Legislation that passed through Parliament last month prevents taxpayers from claiming a deduction for expenses incurred for holding vacant land. The amendments are not only retrospective but go beyond purely vacant land.

From 1 July 2020, new rules will come into effect to ensure that an employee's salary sacrifice contributions cannot be used to reduce the amount of superannuation guarantee (SG) paid by the employer.

You might have seen the recent spate of media freedom advertisements as part of the Your Right to Know campaign. The prime-time advertising states that the Australian Tax Office (ATO) can take money from your account without you knowing. The question is, do you really know what powers the ATO have?

Woolworths is the latest company to face a fallout from the underpayment of staff. In what is believed to be the largest remediation of its kind, Woolworths have stated that they have underpaid 5,700 salaried team members with remediation expected to be in the range of $200m to $300m (before tax).

The Black Friday and Cyber Monday sale concepts have well and truly arrived in Australia with retailers embracing this latest retail event to stimulate what has been an economically lack lustre year.

The countdown to Christmas is now on and we're in the midst of the headlong rush to get everything done and capitalise on any remaining opportunities before the Christmas lull. Busy period or not, Christmas causes a period of dislocation and volatility for most businesses. This dislocation and volatility mean that it is not 'business as usual' and for many businesses, it is the change that causes the problem.

The ATO has provided relief from lodgement compliance and payment obligations for those impacted by the bushfires. An automatic two month deferral for activity statements lodgements and payments due has been provided to those in affected postcodes.

Employees with multiple employers can now opt-out of superannuation guarantee from all but one employer. Employers are required to pay 9.5% superannuation guarantee for all eligible employees. But what happens if you are an employee with multiple employers?

How employers are being caught out by the timing of superannuation guarantee payments.

Setting up myGovID - The government will cease using AUSkey to transaction with their online services by late March 2020. From 25 January 2020, myGovID will become the default login option for the online services for agents and clients who access the business tax portal.

Late last year, legislative changes were made that exclude non-residents from accessing the main residence exemption. The retrospective changes directly impact foreigners and expats whose main residence is in Australia or overseas. We explore the impact.

Ten million hectares, lives lost, wildlife on the brink, billions in lost revenue and clean-up costs. For many, returning life to normal is a long way off this summer. We summarise the help available to those impacted by the bushfires.

The ATO has requested insurance policy information from 30 insurers for lifestyle assets such as yachts, thoroughbred horses, and fine arts.

A new system alerting SMSF trustees of changes made to their SMSF will roll out this month. The ATO will alert trustees by text and/or email when changes are made to bank details, electronic service address of the fund, the authorised contact and members.

Choosing the right accounting software and apps for your business is not easy. There are plenty of options on the market, especially when considering the different products MYOB, Xero, Reckon and Quickbooks all offer.

We often hear "Why do I need to do any estate planning, we all get along, a simple will do?" This may be possible for some, but everyone's circumstances are different. You could have a complicated financial situation, the possibility of family disputes, or it may be a treat you want to provide for grandchild. Whatever the circumstances, Estate Planning should be considered.

Empty restaurants and retail stores were one of the first signs of the devastating impact the coronavirus on Australian businesses.

With the start of the Fringe Benefits Tax year looming on 1 April, businesses are being urged to review their Fringe Benefits Tax (FBT) position.

A series of high-profile examples of businesses underpaying their employees has brought the need to get payroll right into sharp focus.

The superannuation guarantee (SG) amnesty provides employers with a one-off opportunity to "self-correct." Now is the time to ensure that your payroll is correct and there are no hidden SG issues looming.

The Government yesterday released a second, far reaching $66.1 bn stimulus package that boosts income support payments, introduces targeted changes to the superannuation rules, provides cash flow support of up to $100,000 for small business employers, and relaxes corporate insolvency laws.

This guide has been designed as a quick reference to the COVID-19 related tax and financial support that might be available to you all in one place.

We have updated the white label guide to the COVID-19 stimulus and support measures following the release of additional information from Treasury. We expect regular changes and will update the guide as and when information is available.

The new Property Code of Conduct for Commercial Landlords has now been released and whilst everyone acknowledges that tenants need assistance, there also appears to be a consensus that if we remove our tenant and landlord hats, the fact is that commercial landlords have been treated unfairly.

We outline what we have seen occurring in the banking Sector with respect to deferral's and the $250,000 loans?

More than 540,000 companies have officially registered for Jobkeeper. But with such a short time between being conceived, legislated and then implimented, there will always be gaps and issues that will need to be resolved. There have been several changes already in the last few days, and we expect more to come.

Changes for the 2020-2021 Financial Year

Both the State and Federal Governments have recently announced grants and subsides to help kick start the construction industry.

The JobKeeper subsidy has progressed beyond the rush for eligibility and entered its second phase: compliance. Late last month, the Australian Taxation Office (ATO) released guidance highlighting where the regulator will focus its compliance resources.

News headlines recently stated that casual workers have won the right to paid leave following a decision in the Federal Court. As usual, the devil is in the detail.

AccountRight and Reckon Accounts/ Hosted have released software upgrades ahead of the End Of Financial Year. Read our article to find out more about enhancements in time for EOFY Single Touch Payroll Finalisation.

If you are confused about what needs to be completed before 30 June, and what needs completing before 31 July, we've set out an easy to follow guide, along with information particular to the major payroll software.

From 1 July 2020, parents accessing the Government's parental leave pay (PPL) scheme will have greater flexibility and options.

An increase to the minimum wage of 1.75% will start rolling out for the first full pay period from 1 July 2020.

Will the Prime Minister's targeted $250 million package of funding to support cultural and creative projects and initiatives save the industry?

For some employers, JobKeeper will not be enough to keep the employee employed.  Find out how this affects their employment termination payments 

The Treasury Laws Amendment Bill 2019 has passed parliament, which means that a new Director Identification Number (DIN) regime will go into effect.

We always knew that a Government scheme swiftly distributing cash during a crisis was going to come with equally swift compliance and review measures, particularly when eligibility was self-assessed.

Bernadette Smith was featured in an article about navigating the return to the office post Covid 19 shutdown.

The second tranche of the JobKeeper scheme changes the eligibility test for employers and the method and amount paid to employees.

For JobSeeker, there is a winding back of some of the expanded eligibility criteria, along with the reintroduction of means and asset testing, and partner income testing.

Employees that previously failed the JobKeeper eligibility test as they were not employed on 1 March 2020, may now be eligible for payments from 3 August 2020 if they were employed on 1 July 2020. We've summarised the key details for employers on JobKeeper 2.0 in our client guide, but just remember that the proposed changes are not yet law and the details could still change.

COVID-19 has had an impact on many SMSFs. We look at the key issues.

During lock down you had to work from home. You've set up a full home office with paintings, plants, a desk, computer equipment, a water tower and a sculpture. Can claim everything you purchased for this office and claim part of my mortgage and running costs?

Help available for Business and Individuals, including support from each state

On 13 August 2020, the High Court of Australia handed down a decision clarifying how paid personal/carer's leave is accrued and taken under the National Employment Standards (NES).

Now, more than ever, business operators should have a plan in place to manage during uncertain times. Even if your business is not directly impacted, it’s likely your customers, your supply chain, and your workforce will be to some extent.

My business received a grant from the State Government. Do I pay tax on it? Short answer; probably. But as always, the devil is in the detail.

With the employee test date for JobKeeper moved to 1 July 2020, some additional employees might have become eligible for JobKeeper. The August JobKeeper monthly business declaration is due by 14 September and is different to the previous form as it covers three JobKeeper fortnights.

If you are selling your business, merging, acquiring, or inviting in new investors, you need to understand the value of your business. But, to what degree does the pandemic impact on value? Should you discount or hold firm to pre COVID-19 performance on the basis that 'we're going to come out of it eventually'?

The first tranche of JobKeeper ends on 27 September 2020. Those needing further support will need to reassess their eligibility and prove an actual decline in turnover.

The Government has stepped in to prevent a wave of insolvencies when the COVID-19 support measures run their course in December 2020.

The first tranche of JobKeeper ended on 27 September 2020. We look at the issues for those seeking to qualify for the second tranche of JobKeeper and for those no longer eligible.

The 2020-21 Federal Budget is a road to recovery paved with cash. By comparison to many, Australia has managed the COVID-19 pandemic well, but good management isn't enough to protect us from the $213.7 billion deficit in 2020-21. The Government has taken to heart the old adage, "You have to spend money to make money" to trade our way out of a black hole.

Over $34.4bn has been released from Australian Superannuation Funds under the COVID-19 early release scheme, the Australian Prudential Regulation Authority revealed.

At the recent Senate Estimates hearing, Jeremy Hirschhorn, the ATO’s Second Commissioner, stated that $120 million in JobKeeper payments had been clawed back from those either deliberately seeking to rort the system or who had made reckless mistakes.

If your company has made a loss, you may be able to claim a tax refund for tax previously paid on profits.

Stimulating investment is high on the Government’s agenda. To encourage spending, the 2020-21 Budget introduced a measure that allows businesses with turnover under $5bn* to immediately deduct the cost of new depreciable assets and the cost of improvements to existing assets in the first year of use.

We’ve had quite a few questions about the JobMaker hiring credit announced in the 2020-21 Federal Budget. The legislation enabling the JobMaker scheme has not passed Parliament as yet and until this occurs, the JobMaker rules are not certain and may change.