JobKeeper extension’s alternative turnover tests - Tax Accountants Orange
The extension of the JobKeeper scheme is now based on current GST turnover, not projected turnover. The basic test compares year-on-year turnover. If there were events or circumstances outside the usual business settings that resulted in your relevant comparison period in 2019 (September or December 2019 quarter) not being appropriate, then an alternative test may apply.
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Rounding of GST where fractions of a cent result - Tax Accountants Oakleigh
The ATO has devised special rounding conventions where an amount of GST includes a fraction of a cent. Although it labels these conventions “rules”, there is no obligation for parties on either side of a transaction to follow them, as the ATO states: “You and your customer do not need to use the same rounding rules.”
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The investment option that can hide unexpected GST - Tax Accountants North Ryde
New residential property is a popular investment for many, and can be especially so for self-managed superannuation funds, however the ATO is concerned that not every investor in residential property is fully aware that it is an option that may bring with it unexpected GST obligations.
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ATO’s cyber safety checklist - Tax Accountants Norfolk Island
Scammers never seem to rest, with even the lastest JobKeeper iteration coming in for some scam treatment. In a new update the ATO reports that it is receiving reports of email scams about JobKeeper and backing business investment claims. “The fake emails say we’re investigating your claims. They ask you to provide valuable personal information, including copies of your driver’s licence and Medicare card.”
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Both tax and SMSF audits on still on ATO’s radar, but some leniency given - Tax Accountants Mackay
While the ATO has lately been focusing on the rollout of stimulus measures, it has also flagged that audit work is not off the table completely.
What the “full expensing” write-off deduction means for business - Tax Accountants Liverpool
The Federal Budget measure of allowing businesses to fully write-off eligible assets is a boon to Australian businesses, even though the measure is temporary. Just to recap, businesses with aggregated annual turnover of less than $5 billion will be able to deduct the full cost of eligible capital assets acquired from 7:30pm AEDT on 6 October 2020 (Budget night) and first used or installed by 30 June 2022.
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