On Sunday 22 March 2020 the Government released a second, far reaching $66.1 billion stimulus package that boosts income support payments, introduces targeted changes to the superannuation rules, provides cash flow support of up to $100,000 for small business employers, and relaxes corporate insolvency laws.
The government’s goal with the stimulus package is to protect the economy and to maintain confidence by supporting investment and keeping people in their jobs.
The federal government has updated the classification system used to determine doctors’ eligibility for rural Bulk Billing Incentives effective from January 2020.
Service Entity arrangements are just one method of remuneration by Medical Practices to Medical Professionals. There are many other methods Medical Practices used to pay Doctors and the income tax and GST treatment is very different depending on the nature of the arrangement.
The investment strategies of Self-Managed Superannuation Funds (SMSFs) are under scrutiny with the Australian Taxation Office (ATO) contacting 17,700 trustees about the lack of asset diversity.
A consistent theme this tax time is overclaiming and under reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its data matching approaches, taxpayers can expect greater scrutiny where their claims are more than what is expected.
If taxpayers do not meet their PAYG withholding tax obligations, from 1 July 2019 they will not be able to claim a tax deduction for payments:
The Liberal National Government will significantly enhance access to funds for small business across the country through the introduction of a $2 billion Australian Business Securitisation Fund and encourage the establishment of an Australian Business Growth Fund to provide longer term equity funding.
For a while now, the Australian Taxation Office (ATO) has been concerned about tax deductions individuals have been claiming for a whole host of expenses. The latest on their ‘hit list’ are home office expenses. We guide you through what you can and can’t claim if you work from home.