JobMaker Hiring Credit scheme
Claims open from 1 February 2021 The JobMaker Hiring Credit is being administered by the ATO It provides a wage subsidy payment directly to employers as an incentive to employ additional job seekers aged 16 to 35 years. Registrations for the JobMaker Hiring Credit scheme opened on 7 December 2020, and claims for the first […]
WA Bushfires 2021
If you’re facing problems with your tax affairs due to bushfires, the ATO will work with you to get things back on track. Depending on your circumstances, they may: give you extra time to pay tax or lodge tax forms, such as activity statements or other returns find your tax file number (TFN) by verifying […]
Employers need to apply recent tax cuts as soon as possible
The ATO has now updated the tax withholding schedules They reflect the 2020/21 income year personal tax cuts. Updated schedules are available at ato.gov.au/taxtables. The ATO has said that employers now need to make adjustments in their payroll processes and systems in order for the tax cuts to be reflected in employees’ take-home pay. Employers […]
Tax treatment of JobKeeper Payments
Broadly, JobKeeper Payments received by an employer are assessable income to the employer Likewise, the payments an employer subsequently makes to an employee that are funded (in whole or in part by the JobKeeper Payment) are generally allowable deductions to the employer. The ATO has recently issued some guidance for employers in receipt of JobKeeper […]
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 […]
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 […]
Expanded eligible employee definition for JobKeeper
JobKeeper Eligibility Changes Additional recently implemented JobKeeper changes mean more employees qualify for JobKeeper payments from 3 August 2020. This is primarily because: the eligible employee test has been extended from 3 August 2020 to include eligible employees who were employed on 1 July 2020 (in addition to the original 1 March 2020 employment date) […]
Superannuation guarantee amnesty ends today
Super Guarantee Amnesty Update Time runs out today for employers to apply for the Superannuation Guarantee (SG) amnesty to catch up on past unpaid super without incurring a penalty. The ATO encourages employers to apply for the amnesty and make payments as early as they can. Importantly, eligible amnesty amounts paid by 7 September 2020 […]
JobKeeper audits underway
First reports of ATO audits lands one small business in debt Imagine going through all the rigmarole to apply for JobKeeper when COVID-19 restrictions were rife, only to have your application rejected months later by Tax Office auditors? That is what has now happened to one small business owner in Melbourne who took a DIY […]
SG amnesty ends 7 September 2020
Time running out for employers to apply for superannuation guarantee (SG) amnesty Catch up on past unpaid super without incurring a penalty or paying administration fees. The ATO is encouraging employers to apply for the amnesty and make payments as early as they can. Any amnesty amounts paid before 7 September 2020 are tax-deductible. For […]
