The ATO aims to claw back $155m in JobKeeper overpayments, as it pursues businesses that are deemed to have undertaken deliberate or reckless actions to access the wage subsidies, despite not being entitled to them.
Read moreTax dodgers and black economy participants driving luxury cars will continue to come under scrutiny, as the ATO seeks to extend its motor vehicle data-matching program for a further three years.
Read moreAs we herald in 2021 the Morrison Government’s Economic Recovery Plan will also come into play and aims to help re-build the economy post the COVID-19 crisis, by securing Australian jobs and keeping businesses in business.
Read moreUnder recently enacted legislation, companies with an aggregated turnover of less than $5 billion can choose to ‘carry back’ tax losses made in the 2020, 2021 and/or 2022 income years, and apply them against profits made from the 2019 income year, to claim a tax offset for tax paid on those earlier profits.
Read moreTaxpayers continuing to work from home in the new year will be allowed to continue using the simplified working-from-home deduction method following a third extension by the ATO.
Read moreTreasury has recently released a Government Consultation Paper into e-invoicing Adoption which includes plans to introduce a requirement that all businesses adopt e-invoicing through a phased approach, starting with large businesses. The Treasury’s consultation is set to run until 18 January 2021.
Read moreTreasury has recently released a Government Consultation Paper into e-invoicing Adoption which includes plans to introduce a requirement that all businesses adopt e-invoicing through a phased approach, starting with large businesses. The Treasury’s consultation is set to run until 18 January 2021.
Read moreJobKeeper Extension 2 starts soon and will run from 4 January 2021 to 28 March 2021. Employers will need to show that their GST turnover has declined in the December 2020 quarter, relative to the corresponding quarter in 2019.
Read moreThe ATO has recently confirmed that STP Phase 2 is due to commence in July 2021, which will see employers required to report additional payroll information each pay day.
Read moreQuarterly installment notices will now go electronic with the ATO announcing the end of paper activity statements.
Read moreMark is a Chartered Accountant with a wealth of experience in accounting and taxation. Mark is a Member of Chartered Accountants Australia and New Zealand, the Tax Practitioners Board and the National Tax and Accountants Association.
Mark's blogsDaniela Semmens is a Co-Director of Semmens & Co. and joined the company as General Manager in 2017. Daniela is an Affiliate Member of Chartered Accountants Australia and New Zealand and also a Member of the Australian Institute of Project Management.
Daniela's blogsFor any enquiries into our team or our services please contact Semmens & Co. via email at info@semmensco.com.au or call us on 03 8320 0320