabledBring forward

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5 minute tax updates: 24-28 August 2020

PSI “unrelated clients test” not met for services provided via intermediaryAppeal made on proceeds from share disposal as ‘taxable property’SAN misuse mailout about to hit SMSF trusteesAnnual return for a client’s SMSF is more than for income taxDraft PCG on related party cross-border financing seeking practitioner feedbackFranchise arrangements and capital outgoings decision appealAccredited e-invoicing service

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5 minute tax updates: 17-21 August 2020

TPAR lodgment due in one week for businesses who pay contractorsAPRA issues consultation letter to authorised deposit-taking institutionsATO’s compliance approach to arm’s length debt testFailure to lodge on time penalty admin statement updatedFast key code guide issued for tax and BAS agentsGuidance on long term casual employee JobKeeper eligibilityAdvice under development under strain during COVID-19Scheme

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ASIC re-plans its regulatory work because of COVID

The Australian Securities and Investments Commission (ASIC) had foreshadowed that it will make changes to its regulatory work and priorities to allow it to focus on the impact of COVID-19, stating that part of this effort will see it defer some activities and redeploy staff to address the issues of immediate concern, but at the

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5 minute tax updates: 13-17 July

Remote exam option for locked-down Melbourne financial advisersMore myGov scams reported by ATOGST on court orders and out-of-court settlementsShort-term accommodation provided as a business (more information required)HELP repayment rates for 2020-21Business income reminder for your clientsDraft legislative instrument for STP closely held payee exemptionDraft GST determination ensures continued access to GST-free vehicles for disabledReimbursement for

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5 minute tax updates: 6-10 July

Foreign investment framework reforms in pipelineLatest episode of the ATO’s “Interpretation Now”Division 7A benchmark interest rate for 2020-21Deadlines soon for CRS and FATCA lodgmentsBitcoin losses decision appealed (bonus discussion on rum rebellion)Review and update of ABN details faster, easierForeign investors must now report on fund paymentsThreshold for CGT improvement up for 2020-21ATO’s impact statement for

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