MC Tax Advisors

April 23, 2020

Published by MC Tax Advisors at April 23, 2020

Categories

JobKeeper

JobKeeper – Alternative Tests – Decline in Turnover Test

The ATO has issued a legislative instrument which sets out the alternative tests that are available to an entity to determine if it meets the ‘decline in turnover’ requirement as part of the JobKeeper scheme. These alternative tests apply to entities that are not able to satisfy the basic test – if an entity is able to meet the basic […]

April 11, 2020

Published by MC Tax Advisors at April 11, 2020

Categories

Tax Bulletin

Tax Bulletin – JobKeeper Payment

Legislation and Rules have been passed to implement the JobKeeper payment scheme. Eligible employers will receive $1,500 per fortnight per eligible employee from 30 March to 27 September 2020. EMPLOYER ELIGIBILITY FOR JOBKEEPER PAYMENTS An entitlement to a payment will arise for an employee for each fortnight where: – The entity carried on business in Australia on 1 March 2020 […]

March 23, 2020

Published by MC Tax Advisors at March 23, 2020

Categories

Tax Bulletin

Government Response to Coronavirus (COVID-19)

The Government has released legislation to implement the economic stimulus packages to assist with the impacts of the coronavirus (COV-19). The Victorian Government and the ATO have also released support measures. FEDERAL GOVERNMENT ECONOMIC STIMULUS PACKAGES Instant asset write-off Businesses with an annual turnover of up to $500m will now have access to the instant-asset write-off. The asset threshold has also […]

March 3, 2020

Published by MC Tax Advisors at March 3, 2020

Categories

Tax Bulletin

Tax Bulletin – February 2020

In February we have seen the passing of long-awaited legislation which includes the extension of the director penalty regime to GST and the Superannuation Guarantee Amnesty. There are also important state tax developments for landholders in in Victoria and NSW. LEGISLATION UPDATE Anti-phoenixing legislation passed Legislation has finally been passed to implement a range of anti-phoenixing measures, including: – Penalties for […]