Hot Issues
spacer
Part 1 – Budget reminders. Under the Hood.
spacer
Part 2 – Budget reminders. Under the Hood.
spacer
Part 3 – Budget reminders. Under the Hood.
spacer
Comprehensive list of COVID-19 initiatives and packages.
spacer
Businesses not meeting obligations warned as ATO restarts compliance programs
spacer
Employers cautioned over ‘hard and fast’ decline in turnover eligibility
spacer
‘Follow the spirt of the law’, warns ATO
spacer
$120m in JobKeeper clawed back by ATO, new compliance areas highlighted
spacer
Budget 2020 - A very comprehensive break down.
spacer
Budget 2020 - Fact Sheets
spacer
Budget 2020 - At a Glance, Overview, Outlook
spacer
Temporary home office expenses shortcut extended again
spacer
JobKeeper extension – changes implemented
spacer
JobKeeper Participants – are “workers”
spacer
Commissioner registers updated JobKeeper alternative tests
spacer
Varying Pay As You Go (PAYG) Instalments
spacer
Reminder of Medicare Levy Surcharge (MLS)
spacer
September update of latest COVID-19 initiatives.
spacer
ATO JobKeeper 2.0 guidance surfaces
spacer
Expats Return to Australia – Travel Expenses
spacer
Profession to be relied on for post-JobKeeper turnover certificates
spacer
Update of Superannuation contribution rules from July 1, 2020
spacer
Expats & COVID-19 Impacts on tax residency
spacer
Economic recovery could be slower than anticipated: RBA
spacer
High Court rules in favour of employers on personal leave accruals
spacer
JobKeeper Phase 2 - Latest Update
Article archive
spacer
Quarter 3 July - September 2020
spacer
Quarter 2 April - June 2020
spacer
Quarter 1 January - March 2020
spacer
Quarter 4 October - December 2019
spacer
Quarter 3 July - September 2019
spacer
Quarter 2 April - June 2019
spacer
Quarter 1 January - March 2019
spacer
Quarter 4 October - December 2018
spacer
Quarter 3 July - September 2018
spacer
Quarter 2 April - June 2018
spacer
Quarter 1 January - March 2018
spacer
Quarter 4 October - December 2017
spacer
Quarter 3 July - September 2017
spacer
Quarter 2 April - June 2017
spacer
Quarter 1 January - March 2017
spacer
Quarter 4 October - December 2016
spacer
Quarter 3 July - September 2016
spacer
Quarter 2 April - June 2016
spacer
Quarter 1 January - March 2016
spacer
Quarter 4 October - December 2015
spacer
Quarter 3 July - September 2015
spacer
Quarter 2 April - June 2015
spacer
Quarter 1 January - March 2015
spacer
Quarter 4 October - December 2014
Quarter 2 of, 2018 archive
spacer
Touch Payroll (STP)
spacer
‘Calm before the storm’: Government proposes 12-month SG amnesty
spacer
Government intensifies cash payments crackdown - Kelly O'Dwyer
spacer
Passive investment companies tax rate still 30%
spacer
Cryptocurrency audits tipped to increase this EOFY
spacer
Australia by numbers – Update
spacer
$2.4m lost to tax scams, ACCC reports
spacer
No GST on digital currency
spacer
Federal Budget 2018 - Overview
spacer
Your Budget
spacer
4 components of our 2018 Federal Budget
spacer
Resources to help understand and implement Single Touch Payroll (STP)
spacer
New rules capture SMSFs trading big with cryptocurrency
spacer
New passive income test for lower corporate tax rate
spacer
Tools to help you manage your financial position are available on our site.
spacer
‘A simple mistake can attract our attention’: ATO reminder about FBT slips-ups
spacer
Australia by numbers – Update
spacer
Beware residency rules if moving overseas
spacer
Meaningful tax reform in high demand
spacer
Working holidaymakers and tax returns
spacer
Single Touch Payroll – 1 April 2018 Action
spacer
Property investors on notice after ATO spots false claims
spacer
ATO issues update on cryptocurrency compliance traps
spacer
Australia's vital statistics
spacer
Accountants spy elder abuse spike as mortgage stress sets in
spacer
Tax office releases fresh guidance on SMSFs
spacer
Labor's tax plans could favour the rich, analysis shows
spacer
FBT Reminder – Odometer Reading
Part 1 – Budget reminders. Under the Hood.

 

The 2020 Federal Budget was one of the most far reaching and complex ever brought in.  This is the first of three articles to remind us of important topics the budget addressed. 

 

       

Exempting granny flat arrangements from CGT

Whilst there has been Centrelink encouragement for granny flats, the capital Gains Tax issues have prevented wider acceptance.  That may change now.

The law will be amended to provide a targeted CGT exemption for granny flat arrangements.

The CGT exemption will apply to arrangements with older Australians or those with a disability, where there is a formal written agreement in relation to the granny flat.

The new exemption is proposed to apply from the first income year after the date of Royal Asset of the enabling legislation.  This should mean the 2021 financial year.

The change will only apply to agreements that are entered into because of family relationships or other personal ties and will not apply to commercial rental arrangements.

 


 

Temporary Full Expensing of Eligible Capital Assets

Most businesses are now able to claim full deductions for depreciating assets.

Businesses with aggregated annual turnover of less than $5 billion will be able to deduct the full cost of eligible capital assets in the year they are first used.

Full expensing in the year of first use will apply to:-

  • New depreciating assets
  • The cost of improvements to existing eligible assets
  • For small and medium businesses (aggregated turnover of less than $50 million) – second-hand assets

Applies to eligible capital assets acquired after 7.30pm on 6 October 2020 and first used or installed by 30 June 2022.

In an extension to the previous rules, eligible businesses that acquire eligible new or second-hand assets under the $150,000 instant asset write-off by 31 December 2020 will have an extra six months, until 30 June 2021, to first use or install those assets.

Whilst the acquisition date is important, the asset must also be in use or ready for use.

 


 

Victoria’s business support and other State grants to be tax neutral

The Victorian Government’s business support grants for small and medium businesses, as announced on 13 September 2020, will become non-assessable, non-exempt (NANE) income for tax purposes.

The Federal Government will extend this arrangement to similar grants by all States and Territories on an application basis.

NANE income treatment is only available for grants announced on or after 13 September 2020 and paid between 13 September 2020 and 30 June 2021.

On 13 September 2020, the Premier of Victoria announced a $3 billion Business Resilience Package to help Victorian businesses impacted by the ongoing COVID-19 business restrictions and to prepare for ‘COVID Normal’ business.

The package includes grants of $10,000, $15,000 or $20,000 for eligible businesses in targeted sectors, depending on the size of annual payroll, in a third round of Business Support Fund.

State based grants without this legislation, are considered to be assessable income for income tax purposes  There is no immediate benefit, but this change will mean no 2021 income tax becomes payable.

 

 

 

AcctWeb