Commissioner registers updated JobKeeper alternative tests
The Commissioner of Taxation has now released the updated alternative decline in turnover tests for the JobKeeper extension.
Varying Pay As You Go (PAYG) Instalments
The first instalment of 2021 income tax, due for quarterly taxpayers on 28th October may be varied down.
Reminder of Medicare Levy Surcharge (MLS)
A warning to taxpayers who may be considering cancelling private health insurance because of higher premiums starting for many on 1st October 2020.
September update of latest COVID-19 initiatives.
With the ending of a number of the original COVID-19 relief and stimulus initiatives, August and the beginning of September has seen the release of new plans to move into the post-September period. Links to these updates and changes are listed below.
ATO JobKeeper 2.0 guidance surfaces
The Tax Office has published preliminary guidance on the extension of JobKeeper as the profession continues to wait on the amended rules to be registered.
Expats Return to Australia – Travel Expenses
One of the conditions of deductibility of travel expenses, is that the expense is not a private or domestic nature.
Profession to be relied on for post-JobKeeper turnover certificates
Accountants will soon be tasked with providing certificates to businesses being weaned off JobKeeper to enable them to cut employee hours or change their duties under temporary Fair Work changes.
Update of Superannuation contribution rules from July 1, 2020
The rules around Superannuation contribution change almost every year, so it is important that taxpayers know what these changes mean to them.
Expats & COVID-19 Impacts on tax residency
The COVID-19 pandemic has resulted in many Australian expatriates living and working overseas returning to Australia.
Economic recovery could be slower than anticipated: RBA
The Reserve Bank of Australia has warned the economic recovery from the COVID-19 pandemic remains uncertain, with its latest figures being worse than those predicted three months earlier.