written by:
Josh McMullen
The 2021 Federal Budget was handed down on Tuesday 11 May. Following is a summary of the headline measures. BUSINESS Temporary full expensing – this depreciation measure will be extended by one year to 30 June 2023 providing eligible businesses (those with an aggregated turnover of less than $5 billion) with more time to access this incentive. Full expensing assists cashflow by allowing eligible businesses to deduct the full cost…
written by:
Darren Hagarty
With many of our clients now having a myGov account, we thought it worthwhile to recap on the interaction between myGov and the way in which ATO communications are streamed between you and us. If you have a myGov account and have linked it with the ATO, then most of your ATO mail will be sent directly to your myGov Inbox, rather than through the post. The types of ATO communications you…
written by:
Josh McMullen
Employers now have more incentive to employ workers under 35 with the JobMaker Hiring credit legislation recently becoming law. The credit is designed to improve the prospects of young individuals getting employment following the devastating impact of COVID-19 on the labour market. Overview The scheme is backdated to commence on 7 October 2020 and provides eligible employers with the following payments for up to 12 months for new jobs created…
written by:
Josh McMullen
The 2020 Federal Budget was handed down on Tuesday 6 October. Following is a summary of the headline measures. BUSINESS Extension of the Instant Asset Write-Off – 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. “Full expensing”…
written by:
Darren Hagarty
The final rules for the extension of JobKeeper were handed down by Treasury last week, with further guidance to be released before the end of this month. A summary of the key aspects follow. Employer Eligibility From 28 September 2020, businesses seeking to continue to claim JobKeeper will be required to re-assess their eligibility. There is also an opportunity for businesses that have not previously claimed JobKeeper to enter the…
written by:
Josh McMullen
This week is the last chance for employers to use the super guarantee amnesty to catch up on past unpaid super, without incurring a penalty (of up to 200%) or paying administration fees. To be eligible for the amnesty: the unpaid super must be for a quarter between 1 July 1992 and 31 March 2018 you must not have already disclosed the shortfall to the ATO the ATO must not already be examining…
