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Canberra Federal Budget 2020 2021

Federal Budget 2020-21

We all understand that budgets are an exercise in predicting the future. Given what has happened in 2020, gazing into the crystal ball and extracting something reliable is fraught with difficulty.

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New Data Matching Programs Initiated By Federal Government

New data matching programs initiated by Federal Government - Tax Accountants Hervey Bay

Over the first quarter of this financial year, the government has initiated two new data matching programs, using data that the ATO holds.

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Job Keeper Rules Conditions And Payment Rates Have Changed

JobKeeper rules, conditions and payment rates have changed - Tax Accountants Gosnells

Legislation has been put in place to extend the JobKeeper scheme beyond its original sunset date, although the rates of payment and certain other details have been altered. The scheme is now to run until March next year, with one version lasting until 3 January and another version in place from then until 28 March.

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Covid 19 And Trust Liquidity Issues

COVID-19 and trust liquidity issues - Tax Accountants Geelong West

The ATO has highlighted the fact that due to COVID-19, a trustee may experience liquidity issues that may affect a trust’s ability to satisfy a beneficiary's entitlement. This may happen where financial institutions impose restrictions that affect the way a trustee can deal with its assets.

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Where You Stand With Vehicles And The Boosted Instant Asset Write Off

Where you stand with vehicles and the boosted instant asset write off - Tax Accoutants Geelong

The extension of the instant asset write-off from $30,000 to $150,000 until 31 December 2020, as part of the Federal Government’s COVID-19 stimulus measures, provides an opportunity to look at its application to motor vehicles.

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Covid 19 Payments And Some Issues For Companies And Trusts

COVID-19 payments and some issues for companies and trusts - Tax Accoutants Fountain Gate

With many having received cash flow boost and JobKeeper payments, there can arise some unique issues where these amounts are received within a trust or company.

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