The ATO has extended the JobKeeper monthly business declaration deadline for the month of December until 28 January 2021 (from 14 Jan 2021).

Corporate Secretarial, Financial Accounting, New Business, TaxationJPR BUSINESS GROUP3 December 2020ATO, jobkeeper, australian tax office, covid-19

Refunds for tax losses

In the 2020-21 Federal Budget, the Government announced that businesses with turnover under $5bn* will be able to offset any losses made between 2019-20 and 2021-22 against previously taxed profits between 2018-19 and 2020-21.

Taxation, Financial Accounting, Corporate SecretarialJPR BUSINESS GROUP5 November 2020company tax, tax, australian tax office, ATO

JobKeeper clawback begins

At the recent Senate Estimates hearing, Jeremy Hirschhorn, the ATO’s Second Commissioner, stated that $120 million in JobKeeper payments had been clawed back from those either deliberately seeking to rort the system or who had made reckless mistakes.

TaxationJPR BUSINESS GROUP5 November 2020jobkeeper, ATO, australian tax office

Tax deductions for investing in your business

Stimulating investment is high on the Government’s agenda. To encourage spending, the 2020-21 Budget introduced a measure that allows businesses with turnover under $5bn* to immediately deduct the cost of new depreciable assets and the cost of improvements to existing assets in the first year of use

New Business, Taxation, Corporate SecretarialJPR BUSINESS GROUP2 November 2020tax, tax deductions, taxation, business assistance, ATO

JobKeeper: The next steps

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.

Taxation, Financial Accounting, Corporate SecretarialJPR BUSINESS GROUP1 October 2020jobkeeper payment, jobkeeper, JobKeeper, Jobkeeper 2.0, ATO, Tax, business, small business, employment, sole trader, covid-19, coronavirus

Preventing a tsunami of insolvencies

The Government has stepped in to prevent a wave of insolvencies when the COVID-19 support measures run their course in December 2020. Temporary insolvency and bankruptcy protections are in place until 31 December 2020 to enable businesses to trade through the pandemic

Financial Accounting, TaxationJPR BUSINESS GROUP28 September 2020small business, sole trader, business, business assistance, ATO, australian tax office, covid-19, coronavirus, Taxation, tax

ATO on the warpath: COVID-19

We always knew that a Government scheme swiftly distributing cash during a crisis was going to come with equally swift compliance and review measures, particularly when eligibility was self-assessed. Two major Australian Taxation Office (ATO) initiatives are searching out fraud and schemes designed to take advantage of the Government’s Coronavirus Economic Response Package.

Corporate Secretarial, Financial Accounting, TaxationJPR BUSINESS GROUP3 July 2020covid-19, coronavirus, tax, ATO, taxation, sm, small business

1 July company tax rate reduction

Despite the current economic environment, the company tax rate will reduce to 26% for small and medium businesses from 1 July 2020.

Financial Accounting, TaxationJPR BUSINESS GROUP1 June 2020company tax, business, ATO, small business, medium business

What's changing on 1 July

As we approach the end of the financial year, we thought we'd update you on what's changing from 1 July 2020

Financial Accounting, Superannuation, TaxationJPR BUSINESS GROUP1 June 2020end of financial year, new financial year, ATO, instant tax write-off, superannuation

The Covid-19 Stimulus and Support Measures

We’ve designed this guide as a quick reference to the COVID-19 related tax and financial support that might be available to you.

The stimulus and support packages help, but there are gaps and they will not return most adversely impacted businesses or people back to their pre-pandemic position. It will all take time.

Taxation, Financial AccountingJPR BUSINESS GROUP15 April 2020business, covid-19, coro, stimulus package, ATO, Taxation, jobkeeper payment, JobKeeper