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Bonus Article, Taking advantage of the superannuation guarantee amnesty may have one last hurdle

February 22, 2021 | Posted by Sarah Wallace | in SMSF

At the time when the superannuation guarantee amnesty measure ran its course (it expired 7 September 2020), the Assistant Minister for Superannuation Jane Hume reported the amnesty resulted in 24,000 employers coming forward, with about $588 billion paid into nearly 400,000 accounts. Businesses that qualified for the amnesty by disclosing unpaid SG before the deadline,...

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Bonus Article – Treasury discussion paper on self-education expenses

February 22, 2021 | Posted by Sarah Wallace | in Taxation

Late last year, Treasury released a discussion paper around the announcement in the 2020-21 Federal Budget to allow individuals to claim deductions for education and training expenses they incur where the expenditure is not related to their current employment. This is on top to the FBT exemption already announced for employment-provided retraining and reskilling for...

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Natural disasters and help with your tax

February 22, 2021 | Posted by Sarah Wallace | in Taxation

Now that we are into bushfire season, and even flooding events have already occurred, it is perhaps timely to be reminded that as well as the more obvious immediate devastation inflicted on people’s property, destructive events such as fires or floods can also mean loss of income for the many affected people. This can come...

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Single touch payroll: When your reporting can cease

February 22, 2021 | Posted by Sarah Wallace | in Small Business

A business may no longer be required to lodge single touch payroll (STP) reports for a number of reasons. These are if your business no longer has employees, has ceased trading, has changed structure, is not paying employees for the rest of the year, or has paused due to COVID-19. Depending on your business’s situation...

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Getting a tax valuation from the ATO

February 22, 2021 | Posted by Sarah Wallace | in Taxation

Not every individual situation fits neatly with the tax laws as they stand — sometimes a taxable item’s known value (and therefore the tax that applies to it) may need to be determined. Many tax laws require the taxpayer to determine the market value of something. Common instances include: for individuals – transfers of real...

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JobMaker hiring credit: What you need to know

February 22, 2021 | Posted by Sarah Wallace | in Small Business

The JobMaker Hiring Credit scheme was passed into law in mid-November 2020. JobMaker was part of the 2020-21 Federal Budget, and will operate until 6 October 2021. It is designed to improve the prospects of young individuals getting employment, by incentivising employers to hire them, following the devastating impact of COVID-19 on the labour market....

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Wallace Partners Client Information Newsletter February 2021:

February 22, 2021 | Posted by Sarah Wallace | in Client Information Newsletter

Access our Wallace Partners Client Information Newsletter February 2021 below:

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Bonus Article, Corporate residency rules tweaked to allow for COVID-19 contingencies

December 16, 2020 | Posted by Sarah Wallace | in Taxation

A long-established feature of the taxation landscape for Australian business entities is that the residency status of a business determines a large part of its income tax obligations. Foreign resident entities are generally taxed in Australia on any income that has an Australian source. Australian resident entities are generally taxed on their worldwide income. Also...

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Bonus Article, Some JobKeeper and cash flow boost ineligibility cases to be re-visited

December 16, 2020 | Posted by Sarah Wallace | in Small Business

The Inspector-General and Taxation Ombudsman (IGTO) reports in its latest IGot News that over recent months its office has received an influx of complaints from a number of small businesses (as well as their representatives in the accounting and tax profession) around their eligibility for JobKeeper and Boosting Cash Flow payments.   Ombudsman Karen Payne...

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What is a recipient created tax invoice?

December 16, 2020 | Posted by Ben Wallace | in Small Business, Taxation

Tax invoices are an essential element of Australia’s taxation system, and serve both to collect taxation revenue related to the goods and services on which GST is levied as well as record the credits that are claimable by eligible businesses. A business registered for GST will generally be required to hold a tax invoice for...

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