According to new guidelines issued by the Australian Taxation Office, small businesses that pay accountants or bookkeepers to apply for tax-exempt COVID-19 grants on their behalf will not be able to claim tax relief for the service.
Businesses have been given extra time to submit their Single Touch Payroll finalisation declaration this year as the ATO acknowledges the continuing impacts of COVID-19.
The company tax rate is set to reduce to 26% for small and medium business from 1 July 2020 despite the current economic environment. The 1 July change is part of a larger progressive plan to reduce the company tax rate to 25% from 1 July 2021 and applies to base rate entities (BRE) – […]
The amendments are not only retrospective but go beyond purely vacant land.
In the 18/19 financial year, the tax office received more than 200 tip-offs about accountants who were making inaccurate claims for their clients.