ATO Updates

New Loss Carry-back Measure (Summary)

By Wen Wen / December 21, 2020

The last Federal Budget announced a number of tax changes designed to assist the Australian economy recover from the impact of the COVID-19 pandemic. Among the changes announced was the temporary re-introduction of the loss carry-back rules for corporate tax entities (it was previously briefly in force for 2012-13). The ability to carry a loss […]

ATO cyber safety checklist and tips for individuals and businesses

Cyber Safety Checklist | Top 7 Tips From ATO!

By Wen Wen / November 23, 2020

ATO encourages individuals and businesses to implement cyber security measures … 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 […]

JobMaker Hiring Credit scheme helps create new jobs for young job seekers

JobMaker Hiring Credit (What You Need To Know)

By Wen Wen / November 18, 2020

On 6th October 2020 as part of the 2020–21 Budget, the government announced a new incentive for businesses to employ additional young job seekers called the JobMaker Hiring Credit. Eligible employers will have access to a JobMaker Hiring Credit for each new job they create over the 12 months from 7 October 2020, for which […]

The Federal Budget allows Australian businesses to fully write-off eligible assets

“Full Expense” Write-Off Deduction

By Wen Wen / November 7, 2020

The Federal Budget allows businesses to write-off eligible assets 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 […]

JobKeeper Payments to Get Data Matching Inspection

By Wen Wen / August 24, 2020

Data matching program to be launched by ATO and Social Services Notice was posted recently in the Commonwealth Gazette (C2020G00570) of a data matching program that is to be launched between the ATO and Services Australia — the government body that became the executive agency in February this year in the Social Services portfolio (responsible […]

The JobKeeper Payment will now continue to be available to eligible businesses until March 2021.

New Updates On The JobKeepers Payment

By Wen Wen / August 9, 2020

The JobKeeper payment rate will be reduced The JobKeeper payment, which was originally due to end after 27th September, will now continue to be available to eligible businesses (including the self-employed) until 28 March 2021. However, there are some changes to consider. New JobKeeper rates The JobKeeper payment rate of $1,500 per fortnight for eligible […]