Our Recent Blogs
Government extends SME Recovery Loan Scheme to 30 June 2022.
The Government has recently extended the SME Recovery Loan Scheme by a further six months (to 30 June 2022) to support small and medium sized businesses adversely economically affected by the Coronavirus Pandemic.
Further extension on work-from-home shortcut method.
The Australian Taxation Office has confirmed it will, yet again, extend the work-from-home shortcut deduction method until the end of June 2022.
Reminder for first-time share investors to declare income.
As part of the expansion of Single Touch Payroll (known as STP Phase 2), from 1 January 2022, employers will need to report additional payroll information in their STP reports.
Documenting gifts or loans from related overseas entities.
Genuine gifts or loans received from related overseas entities (including family members and friends) are sometimes used to fund businesses or to acquire income producing assets.
ATO no longer prepared to be viewed as a line of credit.
In our late-August 2021 blog edition, we advised the ATO will begin to send out orange warning letters to business with over $100,000 in tax debt, advising their intent to disclose the debt to credit reporting bureaus.
Extra “super” step when employing new staff.
From 1 November 2021, if you have employed new staff, you may have to take an extra step to comply with choice of fund rules if they don’t nominate a super fund.
Labour commits to income tax cuts and certainty on negative gearing.
The Australian Labour Party has formally announced that, if elected to Government, they will deliver "the same legislated tax relief to more than 9 million Australians as the Morrison Government".
Extending administrative relief for companies to use technology.
The Government has passed legislation renewing the temporary relief that allows companies to use technology to meet regulatory requirements under the Corporations Act 2001.
Time running out to register for the JobMaker Hiring Credit.
The JobMaker Hiring Credit scheme's third claim period is now open, so if a taxpayer has taken on additional eligible employees since 7 October 2020, they may be able to claim JobMaker Hiring Credit payments for their business.