Posts

ATO allowances on late lodgement and penalties

Lodgement due date for all tax returns denied

An extension was requested in light of the extra COVID-19-related issues many business owners have worked through, including setting up employees for JobKeeper and accessing the government’s stimulus package.

However the ATO Deputy Commissioner replied: “We recognise and appreciate your efforts to help your clients meet their […]

Under COVID-19 providing certain benefits deemed not taxable

COVID-19 employment benefits

The ATO has been asked pertinent questions from taxpayers about some salient queries that have arisen due to the current COVID-19 employment environment. These may apply to a wide sample of taxpayers.

Some queries have related to fringe benefits tax (FBT) and the supply of items from an employer to staff to […]

NSW small business COVID-19 support grant

NSW Government has introduced a COVID-19 support grant, worth up to $10,000, for eligible NSW small business owners

The application for the grant is currently open, and eligible businesses can possibly receive funding within five days of application.

This grant supports the operation of businesses highly impacted by the COVID-19 pandemic following the NSW Public […]

Managing (and Getting Help) Through a Business Crisis

Recent global events have tested the mettle of management and boards everywhere

Some businesses will emerge stronger and, sadly, some will cease to exist in their current form.

Skilled leaders have a better chance of navigating adverse conditions so let’s look closely at some of those skills.

Getting a Quick Understanding of the Problem

Usually, […]

Temporary visa holders: Changed conditions for COVID-19

Changes to temporary visa holder arrangements during COVID-19 crisis

The Department of Home Affairs says measures have been made to protect health and livelihoods of Australians, to support critical industries and boost recovery.

Home Affairs records show that there are 2.17 million temporary visa holders in Australia at present. This includes about 8,000 medical professionals, […]

Instant asset stimulus package for 2020 purchases

The instant asset write-off will be available for the majority of businesses during some part of the 2019/20 income year

Between 12 March 2020 to 30 June 2020, businesses with up to $500m in turnover will get an instant asset write-off for assets first installed and ready for use under $150k.

In the legislation, the […]

Extension of time to enrol for the JobKeeper scheme

JobKeeper Payment

The Tax Commissioner has extended the time to enrol for the initial JobKeeper periods, from 30 April 2020 until 31 May 2020.

If you enrol by 31 May you will still be able to claim for the fortnights in April and May, provided you meet all the eligibility requirements for each of those fortnights. This includes having […]

JobKeeper payments update

Salisbury Accountants JobKeeper support

JobKeeper enrolments started last Monday 20 April with the registration deadline extended to 31 May 2020.

There has been a hive of activity around the JobKeeper payment and, with a week under our belts, we are able to debunk the myths and misconceptions of how the scheme works.

The subsidy will be […]

Tax relief for businesses affected by COVID-19

Businesses affected by COVID-19 can now access support from the ATO on managing their tax affairs

The ATO will allow deferrals of payments for 6 months for income tax, activity statements, FBT and excise payments.

Also, affected businesses will be able to apply for remission of interest and penalties.

Affected businesses are being encouraged to […]

Small and medium business employers to receive cash flow relief

Small and medium businesses will be entitled to a “credit” for PAYG tax withheld on their March and June quarter activity statements.

This updated Government Coronavirus Stimulus Package will be delivered tax-free in the form of a grant.

The reduction of cash outflows is designed to assist employers in keeping their staff.

As per the […]