The Government announced the following changes to the thresholds for personal income tax rates and the low-income tax offset (“LITO”) for Australian residents for the 2021 income year:
Treasury released yesterday new Rules and an Explanatory Statement providing additional guidance for businesses with respect to the extension of the JobKeeper scheme until 28 March 2021.
As the global pandemic continues to affect the economy, some managed funds facing liquidity or other operational issues have frozen withdrawals ostensibly to protect the best interests of [...]
While some sectors of the economy is suffering, others are booming, if you’re lucky enough to have a small business in a rapidly growing sector, you may be considering a change from a relatively [...]
Amendments made last year changed the rules as to when complying super funds including SMSFs will derive non-arm’s length income (NALI). Due to ATO concerns that this change has not been [...]
To prevent SMSFs falling afoul of the in-house asset provisions when they give related party tenants a rent deferral due of financial hardship caused by COVID-19, the ATO has released a draft [...]
Tax time 2020 will be anything but routine, with the great disruptor that is the COVID-19 pandemic and the associated government economic stimulus, there are some key matters for individuals to [...]
To combat phoenixing and other black economy activities, a new regime of director identification numbers (DINs) will come into effect in the near future. The new regime requires all directors to [...]
They say only two things are certain in life, death and taxes, and when these two certainties collide, it necessarily causes stress and difficulty. This undoubtedly rings true for those left [...]