JobKeeper extension eligibility – Updated 24/09/2020
WL Advisory welcomes the JobKeeper extension rules released by the Treasurer and the ATO’s early guidance on the rules. However there will still be challenges for businesses and their accountants when trying to determine if their employees are eligible for the...
COVID-19 payments and some issues for companies and trusts
With many having received cash flow boost and JobKeeper payments, there can arise some unique issues where these amounts are received within a trust or company. The cash flow boost and JobKeeper payment have been flowing to eligible businesses for some time now. These...
Rental Property: Tax Approach Adjusts for COVID-19
The COVID-19 pandemic has placed property owners, and tenants in many cases, in unfamiliar territory. Many tenants have been paying reduced rent or ceased paying because their income has been adversely affected. While rental income may be reduced, owners will continue...
NSW Discretionary Trust and Land Tax Surcharge
In NSW, surcharge purchaser duty applies to acquisitions of NSW residential land by foreign persons, and surcharge land tax applies to foreign persons who are owners of residential land in NSW. Surcharge purchaser duty and surcharge land tax (together known as the...
Extension of the JobKeeper Payment
The JobKeeper payment, which was originally due to run until 27 September 2020, will now continue to be available to eligible businesses (including the self-employed) and not-for-profits until 28 March 2021. The payment rate of $1,500 per fortnight for eligible...
Employment Law and COVID-19: Q & A
As with many elements of the economy in these days of the coronavirus epidemic, it is not only taxation and superannuation dealings that have been touched by the COVID-19 virus — the rules governing employment transactions, for both employers and employees, have also...
Last-minute tax planning tactics
This financial year is almost over, but there are still effective strategies you may be able to employ to make sure you pay the right amount of tax for the 2019-20 year and maximise any refund entitlement. This is still, if not more so, the case in the current...
Employment Law and JobKeeper Payment – Q&A
What are the remedies for an employer where the employee unwilling to work additional hours equivalent to the $1,500 per JobKeeper fortnight?The employer can request that the employee work additional hours but cannot enforce it. Additionally, the employer has all the...
Tax Treatment for Employee Travel Allowances
To compensate for travel expenses when employees sleep away from home for work purposes, an allowance is often paid by their employer to cover meal, accomodation, and incidental expenses. It is important to distinguish if this allowance constitutes a travel allowance...
7 Alternative tests for JobKeeper payment
An alternative decline in turnover test for the JobKeeper payment scheme has now been registered by the ATO. The legislative instrument, Coronavirus Economic Response Package (Payments and Benefits) Alternative Decline in Turnover Test Rules 2020, says the...
Early Release of Super – COVID-19
As a part of the safety net stimulus packages, the government announced that individuals that are adversely effected by coronavirus (COVID-19) can look to an early release of their Superannuation and may be able to access up to $10,000 of their super before 30...
JobKeeper Payment – No employees? no problem!
The ATO has put out guidance on how sole traders and some other entities such as partnerships, trusts or companies may be entitled to the JobKeeper payment scheme. Entitlement may be possible for an “eligible business participant” (more below), according to the ATO....
$66.1bn Stimulus package: what you need to know
The Government yesterday released a second, far reaching $66.1 bn 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...
Simple explanation of a discretionary trust
The purpose of a trust is to separate the legal and beneficial ownership of assets. The legal ownership of the asset rests with the trustee. The beneficiaries benefit from the income that flows from the assets. A trust is not a legal entity. It is best described as a...
Claiming travel expenses? Here is the latest ATO’s view.
A draft ruling has been issued (TR 2019/D7) that is yet to pass Parliament, which sets out when an employee can deduct transport expenses under section 8-1. This includes the cost of travel by airline, train, taxi, car, bus, boat or other vehicle. It is generally the...
The secret life of TFNs
Tax file numbers (TFNs) are so much an everyday element when dealing with tax and the ATO that many practitioners and ordinary self-preparers won’t give it a second thought when tax return software responds with an “invalid” when a TFN is entered. The common thought...
Final guidance on operation of new base rate entity test
Law Companion Ruling LCR 2019/5 deals with the passive income threshold and other issues within the Treasury Laws Amendment (Enterprise Tax Plan Base Rate Entities) Act 2018 that limits access to the lower corporate tax rate. From the 2017-18...
Fleet “safe harbour” approach for car fringe benefits
The ATO, after consultation and collaboration with business taxpayers and industry representatives, has developed what it calls a “safe harbour” mechanism for calculating car fringe benefits under the operating cost method. In ATO parlance, a safe harbour is a...
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