January 11, 2021

Tax Bulletin – December 2020 and What to Expect in 2021

The end of 2020 provided the first AAT decision in regard to eligibility for JobKeeper, ruling in favour of the taxpayer. As we move into 2021, we expect further decisions in this area, together with long-awaited guidance from the ATO on reimbursement agreements and profit-splitting for professional firms. DECEMBER 2020 TAX UPDATE Apted v CofT —Late ABN application accepted for […]
November 2, 2020

Tax Bulletin – October 2020

Several Federal Budget measures have quickly passed through Parliament, including the temporary full expensing and loss carry back rules. Consultation for the JobMaker rules has been released, and recent cases include an interesting GST decision on the subdivision of land by a company. FEDERAL BUDGET UPDATES Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Bill 2020 has […]
October 1, 2020

Tax Bulletin – September 2020

JobKeeper 2.0 has now commenced and the ATO has continued to updated its guidance on applying the new Rules. The Victorian Government has also introduced a further round of business support for affected businesses. In non-stimulus news, the Full Federal Court has handed down a welcome decision in the Eichmann case which relates to the active asset test. JOBKEEPER PAYMENT SCHEME UPDATES […]
September 23, 2020

JobKeeper Extension – Alternative Tests

The ATO has repealed and reissued the alternative decline in turnover tests for the purposes of the extended JobKeeper scheme. The same alternative tests still apply but some amendments have been made so they apply appropriately to the new scheme rules. As the comparison period is a quarter under the extended scheme, each of the alternative tests now only provide […]