Semmens & Co News Feed
2021 Economic Recovery Initiatives from the Treasury
As 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.
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Carry Back COVID Losses for a Refundable Tax Offset
Under 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.
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80¢ p/h Work-From-Home Deduction Method Extended
Taxpayers 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.
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JobMaker Hiring Credit Scheme Registrations Now Open
Treasury 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.
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Government Consultation Paper into e-invoicing Adoption
Treasury 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.
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JobKeeper Extension 2 Starts Soon
JobKeeper 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.
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STP Phase 2 due to commence in July 2021
The 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.
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Quarterly Instalment Notices Go Electronic
Quarterly installment notices will now go electronic with the ATO announcing the end of paper activity statements.
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JobMaker Plan Under Scrutiny
The Australian Taxation Office (ATO) has warned it will crackdown on people using early superannuation release for tax avoidance purposes.
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Early Tax Cuts Now in Play
Early tax cuts are now in play and designed to help people and the economy recover after the COVID 19 pandemic.
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Mark Semmens
Mark 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 blogs
Daniela Semmens
Daniela 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 blogsContact Us Today
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