As JobKeeper and other government stimulus measures wind down, the ATO is refocussing on Director Penalty Notices.
Director’s beware – ATO Director Penalty Notices
Category: Update
Proposal to increase reporting thresholds for charities
Treasury has released a consultation paper that outlines a proposal to increase the annual revenue thresholds that determine the financial reporting requirements for charities registered with the ACNC. Charities and other interested stakeholders are encouraged to have their say.
NSW State Jobs Plus Program
Further to the NSW State budget in November, applications for the Jobs Plus Program are now open.
2020-21 Queensland State Budget Update
The 2020-21 Queensland State Budget centred around the Government’s Economic Recovery Plan which contains new initiatives totalling $7 billion.
JobKeeper Extension: Phase 2 update
From 4 January 2021, businesses and not-for-profits should reassess their turnover to be eligible for the JobKeeper Payment.
Tax incentives from the 2020-21 Victorian State Budget
Our summary of the tax incentives that were included in the 2020-21 Victorian State Budget. The Budget was handed down in Parliament on 24 November 2020.
2020-21 NSW State Budget Announcement
The NSW Treasurer handed down the State 2020-21 Budget last night, 17 November 2020. This year’s Budget strives to stimulate the industries impacted by COVID-19, with a focus on the hospitality industry.
Extensions to reporting deadlines for 31 December 2020 financial statements
ASIC announced that it will extend financial reporting deadlines for both listed and unlisted entities that lodge financial reports under Chapters 2M and 7 of the Corporations Act by one month.
Immediate tax deduction available for businesses
The Government’s Budget announcement of a generous temporary measure that extends the current instant asset write-off concessions was passed into law on 14 October 2020.
Temporary loss carry back measure
The Federal Government in its 2020-21 Federal Budget announced the temporary loss carry back measure that will be available to eligible corporate tax entities to assist them with cash flow by generating a tax refund.