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As some COVID-19 stimulus measures start to wind back, many businesses are still grappling with changes to JobKeeper, how to manage cash flow and other tax obligations.
In this month's Client Update, we explore the next steps for JobKeeper, what is happening with PAYG, and the measures that the ATO is taking to prevent a wave of insolvencies.
As always, if you have any queries, contact our team on 9957 4033.
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The first tranche of JobKeeper ended on 27 September 2020. We look at the issues for those seeking to qualify for the second tranche of JobKeeper and for those no longer eligible. |
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The Australian Tax Office has indicated how it will address over payment of JobKeeper and the actions – if any – it will take. |
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Tax treatment of JobKeeper payments and concessions thresholds As it clarifies how JobKeeper payments tax treatment applies, some organisations may now be eligible for a range of concessions due to reduced turnover. |
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Preventing a tsunami of insolvencies As temporary COVID-19 measures start winding back from December, the Government has moved to streamline insolvency laws. |
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Parliament has passed legislation required to bring forward its tax cuts, effective from 1 July. The ATO has released its updated PAYG withholding tables. |
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COVID-19 PAYG Instalment variations The ATO is indicating that it will not apply excessive penalties or interest on PAYG variations however businesses should not take it for granted. |
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Simplified home office deductions method extended The ATO has extended the use of the simplified home office deductions method until 31 December 2020. |
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Disclaimer
This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.
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