The Federal Government has announced an extension of the temporary reduction in minimum pension requirements until 30 June 2022.
Due to early transitional relief, it is time to start considering the impact of changing from SPFS to General Purpose Financial Statements (“GPFS”) and potentially implementing the change for the financial year ended 30 June 2021.
On 1 March 2021, the ATO released its Draft Practical Compliance Guideline PCG 2021/D2, which sets out its intended compliance approach to the allocation of professional firm profits. If you operate a professional firm including, but not limited to, accounting, architectural, financial services, medical and engineering the PCG may require a review of your arrangements.
Recently Treasury Laws Amendment (2020 Measures No 6) Bill 2020 was tabled in parliament and it provides a critical update to Federal Treasurer Josh Frydenburg’s budget night announcements regarding the full expensing of eligible assets through to 30 June 2022.
Due to COVID-19 changing the way we live, working from home is suddenly the new normal. Many taxpayers have set-up an office space in their homes and wonder what expenses they can claim and if claiming home office expenses will impact their entitlement to the main residence exemption.
As we begin to analyse the 2020/21 Budget papers, which is close to 1,000 pages, our initial reaction is positive and we are excited that there are stimulus measures for almost everyone. Personal tax cuts, employment incentives, company and business tax breaks, dwelling and infrastructure incentives, are all designed to ‘kick-start’ the massive Australian economic engine.
On 15 September 2020, the Federal Government announced that the JobKeeper scheme would be extended beyond the initial end date of 27 September 2020 to further assist businesses affected by COVID-19.
The Federal Government has released yet more JobKeeper Rules changes. The JobKeeper scheme has now been amended 7 times with the 2 most recent changes taking place on 10 August 2020 and 14 August 2020.
The Federal Government have announced several key changes to the eligibility criteria that will be used to assess the eligibility for the JobKeeper extension.
Today, the Federal Government announced a six-month extension of the JobKeeper Payment Scheme until 28 March 2021. The current JobKeeper Payment Scheme will continue to operate as originally legislated until 27 September 2020 with no changes made to the current eligibility for businesses.