Allows eligible businesses to claim a tax deduction on the full cost of buying a new or second hand asset upfront.
Allows eligible businesses to offset losses against previously taxed profits
Whether it be 'In Office' with social distancing, electronic or digital communication, it will be quasi business as usual.
Where possible, clients will be encouraged to provide documents via email.
Documents needing to be signed off can be processed/delivered similarly.
If contact is necessary during this period, initially you can telephone me or use the link below to email me at firstname.lastname@example.org
I wish you all the best during these trying times.
You will need and have a MyGov Account linked to the Australian Taxation Office and depending upon your security settings you may require the use of a mobile phone.
The ATO Request for Withdrawal process is brief and functional.
It is important to note that GST turnover is a specific term which may include different revenue items to what is usually
included in Business Activity Statements. For example, GST turnover for the purposes of the JobKeeper provisions includes
all taxable supplies, most GST free supplies, but not input taxed supplies.
This extension period will run from 4 January 2021 to 28 March 2021.
You will need to show that your actual GST turnover has declined in the December 2020 quarter relative to a comparable period (generally the corresponding quarter in 2019). See the actual decline in turnover test. You also need to have satisfied the original decline in turnover test. However, if you: were entitled to receive JobKeeper for fortnights before 28 September, you have already satisfied the original decline in turnover test are enrolling in JobKeeper for the first time from 28 September 2020, if you satisfy the actual decline in turnover test, you will also satisfy the original decline in turnover test (except for certain universities). You can enrol on that basis.
You can be eligible for JobKeeper extension 2 even if you were not eligible for JobKeeper extension 1.
The rates of the JobKeeper payment in this extension period are:
Tier 1: $1,000 per fortnight (before tax)
Tier 2: $650 per fortnight (before tax). The full detail
Administered by the Tax Office, the scheme will run for 12 months from 7 October, with registrations through ATO online services, the Business Portal, or through registered tax and BAS agents now open.
The scheme will see eligible employers able to access up to $200 per week for each eligible additional employee aged 16 to 29 years, and up to $100 per week for each eligible additional employee aged 30 to 35 years.
To be eligible, the employee will need to have worked for a minimum of 20 hours per week, averaged over a quarter, and received the JobSeeker payment, Youth Allowance (other) or Parenting Payment for at least one month out of the three months prior to when they are hired.
Employers cannot be receiving JobKeeper payments at the same time and must also meet a number of eligibility conditions, including being registered for pay-as-you-go (PAYG) withholding, hold an Australian business number (ABN), be up to date with their tax lodgement obligations, and be reporting through single touch payroll (STP).
Entities exempt from STP reporting will need to meet additional requirements and provide these details by contacting the ATO by phone.
The hiring credit is paid every three months in arrears, with claims for the first quarterly payment to open on 1 February 2021.
ATO deputy commissioner James O’Halloran has encouraged businesses to check their eligibility and take the first step to register for the scheme from this week, noting that they cannot claim the credit if they are not registered.
“We encourage employers to register from now to ensure their hiring credits can be paid promptly from when the first quarterly claim period opens in February 2021,” said Mr O’Halloran.
“Employers are reminded that new employees must have received the Parenting Payment, Youth Allowance (Other) or JobSeeker Payment for at least 28 consecutive days (or 2 fortnights) within the 84 days (or 6 fortnights) of being hired to allow for a claim to be made by the employer.
“There are some key dates to keep in mind, and simple steps employers can take now, but please remember that not everything needs to be done from next week.”
Last week, Mr Frydenberg registered the rules of the scheme, while the Commissioner of Taxation registered a legislative instrument setting out the reporting obligations required under the scheme.The full detail