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The Clock is Ticking

Initially introduced on 6 March 2020, the government super guarantee amnesty is nearing its end.

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Extension of the JobKeeper Payment

Sadly, many Australian businesses are a long way from trending back to 'normal' as we approach 27 September 2020, the original date that JobKeeper was set to end. Thankfully the government has announced an extension of the JobKeeper Payment, with additional turnover qualifications. 

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End of Financial Year Celebrations

Last Friday the Parallax team celebrated the EOFY at Fitzy's Toowoomba. It was a great way to recognise and celebrate the achievements of our awesome employees throughout the past 12 months. 

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COVID-19 and Division 7A Relief

The ATO has announced some limited relief for private companies that have loans to their shareholders or related parties that are governed by what are referred to as “complying loan agreements”.

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Regulations Confirm No SG Obligation on JobKeeper Payments Where Work is Not Performed

The federal government has registered the Superannuation Guarantee (Administration) Amendment (Jobkeeper) Payment Regulations 2020.

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Treasury Laws Amendment (2019 Measures No 3) Bill 2019

Treasury Laws Amendment (2019 Measures No 3) Bill 2019 has passed both Houses of Parliament and is now law.

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Why You SHOULDN'T Rush to File Your Tax Return on July 1

As tempting as it is, taxpayers should avoid rushing to file their tax return when the financial year ends on 30 June.

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COVID-19 and Tax Depreciation Reports – Are Physical Inspections Necessary?

Property investors and businesses will often engage a specialist quantity surveyor to prepare a tax report on capital works and depreciation deductions available to them under the tax law in respect of their income-producing properties – for example, a rental property, office building or factory.

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Guidance on JobKeeper Reporting via STP

The ATO has issued guidance to help employers reporting eligible employees and JobKeeper top-up payments through Single Touch Payroll (‘STP’).

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ATO Reminder for Employers – Finalise STP Data for 2020

The ATO has issued a reminder to employers who report through Single Touch Payroll (‘STP’) – which should be all employers, unless an exemption or deferral applies – that they will need to finalise payroll information for the 2020 income year by making a declaration.

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Keith Braved the Shave!

On Friday evening Keith shaved his luscious, slightly-greying locks in support of the World's Greatest Shave.

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JobKeeper Declaration Due 14 June

Businesses that have enrolled in the JobKeeper Scheme and identified their eligible employees are reminded that they will need to make a monthly declaration to the ATO to ensure they continue to receive JobKeeper payments.

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Our Office is OPEN FOR BUSINESS!

As of 1st June 2020 our office has reopened. We will continue to operate our normal operating hours of Monday- Friday from 8:30am to 5:00pm.

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ATO Reminder About Salary Packaged Super

The ATO has provided employers with a recent reminder that, from 1 January 2020, there has been a legislative change to ensure that when an employee sacrifices pre-tax salary in return for an additional concessional contribution into superannuation, it will not result in a reduction in the 9.5% Superannuation Guarantee (‘SG’) obligation their employer has even though doing so reduced their Ordinary Time Earnings.

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Small Business COVID-19 Adaption Grant Program

The Queensland Government has announced a new grant program to support small and micro businesses who have been highly impacted during the COVID-19 lockdown. The grant aims to see businesses adapt and sustain their operation, and build resilience. 

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SMSFs May Be Able To Offer Rental Relief To Related Party Tenants

As a result of the financial effects of the COVID-19 pandemic, some self-managed superannuation funds (‘SMSFs’) which own real property may want to give a tenant – who is a related party – a reduction in rent because the related party tenant has had a collapse in revenue.

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Act Now To Improve Your Cash Flow

After determining the current financial position of your business and preparing a cash flow forecast, you can take actions to improve your cash flows.

Improving cash flow, whether it be by getting more cash into the business or reducing cash leaving the business, or both, is fundamental to business survival. It should also put your business in a good position to take advantage of the recovery.

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Understand Your Current Financial Position

COVID-19 presents a significant threat not only to human health but also to business. However, businesses have an array of actions they could implement to manage through the COVID-19 pandemic. These actions could ensure its longevity and place it in the best possible position to take advantage of the recovery.

The more you understand your current financial position, the better choices you will make when during and moving forward after the pandemic. To be able to make the best possible decisions in a difficult environment, you need access to the most up-to-date information on the financial position of your business.

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Enrolment Extension - JobKeeper Scheme

The Commissioner has made a decision to extend the enrolment time limit for the initial JobKeeper periods, from the 30 April 2020 until the 31 May 2020.

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ATO on Property Investments

The ATO has reminded taxpayers in a property business or thinking about investing in property that there are things they should know.

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Working From Home Deductions - Shortcut Method vs Fixed Rate Method

The Australian Taxation Office has announced a temporary method for claiming deductions for working from home. It will allow people to claim 80 cents per hour for all their running expenses, rather than calculating costs for specific running expenses.

Taxpayers will have the choice between the new shortcut method and the old fixed rate method, known as the 52 cents method. This allows them to choose between simplicity and less record keeping, or choosing to prepare and keep records and possibly claim bigger tax deductions. 

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New Vacant Land Tax Measures

A new ‘vacant land’ measure limits the deductibility of costs incurred on or after 1 July 2019 (i.e., from the 2020 income year) that relate to holding vacant land, even if the land in question was first held before that date.

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Update: JobKeeper Payments & COVID-19 Support Measures as at 16.4.2020

Please see the updated summary documents.  

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New Laws Can Make Directors Personally Liable For GST

The government recently passed new legislation designed to strengthen laws to "crack down on illegal phoenixing activity by dodgy business operators who try to avoid their obligations to their customers, employees and creditors."

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New Super Guarantee Amnesty

On 6 March 2020, the government introduced a superannuation guarantee ('SG') amnesty.

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COVID-19 Update: JobKeeper Payments

Businesses impacted by the coronavirus will be able to access a subsidy from the Government to continue paying their employees. Affected employers will be able to claim a fortnightly payment of $1,500 per eligible employee from 30 March 2020, for 6 months.

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Updated: COVID-19 Support Offered as at 25.3.2020

The Australian Government continues to announce measures to support businesses impacted by the COVID-19. Please see below the current support offered as at 25 March 2020.

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Our office is closed, but we ARE still operating!

Due to the spread of COVID-19 we have decided to close our office to the public until further notice. We will however continue to work from the safety of our own homes.

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COVID-19 Support Offered as at 23.3.2020

The Australian Government continues to announce measures to support businesses impacted by the COVID-19. Please see below the current support offered as at 23 March 2020.

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Australian Banks Will Defer Loan Repayments for Small Businesses for Six Months

Australian Banking Association CEO Anna Bligh announced today a small business relief package provided by Australian banks. She says that all small businesses hit by the coronavirus pandemic will be able to access a six-month deferral of all loan repayments.

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COVID-19 Measures

We know this may be a stressful time for businesses. The Australian Government has announced measures to support businesses impacted by the coronavirus (COVID-19). Please see below support offered and how to access this support.

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Coronavirus (COVID-19) Support

Coronavirus (COVID-19) presents challenges for businesses. Here are some essential links that provide businesses with information on the support being offered by the Australian government and useful tips for managing businesses during COVID-19.

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SMS Scam Targeting Natural Disaster Victims

The ATO is warning the community about a new SMS scam which promises an 8% bonus on 2020 tax returns to victims of recent natural disasters.

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Employer's Requirements and the Deductibility of WREs

Some employees may wonder whether a work-related expense (or 'WRE') becomes deductible merely because their employer specifically requires the employee to incur the expense.

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Further STP Developments

In an indication of the far-reaching changes that Single Touch Payroll ('STP') will be bringing, Treasury has recently finished consulting on draft legislation that expands the data that may be collected through STP by the ATO (as announced in the 2019/20 Budget).

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Cash is KING - Working Capital Cycle

Every business owner should be aware of the working capital cycle within their business and how important it is to cash flow.

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New ‘gig’ Economy Reporting

The MYEFO announced the Government’s intention to implement a new third party reporting regime for the sharing economy.

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New Year, New Business Goals

Your business should be the key in the pursuit of achieving your personal goals. With the New Year and New Decade upon us, ask yourself “is my business helping me achieve my personal goals?” Owners of small to medium enterprise (SME) usually are working so hard in their business that they fail to stop to even think about why they are in business in the first place.

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The ATO’s Bushfire Crisis Response

In response to the devastating bushfires across large parts of Australia, the ATO has been keen to advise those impacted that it understands peoples priority is their family and community.

 

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Lifestyle Assets Continue To Be An ATO Audit Target

The ATO has revealed it will request a further five years’ worth of policy information from over 30 insurance companies about taxpayers who own marine vessels, thoroughbred horses, fine art, high-value motor vehicles and aircraft.

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World's Greatest Shave

Keith is parting with his luscious, slightly greying locks!

We are taking part in the World's Greatest Shave for the Leukaemia Foundation! We are on a mission to shave the world from blood cancer.

 

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Disclosure of Business Tax Debts – Declaration Made

Following the enactment of legislation in late 2019, the ATO can disclose certain business tax debt information to external credit reporting bureaus.

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SMSs for SMSFs!

In the interests of protecting SMSF members and their retirement savings from fraud and misconduct, the ATO has announced it will send out an email and/or a text message via an SMS when changes (including updates to the SMSF financial details or member information) are made.

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No CGT Main Residence Exemption for Non-Residents

The Government recently tabled legislation, making its second attempt to deny access to the CGT main residence exemption for individuals who are foreign residents (i.e., non-resident taxpayers for Australian tax purposes).

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STP and Superannuation Guarantee

In a presentation at the Australian Institute of Superannuation Trustees Chairs Forum, the ATO's Deputy Commissioner confirmed that as a result of STP, the ATO now has an "unprecedented level of visibility" of super information.

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