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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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Super Guarantee amnesty for employers

Super guarantee amnesty helps employers with unpaid SG liabilities for a strictly limited time

The super guarantee (SG) amnesty, introduced by the government on 6 March 2020, allows employers to disclose and pay any unpaid super guarantee charges (SGC) that they owe for their employees, from quarters between 1 July 1992 and 31 March 2018, with nominal interest but without risk of incurring potentially huge penalties.

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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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Company reduced tax rates 2017-2018

Does your company qualify for the reduced tax rate in 2017-2018?

Effective from the 2017–18 income year, some companies are eligible for the reduced corporate tax rate of 27.5% if certain conditions are met. Find out if your company qualifies for this reduced rate in the financial year 2017-2018 and more reductions in years to follow.

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Mineral Resource Tax

Repeal of the Mineral Resource Rent Tax

Recently the Minerals Resource Rent Tax Repeal and Other Measures Bill 2014 received Royal Assent. Amongst other things, this Bill repeals various measures brought in by the previous Labor government including:

  • Abolition of the mining tax from 1 October 2014;
  • Abolition of the company loss carry-back from 1 July 2013;
  • Reduction of the instant asset write-off from 1 January 2014; and
  • Abolition of accelerated depreciation for motor vehicles from 1 January 2014.

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Dividend washing

ATO cracking down on dividend washing

Following on from the release of Tax Determination 2014/10, the ATO has begun the process of mailing those taxpayers it believes undertook a dividend washing transaction. The ATO will not impose any penalties on taxpayers who have entered dividend washing transactions and come forward to self-amend their tax returns before the date specified in the letter they receive from the ATO. These taxpayers will of course have to pay back the extra franking credits in question.

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Tax agent lodgment dates 2015

Tax Agent Lodgement Program 2014/2015

A summary of the tax agent lodgement program for 2014/2015 is as follows:

For individuals:

  • By 31 October 2014 where one or more prior returns were outstanding as at 30 June 2014;
  • By 31 March 2015 who are considered tax level 6.
  • By 15 May 2015 for all other individuals. A concessional lodgement date exists for those individuals due on 15 May 2015 where payment and lodgement is made by 5 June 2015.

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ATO scam alert

ATO warns of tax scams

The ATO has updated its website about the latest ‘tax scams’ including refund/phishing scams, mobile phone and telephone scams. The website is included here: https://www.ato.gov.au/general/online-services/in-detail/online/online-security/?page=4#Examples_of_tax_related_scams.

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SMSF breaches

ATO Penalty Changes from 1 July 2014 for SMSF breaches

From 1 July 2014, a legislative change will allow the ATO to apply a broader range of penalties and directions for SMSF breaches.

These penalties will be imposed on each trustee.

As an example, for an SMSF with four individual trustees, the ATO will impose a penalty on each trustee.

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