Expanded Eligible Employee Definition for JobKeeper
Additional recently implemented JobKeeper changes mean more employees will qualify for JobKeeper payments from 3 August 2020.
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Decline in Turnover Test – the New Actual GST Decline in Turnover Test
The new actual GST decline in turnover test only applies with respect to the six-month extension of JKP (i.e., JobKeeper 2.0) and is broken up into two separate extension periods, as follows:
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JobKeeper 2.0 - Tweaks to the 'Decline in Turnover' Tests
On 21 July 2020, the Government announced that the JobKeeper Payment (‘JKP’) would be extended until 28 March 2021 (i.e., for a further six months beyond its original end date of 27 September 2020).
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Superannuation Guarantee Rate Increase Update
Recently, arguments both for and against increasing the rate of compulsory superannuation guarantee ('SG') have continued to be tossed around!
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Superannuation Guarantee Amnesty Ends 7 September 2020
Speaking of the superannuation guarantee, time is rapidly running out for employers to apply for the SG amnesty and catch up on past unpaid super without incurring a penalty.
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80 cents per hour 'Shortcut' Method for Home Office Expenses has been Extended
Back in April 2020 the ATO announced that a 'shortcut' method was to be made available to use from 1 March 2020 until 30 June 2020 for individuals claiming home office expenses due to COVID-19. The ATO has recently announced an extension of this shortcut method to also include 1 July 2020 to 30 September 2020.
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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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