Super, death, and taxes
An interesting finding in the federal government's Retirement Income Review report is that many Australians are dying with the majority of the wealth they had when they retired.
JobMaker hiring credit given green light despite ongoing concerns
A Senate committee has recommended that the JobMaker hiring credit legislation be passed, despite concerns over its narrow eligibility and lack of protection for older workers.
FBT – Christmas Parties and Taxi Fares
Some employers, who are commendably anxious to protect their employees and clients from the drink/driving laws, also pay for taxis to and from the place of entertainment.
Employee Christmas Parties and Gifts – Any FBT?
The Christmas break-up party and/or gifts to employees can be exempt from Fringe Benefits if a few rules are followed.
Victorian State Budget Overview 2020 – 2021
On Tuesday 24 November, the Victorian Treasurer, Tim Pallas announced the 2020-21 budget, detailing a number of measures focused on creating jobs, supporting families and helping small to medium businesses.
2020 is coming to an end. Phew!!
Some fireworks and a great Advent Calendar to help you celebrate. On behalf of all our staff we wish our clients and their families a Merry Christmas, a Happy New Year and a great holiday period.
$120m in JobKeeper clawed back by ATO, new compliance areas highlighted
About $120 million in JobKeeper payments have been recovered by the ATO due to businesses making deliberate or reckless mistakes, as fresh guidance on its JobKeeper extension compliance focus lands.
‘Follow the spirt of the law’, warns ATO
The Australia Taxation Office has cautioned businesses against taking advantage of the government’s most recent expanded asset write-off scheme and the new loss carry-back provision.
Employers cautioned over ‘hard and fast’ decline in turnover eligibility
Accountants assisting clients with the JobKeeper extension have been urged to pay close attention to the actual decline in turnover test, with the ATO unable to offer leeway for those who come just shy of the requirements.
Businesses not meeting obligations warned as ATO restarts compliance programs
The ATO has warned businesses not staying up to date with their obligations that it may impact their eligibility for future stimulus measures, as the Tax Office readies to recommence its work to address key risks to the tax and super system.