News / Taxation News

TAXATION NEWS

Latest updates about taxation rules and news about taxation accounting from Billings + Ellis, the taxation accountants in Melbourne.

Billings + Ellis, Accountants South Melbourne

 

Loss carry-back tax offset for corporate entities explained

Loss carry-back tax offset for corporate entities explained

The ATO published an explanation of the refundable tax offset that eligible corporate entities can claim after the end of their 2021-22 income years in 2020-21 and 2021-22 tax returns. Where applicable, this refundable tax offset may result in a cash refund, reduced tax liability, or a reduction of debt owing to the ATO.

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How to claim your home office costs

How to claim your home office costs

Many more people are working from home in response to COVID-19, even the owners of some businesses. Not everyone is used to being able to claim their home office expenses, and some allowances have been changed by the ATO to make it more simple to claim. There are three methods for claiming home office costs and we’ve explained these below.

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JobKeeper payments to help businesses and support employees

JobKeeper payments to help businesses retain and support employees through this challenging time

On 30 March 2020, the Australian Government published a fact sheet to provide more information on JobKeeper payments as the third stage in stimulus and support packages to assist with COVID-19 impacts. 

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Summary of Corona Virus updates

Second stage of government stimulus package for 2020

On 22 March 2020, the Australian government announced the second stage of its economic plan to cushion the economic impact of the coronavirus and help build a bridge to recovery. Here is a summary of key points in the government stimulus package.

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Australian Government stimulus package 2020

Government stimulus package offers economic remedy for 2020

In response to the impact of Coronavirus (COVID-19) on the Australian economy, the Federal government announced a stimulus package to assist Australian businesses in general and also provide extra support for some individuals. The business benefits are not automatically applied and some action is needed to claim available benefits where eligible.

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The importance of small business compliance for small business owners

The importance of wages compliance for small business owners

Media reports of wages underpayments by high-profile employers have drawn focus on the importance of wages compliance for small business owners, who may need professional guidance on payroll calculations to ensure peace-of-mind.

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Australian expats lose capital gains tax exemptions

Australian expats lose capital gains tax exemptions

From 30 June 2020, Australian property owners living overseas will lose capital gains tax (GCT) exemptions on their main residence under legislation introduced by the Australian government.

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Directors can be liable for GST as well as PAYG and SGC under extended DPN regime

Directors can be liable for GST as well as PAYG and SGC under extended DPN regime

The DPN (Director Penalty Notice) regime was extended by legislation passed on 5 February 2020 so that now, a director can be held personally liable if the company has not met its GST obligations, in addition to the pre-existing liability of directors for unpaid company PAYG (pay-as-you-go) withholding and SGC (superannuation guarantee charge) obligations. 

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Bushfire support package for small businesses

Government support package for small businesses impacted by bushfire crisis

On 20 January 2020, the Australian Government announced a comprehensive support package to help small businesses that have been impacted by the bushfire crisis get back on their feet. 

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End of Financial Year 2019

Getting prepared for EOFY 30 June 2019

As the financial year draws to a close, business owners can still take advantage of any benefits that could be available and ensure the business is in good shape for closing one financial year and entering another. Here are some specific matters to be considered in time for 30th June 2019.

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