JobKeeper

July 21, 2020

Published by MC Tax Advisors at July 21, 2020

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JobKeeper

JobKeeper Extension

The Government is extending the JobKeeper Payment by 6 months to 28 March 2021. Rules from 28 September 2020 – The payment rate of $1,500 per fortnight for eligible employees and business participants will be reduced to $1,200 per fortnight. – A lower payment rates of $750 per fortnight will apply for employees and business participants that worked fewer than […]

July 1, 2020

Published by MC Tax Advisors at July 1, 2020

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Tax Bulletin

TAX BULLETIN – JUNE 2020

In June, Treasury finally postpone the proposed Division 7A changes which were scheduled to begin on 1 July 2020. With Parliament sitting again, legislation has also passed the Senate, including changes in relation to testamentary trusts and the extension of the $150,00 instant asset write off. The ATO are also starting compliance activity on the stimulus packages. LEGISLATION UPDATE Division […]

June 1, 2020

Published by MC Tax Advisors at June 1, 2020

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Tax Bulletin

Tax Bulletin – May 2020

May has provided further updates on JobKeeper and the Cashflow Boost, including the ATO view on the ‘general’ ineligibility for the Cashflow boost where PAYGW registration has occurred post 12 March 2020. The ATO have also provided concessions on deferred lodgement dates and compliance with Division 7A. Further, with Parliament sitting again, legislation has started moving through Parliament. LEGISLATION UPDATE […]

May 6, 2020

Published by MC Tax Advisors at May 6, 2020

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JobKeeper

Tax Bulletin – JobKeeper Update – May 2020

The JobKeeper Payment scheme is constantly evolving. The Treasurer has introduced the changes to the JobKeeper Rules. Further, the ATO has issued Practical Compliance Guidelines on schemes to obtain JobKeeper Payments, a Law Companion Ruling on the decline in turnover test and a Practice Statement on the notification requirements. Schemes to obtain JobKeeper Payments – ATO Compliance Approach The ATO […]