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Varying PAYG instalments because of COVID-19

July 24, 2020 | Posted by Sarah Wallace | in Small Business, Taxation

PAYG instalments is a system that helps you manage your expected tax liability on income from your business or investments for the current income year by making smaller regular payments. To assist taxpayers experiencing financial difficulty as a result of COVID-19, the ATO is providing added flexibility to manage your instalments to suit your circumstances....

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Wallace Partners Client Information Newsletter July 2020

July 24, 2020 | Posted by Sarah Wallace | in Client Information Newsletter

Access our Wallace Partners Client Information Newsletter July 2020 below:

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Planning tool to help businesses reopen

June 23, 2020 | Posted by Sarah Wallace | in Small Business

The government’s National COVID-19 Coordination Commission (NCCC) has released an online planning tool to help businesses develop a plan to keep their workers, customers and the community safe as they reopen or increase their activities in the weeks and months ahead. The NCCC tool, in the form of a template called “My business’s COVIDSafe plan”,...

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COVID-19 corporate residency concession

June 23, 2020 | Posted by Sarah Wallace | in Small Business, Taxation

The ATO has announced an important tax residency concession for foreign incorporated companies during the COVID-19 crisis. BackgroundOn 24 March 2020, the government announced a ban on Australians travelling overseas, using powers given to it under the Biosecurity Act 2015. The ban is aimed at preventing travellers returning to Australia with COVID-19. There are limited...

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Laws on bankruptcy changed temporarily to help cope with COVID-19

June 23, 2020 | Posted by Sarah Wallace | in Taxation

The government has temporarily changed bankruptcy law to help protect people who are facing unmanageable debt as a result of the economic impacts of COVID-19. If you are in financial difficulty, application can be made for temporary debt protection, which prevents recovery action by unsecured creditors, for six months. The threshold of debt that can...

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Rental (passive) income and ‘carrying on a business’ for JobKeeper eligibility

June 23, 2020 | Posted by Sarah Wallace | in Small Business, Taxation

When assessing eligibility for JobKeeper assistance, the first question that must be answered is whether the entity was carrying on a business as at 1 March 2020. This question is of particular relevance to entities that have solely or predominantly rental income (other than input taxed supplies). Whereas one Administrative Appeals Tribunal case noted that “the...

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Concerns on property development and SMSFs

June 23, 2020 | Posted by Sarah Wallace | in SMSF

The ATO, as regulator of self-managed superannuation funds, has reported an increase in the number of SMSF trustees entering into arrangements involving buying and then developing property (either with related or unrelated parties) that is subsequently sold or leased. Trustees should be aware that the ATO is taking an active interest in property development investments...

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Expatriates: Part-year resident or non-resident for tax purposes?

June 23, 2020 | Posted by Sarah Wallace | in Taxation

So what happens from a tax point of view when a person leaves Australia part-way through the income year? How is the income they derived before that time taxed? And how is any income they derived after that time taxed (whether from Australian or foreign sources)? Well, the answer will primarily depend on whether the...

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COVID-19 and residential rental property claims

June 23, 2020 | Posted by Sarah Wallace | in Taxation

Many residential rental property owners have had their rental income affected by COVID-19. As a result of this income year not being business as usual, the ATO has provided answers to some typical scenarios that may crop up in this area for tax time. Q: If tenants are not paying their full rent of have...

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Last-minute tax planning tactics

June 23, 2020 | Posted by Sarah Wallace | in Taxation

This financial year is almost over, but there are still effective strategies you may be able to employ to make sure you pay the right amount of tax for the 2019-20 year and maximise any refund entitlement. This is still, if not more so, the case in the current COVID-19 environment. While the best strategies...

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