To further support businesses and workers ride out the COVID-19 pandemic and minimise the impact on the overall economy, the government has released a second round of stimulus in addition to the initial $17.6bn package. This $66.1bn package is not only aimed at businesses but...
ATO has recently announced that it will implement a series of administrative measures to assist taxpayers experiencing financial difficulty as a result of the coronavirus (COVID-19) pandemic. The measures that will apply is similar to those for taxpayers affected by the bushfires. However, one important...
Following on from the Federal government’s $17.6bn stimulus package unveiled last week for the coronavirus (COVID-19), some State governments have announced various concessions to support businesses and keep the local economy moving during this difficult and uncertain time. NSW - businesses with payrolls of up to...
For anyone with a self-managed super fund (SMSF) at 30 June 2019 or has wound up an SMSF during the last financial year, your SMSF annual return for 2018-19 may be due. This annual return must be lodged with the ATO even if your SMSF...
In an effort to combat the economic effects of the global coronavirus pandemic, the government has released an $17.6bn stimulus package which is expected to provide direct support for up to 6.5m individuals and 3.5m businesses. The package includes the following: Business investment initiatives - the...
The Government has recently announced its $17.6 billion economic stimulus package in response to the Coronavirus. Key Tax Measures that have been introduced include: From 12th March 2020, the instant asset write-off threshold has been increased to $150,000 until the 30th June 2020. A 15-month investment...
Victims of the recent natural disasters beware, there is an SMS scam circulating that purports to give you “an 8% bonus” on your 2020 tax return. The scam urges victims to start the process by filling out a form and provides a link to a...
Do you know who to turn to when you have a complaint about the way you’ve been treated by the Tax Office? Whether you’re an individual or business, the Inspector-General of Taxation and Taxation Ombudsman (IGTO) should be your first port of call. The department...
Many of you have heard of illegal phoenixing but are not sure of what exactly it encompasses. While there is no legislative definition of illegal phoenixing or phoenixing activity, at its core, it is the use of serial deliberate insolvency as a business model to...
In a recent coordinated effort with Joint Chiefs of Global Tax Enforcement (J5), the ATO, along with its international partners took part in the first set of enforcement actions to stop suspected facilitation of offshore tax evasion. The J5 was initially formed in 2018...