ATO Updates
JobMaker Hiring Credit: What It Is And Who Can Apply
JobMaker hiring credit scheme The JobMaker Hiring Credit scheme was passed into law in mid-November 2020. JobMaker was part of the 2020-21 Federal Budget and will operate until 6 October 2021. It is designed to improve the prospects of young individuals getting employment, by incentivising employers to hire them, following the devastating impact of COVID-19 […]
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New Loss Carry-back Measure (Summary)
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 […]
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Cyber Safety Checklist | Top 7 Tips From ATO!
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 […]
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JobMaker Hiring Credit (What You Need To Know)
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 […]
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“Full Expense” Write-Off Deduction
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 […]
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JobKeeper Payments to Get Data Matching Inspection
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 […]
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