Hot Issues
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Budget 2020 - A very comprehensive break down.
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Budget 2020 - Fact Sheets
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Budget 2020 - At a Glance, Overview, Outlook
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Temporary home office expenses shortcut extended again
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JobKeeper extension – changes implemented
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JobKeeper Participants – are “workers”
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Commissioner registers updated JobKeeper alternative tests
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Varying Pay As You Go (PAYG) Instalments
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Reminder of Medicare Levy Surcharge (MLS)
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September update of latest COVID-19 initiatives.
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ATO JobKeeper 2.0 guidance surfaces
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Expats Return to Australia – Travel Expenses
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Profession to be relied on for post-JobKeeper turnover certificates
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Update of Superannuation contribution rules from July 1, 2020
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Expats & COVID-19 Impacts on tax residency
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Economic recovery could be slower than anticipated: RBA
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High Court rules in favour of employers on personal leave accruals
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JobKeeper Phase 2 - Latest Update
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Payroll Tax 2020 concessions and JobKeeper
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High alert issued over myGov tax time scam
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Extended director penalty regime to catch out ‘zombie companies’
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SG amnesty deadline - 7 September
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‘Hundreds’ to be contacted in ATO early super compliance blitz
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90,000 SMEs to benefit from new JobTrainer program
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Work Related expenses – 2020
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‘Everyone is now on notice’: ATO acquires COVID-19 data on 3m Aussies
Article archive
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Quarter 3 July - September 2020
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Quarter 1 January - March 2016
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Quarter 4 October - December 2015
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Quarter 3 July - September 2015
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Quarter 1 January - March 2015
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Quarter 4 October - December 2014
Varying Pay As You Go (PAYG) Instalments

 

The first instalment of 2021 income tax, due for quarterly taxpayers on 28th October may be varied down.

 

       

If your business or investment income has been affected by covid-19 (or any other factors) and has reduced, the instalment can be varied.

You must make a variation on or before the payment due date.  An estimate of  tax payable for the year, based on the current circumstances, will result in a reduced instalment.

You can vary instalment amounts multiple times throughout the year, reflecting current income and legislation announcements (e.g. new depreciation write offs, new incentives).

The varied amount will apply for the remaining instalments for the year, or until another variation is made.

Importantly, it should be done before the payment due date – and payment made of the recalculated amount.

An estimate of next years tax payable during this pandemic can be extra-ordinarily difficult, but the Australian Taxation Office have advised that no penalties will be imposed if a best attempt is made, although general interest charges may apply to outstanding PAYG.

 

 

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