SMSF related party rental income deferrals
SMSF related party rental income deferrals due to COVID‑19 The ATO has made a determination to ensure that trustees of SMSFs do not inadvertently breach the ‘in-house asset rules’. This applies to a situation where the fund allows a related party to defer the payment of rent under a lease agreement (on arm’s length terms) […]
How to avoid getting dodgy advice
Be wary of untrustworthy advice recommending inappropriate or illegal behaviour The ATO has warned taxpayers who may be thinking about pausing, changing or closing their business, due to the current economic conditions. This could include illegal phoenix activity, where businesses intentionally remove their assets prior to winding up so that they can be used in […]
JobMaker Hiring Credit passed
The government has passed legislation to establish the JobMaker Hiring Credit It is part of the government’s economic response to the COVID-19 pandemic. The JobMaker Hiring Credit is specifically designed to encourage businesses to take on additional young employees and increase employment. It does this by providing employers with a fixed amount of $200 per […]
COVID-19 and loss utilisation
The ATO understands the way some businesses operate has been impacted as a result of COVID-19. Some of these impacts may have resulted in changes that affect whether they are able to utilise their carried-forward losses in the current or a future income year. For companies to utilise their carried-forward losses in a particular year, […]
Simplified home office expense deduction claims due to COVID-19
Update to ATO home office expense deduction claims Given that many Australians continue to work from home due to COVID-19, the ATO has updated its Practical Compliance Guideline. The Practical Compliance Guideline now allows taxpayers working from home to claim a rate of 80 cents per hour, by keeping a record of the number of […]
Companies holding meetings and signing documents electronically
Extension for companies’ electronic meetings and signatures The Government has made another determination extending the timeframe within which companies can hold meetings electronically and enabling electronic signatures to be used. The aim is to relieve companies from problems they face due to the Coronavirus situation. This determination is intended to be in effect until (and […]
COVID-19 Superannuation Update
Special COVID-19 Superannuation Condition of Release Extended Regulations that extend the time frame of the special condition of release to access $10,000 from superannuation for individuals experiencing financial difficulties due to COVID-19 have been formally registered. The ability to withdraw up to $10,000 from superannuation (if certain conditions are met) was initially set to expire […]
2020/21 Federal Budget Summary
Omnis Group Federal Budget Summary 2020/21 Key points Changes to personal income tax rates Expanding access to Small Business Tax Concessions JobMaker Hiring Credit Uncapped immediate write-off for depreciable assets Temporary loss carry back for eligible companies Reducing the compliance burden of FBT recordkeeping 1. Personal income tax changes 1.1 Changes to personal income tax […]
JobKeeper 2.0 tweaks to Decline in Turnover Tests
JobKeeper 2.0 Eligibility and Payments On 21 July 2020, the Government announced that the JobKeeper Payment (JKP) would be extended until 28 March 2021 (i.e. for a further six months beyond its original end date of 27 September 2020). As a result, JKPs will now be made over two separate extension periods, being: Extension period […]
Superannuation guarantee rate increase update
Super Guarantee Increase Update Recently, arguments both for and against increasing the rate of compulsory superannuation guarantee (SG) have continued to be tossed around! The SG is the compulsory amount of superannuation an employer must pay into an eligible employee’s chosen super fund. The rate of SG has been frozen at 9.5% of an employee’s […]
