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Extension of time to enrol for the JobKeeper scheme
The Commissioner has extended the time to enrol for the initial JobKeeper periods, from 30 April 2020 until 31 May 2020.If you enrol by 31 May 2020, you will still be able to claim for the JobKeeper fortnights ending in April and May, provided you meet all the eligibility requirements for each for those fortnights. This includes having paid your employees by the appropriate date for each fortnight.
Coronavirus and accessing super early
While superannuation helps people save for retirement, the government has recognised that for those significantly financially affected by the coronavirus, accessing some of those savings today may outweigh the benefits of maintaining those savings until retirement.If you are eligible, you can apply to the ATO through the myGov website to access up to $10,000 of your superannuation from 20 April to 30 June 2020 for the 2019-20 year.
Increasing the instant asset write-off
From 12 March 2020 until 30 June 2020, the instant asset write-off:
threshold is $150,000 (up from $30,000)eligibility range covers businesses with an aggregated turnover of less than $500 million (up from $50 million).Businesses with a turnover of $500 million or more are not eligible to use instant asset write-off.
threshold is $150,000 (up from $30,000)eligibility range covers businesses with an aggregated turnover of less than $500 million (up from $50 million).Businesses with a turnover of $500 million or more are not eligible to use instant asset write-off.
Tax and BAS agent portal era comes to a close
The tax and BAS agent portals will officially close from 11.30pm AEDT on 29 November 2019, meaning all agents will now have to transition to Online services for agents.
TAX & COMPLIANCE
The ATO fears “many hundreds of Australians” are caught up in international tax evasion activities as it commences action with 14 Australians it believes are embroiled in an international tax evasion arrangement.
Bushfire tax assistance bill passes
Bushfire disaster relief payments and government support payments to volunteer firefighters will now be tax exempt after Parliament passed new laws.