Rent or lease payment changes due to COVID-19
Rent or lease payment COVID-19 changes The ATO has provided updates regarding the tax implications when a landlord gives, or a tenant receives, rent concessions (such as waivers or deferrals of rent) as a result of COVID-19. For example, the ATO provides the following advice for tenants that have received a rent waiver. If the […]
Common business errors at tax time
Avoiding small business tax time errors The most common errors small businesses make when completing their tax returns are failing to: declare all income account for private use of business funds or assets keep all required records or have adequate record-keeping systems. To avoid making errors this tax time, first ask yourself if you have: […]
Cryptocurrency tax obligations
Cryptocurrency under the microscope this tax time The ATO is concerned that many taxpayers believe their cryptocurrency gains are tax-free, or only taxable when the holdings are cashed back into Australian dollars. ATO data analysis shows a dramatic increase in trading since the beginning of 2020, and has estimated that there are over 600,000 taxpayers […]
2020/21 Year-end Checklist for Business
Traditionally, year-end tax planning for small businesses is based around accelerating deductions and deferring income However, this year, consideration will also need to be given to the impact of the COVID-19 pandemic. Small Business Entities (‘SBEs’) – i.e., those with an aggregated turnover of less than $10 million – often have greater tax planning opportunities […]
Family trust elections
Review your family trust elections to get your tax right A family trust for tax purposes is one whose trustee has made a valid family trust election (FTE). The FTE entitles the trust to access certain concessions, however family trust distribution tax (FTDT) is imposed when distributions are made outside the family group. The ATO’s […]
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 […]
80c per hour ‘shortcut’ method for home office expenses extended
Work-related expenses Back in April 2020 the ATO announced that a ‘shortcut’ method was to be made available to use from 1 March 2020 until 30 June 2020 for individuals claiming home office expenses due to COVID-19. The ATO recently announced an extension of this shortcut method to also include 1 July 2020 to 30 […]
Covid-19 and Division 7A relief
The ATO has announced some limited relief for private companies that have loans to their shareholders or related parties that are governed by what are referred to as “complying loan agreements”. A complying loan agreement is entered into to avoid triggering an assessable deemed dividend that could potentially be equal to the amount of the […]
Testamentary trusts and minors
Treasury Laws Amendment (2019 Measures No 3) Bill 2019 Treasury Laws Amendment (2019 Measures No 3) Bill 2019 has passed both Houses of Parliament and is now law. Testamentary trusts and minors This legislation contains amendments to ensure the tax concessions available to minors in relation to income from a testamentary trust only apply in […]
OMNIBUSiness Tax Planning Edition
May’s Federal Budget has been postponed but it’s still tax time. We hope that you’re well and starting to develop strategies for your business to emerge from the COVID-19 coronavirus lockdowns reinvigorated! Many of our clients have availed themselves of the opportunity of asking us to perform a wider range of duties over recent months […]
