Click here for a pdf version of this article. A run-down of the new loss carry back measure The last Federal Budget carried with it a number of tax changes that were designed to assist the Australian economy recover from…
The investment option that can hide unexpected GST New residential property is a popular investment for many, and can be especially so for self-managed superannuation funds, however the ATO is concerned that not every investor in residential property is fully…
In these COVID-19 times, concerns about Div 7A applying are understandable. Some borrowers are facing circumstances beyond their control, and even making the minimum yearly repayments required under complying loan agreements may be out of reach. The ATO has now…
What the “full expensing” write-off deduction means for business The Federal Budget measure of allowing businesses to fully write-off eligible assets is a boon to Australian businesses, even though the measure is temporary. Just to recap, businesses with aggregated annual…
Scammers never seem to rest, with even the lastest JobKeeper iteration coming in for some scam treatment. In a new update the ATO reports that it is receiving reports of email scams about JobKeeper and backing business investment claims. “The…
Federal Budget 2020-21 Click here for a pdf version of this article. We all understand that budgets are an exercise in predicting the future. Given what has happened in 2020, gazing into the crystal ball and extracting something reliable is…
A bill has been introduced into Parliament that partially implements a measure to allow an increase in the maximum number of allowable members in self-managed superannuation funds and small APRA funds from four to six. First floated in the 2018-19…
The ATO has published draft law administration practice statement PSLA 2020/D1 – remission of additional superannuation guarantee charge. With the SG amnesty now expired, so too has the ability of the ATO to remit part 7 penalties in full (which…
From the outset, it has been emphasised that JobKeeper payments are assessable income. However some concerns had been raised as to JobKeeper payment status in regard to being statutory income or ordinary income. And if the latter, whether it is…
The ATO has clarified its position regarding loans, and the repayments of loans that may have been put on hold for the period that COVID-19 has a grip on the economy and our lives. An important sidebar to the ATO’s…