News
Lodgment and payment deferrals
-Company 2018-19 income tax returns are now due by 5 June 2020.
-SMSF 2018-19 annual returns are now due by 30 June 2020.
- 2018-19 income tax returns for individuals, partnerships and trusts can be lodged by the 5 June 2020
- 2019-20 FBT annual returns has been automatically deferred to 25 June 2020.
Click here for document: Important ATO lodgment and payment deferrals - NTAA
State & Territory COVID-19 stimulus packages, include NSW Small business grants for owners that are eligible for a grant of up to $10,000, Payroll tax relief and deferrals are available etc.
Click here for document: State & Territory COVID-19 stimulus packages - NTAA
The JobKeeper Payment is a wage subsidy that will be paid through the tax system (i.e., it will be administered by the ATO) to eligible businesses impacted by the Coronavirus. Under the scheme, eligible businesses will receive a payment of $1,500 per fortnight per eligible employee and/or for one eligible business participant (i.e., an eligible sole trader, partner, company director or shareholder or trust beneficiary). The subsidy will be paid for a maximum period of six months (i.e., from 30 March 2020 up until 27 September 2020). It will be paid to eligible businesses monthly in arrears, with the first payments to employers commencing from the first week of May 2020.
Click here for document: The JobKeeper Payment Scheme - NTAA
The ATO will allow individuals to claim a deduction for all running expenses incurred during the period 1 March 2020 to 30 June 2020, based on a rate of 80 cents for each hour an individual carries out genuine work duties from home.
Click here for document: NEW ATO Home Office Guidelines - NTAA
The Government economic stimulus package passed on 23 March 2020 in response to the Coronavirus COVID-19 includes initiatives to help individuals and businesses.
This includes the BOOSTING CASH FLOW FOR EMPLOYERS PAYMENTS for Small and medium business that employ workers will be eligible to the Government maximum payment of $100,000 and a minimum payment of $20,000.
Press the link below for the NTAA summary:
https://ntaa-seminar.s3-ap-southeast-2.amazonaws.com/NTAA_Stimulus_Package_24_3_20_2.pdf
In this article - Lifestyle assets continue to be an ATO audit target. The ATO is increasing their data matching. For example: If a taxpayer is reporting a taxable income of $70,000 to the ATO but they know they own a three million dollar yacht then this is likely to raise some red flags.
Click here for document: Practice update - January/February 2020
