While many of the COVID-19 stimulus changes such as the JobKeeper payment  are grabbing headlines, it is easy to overlook the significance of the $150,000 instant asset write off provisions. The key changes for the instant asset write off include the following. Certain business entities can access an immediate deduction for the full cost of...

An alternative decline in turnover test for the JobKeeper payment scheme has now been registered by the ATO. The ATO says the alternative tests will only kick in if an entity cannot satisfy the basic decline in turnover test. The instrument applies to provide alternative bases for a class of entities (more below) to satisfy...

The ATO has been charged with running the JobKeeper Payment scheme, which is intended to support businesses that are financially affected by COVID-19 to help keep their staff employed. Employers will be required to pay their eligible employees a minimum of $1,500 a fortnight, before tax, to claim the JobKeeper payment. This is then paid...

There are many questions being asked lately about claiming expenses when forced to work from home over the COVID-19 period – plus a lot of concern about any consequent capital gains issues when later selling a property from which people have been coerced to work from during this time. Capital gains First of all, the...

The government has made a number of changes to temporary visa holder arrangements during the COVID-19 crisis. The Department of Home Affairs says these measures have been made to protect the health and livelihoods of Australians, to support critical industries, and to boost recovery afterwards. Home Affairs records show that there are 2.17 million temporary...

SMSFs must transact on an arm’s-length basis. The purchase and sale price of fund assets should always reflect the true market value of the asset, and the income from assets held by a fund should always reflect the true market rate of return. Any non-arm’s length income (NALI) is taxed at the highest marginal rate....

The draft taxation ruling TR 2019/D5, which had been slated to start from 1 April 2020, is to be deferred to a year later. The ATO says the decision to delay the start date was made on the back of significant submissions from employers indicating that more time was needed to implement the changes. The...

When establishing a self managed superannuation fund (SMSF), one central decision to be made early on is if the trustee structure is to consist of individual trustees or a corporate trustee. Between these choices, you can have up to four individual trustees, or one company that acts as trustee (with that incorporated body having up...

It has been a long time coming, but a planned government amnesty for employers who have missed paying the superannuation guarantee (SG) to their employees has now become law. The amnesty was passed on 6 March 2020, and lasts until 7 September 2020. The amnesty allows employers to make deductible payments, without penalties, of outstanding...

Entering into a remuneration package to secure a vehicle through a salary sacrifice arrangement is a popular option offered to employees. However the ATO has issued a ruling on another particular set of wheels that opens up both a tax and health incentive. ATO guidance covering the use of an electric bicycle (e-bike*) by an...