Author: Emily Kermac
Am I taxed on an insurance payout?
Australia has had its fair share of disasters over the last few years – drought, bushfires and floods – that have ramped up the volume of insurance claims. Most people would assume that if and when they need to claim on their insurance, the insurance payout covers the damage and is not income assessed for tax purposes – but this is not always the case.
The Final Stage Of JobKeeper And How To Access It
The impact of COVID-19 has been felt very differently from region to region. Fortunes vary wildly between business operators subject to ongoing lockdowns and trading impediments to those benefiting from the “new normal”.
JobMaker Hiring Credits: What We Know So Far
We’ve had quite a few questions about the JobMaker hiring credit announced in the 2020-21 Federal Budget. Here is what has been announced so far:
The ATO on the COVID-19 fraud warpath
Australian Taxation Office initiatives are searching out fraud and schemes designed to take advantage of the Coronavirus Economic Response Package.
Increased flexibility for Parental Leave Pay for self-employed
From 1 July 2020, parents accessing the Government’s parental leave pay (PPL) scheme will have greater flexibility and options. Targeting the self-employed and small business owners, the changes introduce a new flexible paid parental leave pay period of 30 days. Previously, new parents could apply for PPL for a continuous block of up to 18 […]
What’s changing on 1 July 2020?
With all the changes occurring in the last year, it’s difficult to keep track. Thankfully we have compiled a list of a few things we can confirm to occur on 1 July 2020.
ATO Extends JobKeeper Declaration Deadline
Recent changes to the JobKeeper Payment scheme means employers have a little more time to send in their report.
CGT and the family home: expats and foreigners excluded from tax exemption
Late in 2019, legislative changes were made that exclude non-residents from accessing the main residence exemption.
Should you have Tax Audit Insurance?
Many small business owners need to question whether or not to purchase tax audit insurance.
Can the tax office take money out of your account? It’s your right to know.
If the ATO has queries or suspects something is not right, you need to be able to respond.
The tax deductibility of Christmas gifts and parties to staff
Christmas parties are considered to be “entertainment benefits”. Therefore, the expenses may be subject to fringe benefits tax (FBT).
Cash Accounting vs Non-Cash Accounting For Reporting GST
As a general rule, smaller businesses tend to use cash accounting because it is not as complex as non-cash accounting.