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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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