News

Expatriates Part year resident or non resident for tax purposes

Expatriates: Part-year resident or non-resident for tax purposes?

June 3, 2020

So what happens from a tax point of view when a person leaves Australia part-way through the income year? How is the income they derived before that time taxed? And how is any income they derived after that time taxed (whether from Australian or foreign sources)? Well, the answer will primarily depend on whether the…

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Rental passive income and carrying on a business for JobKeeper eligibility

Rental (passive) income and ‘carrying on a business’ for JobKeeper eligibility

June 3, 2020

When assessing eligibility for JobKeeper assistance, the first question that must be answered is whether the entity was carrying on a business as at 1 March 2020. This question is of particular relevance to entities that have solely or predominantly rental income (other than input taxed supplies). One Administrative Appeals Tribunal case noted that “the…

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COVID 19 and residential rental property claims

COVID-19 and residential rental property claims

June 3, 2020

Many residential rental property owners have had their rental income affected by COVID-19. As a result of this income year not being business as usual, the ATO has provided answers to some typical scenarios that may crop up in this area for tax time. Q – If tenants are not paying their full rent of…

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Concerns on property development and SMSFs

Concerns on property development and SMSFs

June 3, 2020

The ATO, as regulator of self-managed superannuation funds, has reported an increase in the number of SMSF trustees entering into arrangements involving buying and then developing property (either with related or unrelated parties) that is subsequently sold or leased. Trustees should be aware that the ATO is taking an active interest in property development investments…

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Laws on bankruptcy changed to help cope with COVID 19

Laws on bankruptcy changed to help cope with COVID-19

June 3, 2020

The government has temporarily changed bankruptcy law to help protect people who are facing unmanageable debt as a result of the economic impacts of COVID-19. If you are in financial difficulty, application can be made for temporary debt protection, which prevents recovery action by unsecured creditors, for six months. The threshold of debt that can…

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APRAs early release from super data

APRA’s early release from super data

June 3, 2020

APRA’s early release from super data The statistics show that up to 17 May… 1.59 million applications had been made under the early release from superannuation scheme 1.41 million payments were made at an average of $7,510 each Time taken to make payments averaged 3.3 business days, with 94% paid within five business days For…

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Relief and support packages for NSW during COVID 19

Relief and support packages for NSW during COVID-19

April 20, 2020

NSW economic relief and stimulus package summary Introduction In response to the coronavirus (‘COVID-19’) pandemic currently impacting the economy and businesses generally, each Australian State and Territory Government has announced relief and other support packages as part of the broader economic stimulus measures. To assist tax practitioners and their clients, the NTAA has prepared the following…

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The JobKeeper Payment how it works and who qualifies

The JobKeeper Payment – how it works and who qualifies

April 16, 2020

The JobKeeper Payment On 8 April 2020, the Federal Government passed a package of Bills through both Houses of Parliament (which received Royal Assent on 9 April 2020) to give effect to (amongst other things)the JobKeeper Scheme. Subsequent to this, a Legislative Instrument was released by the Treasurer containing the detailed rules of the JobKeeper Payment.…

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Short cut method for claiming home office costs due to COVID 19

Short cut method for claiming home office costs due to COVID-19

April 8, 2020

ATO announces short cut method for claiming home office running costs The Australian Taxation Office (‘ATO’) has announced a temporary simplified short cut method to make it easier for individual taxpayers to claim deductions for additional running expenses incurred (e.g., additional heating, cooling and lighting costs), as a result of working from home due to the Coronavirus pandemic. Refer…

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ATOs living expenses tool to help tackle the cash economy

The new Jobkeeper Payment – are you eligible?

April 1, 2020

The proposed JobKeeper Payment The Federal Government has announced (as part of its Coronavirus Stimulus Package) the introduction of a new JobKeeper Payment to assist eligible employers (and self-employed individuals) who have been impacted by the Coronavirus pandemic to continue to pay their workers. The following is a broad summary of the key aspects of…

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