Epoch News
$1,500 JobKeeper subsidy to keep staff employed
Date: From 30 March 2020 for six months For employees employed at and from 1 March 2020 First payments in first week of May 2020 Applies to: Based on comparable periods: Employers <$1 bn that have experienced a downturn of more than 30% Employers >$1bn that have...
The second $66.1 bn stimulus package: What you need to know
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...
The stimulus package: What you need to know
The Government has announced a $17.6 billion investment package to support the economy as we brace for the impact of the coronavirus. The yet to be legislated four part package focuses on business investment, sustaining employers and driving cash into the economy....
How to get your payroll right
A series of high-profile examples of businesses underpaying their employees has brought the need to get payroll right into sharp focus. Complex award and enterprise agreements can complicate payroll obligations, in terms of both regular salary and wages and the...
Understanding the ATO’s FBT hot spots
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. The ATO’s top FBT problem areas 1. Motor vehicle fringe benefits - failing to report motor vehicle fringe benefits,...
Surviving a crisis: coronavirus and beyond
Empty restaurants and retail stores were one of the first signs of the devastating impact of the coronavirus on Australian businesses. Within a few months, the virus, now called COVID-19, has gone from being a largely unknown medical condition to one that threatens to...
Bushfire support and assistance
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. I summarise the help available to those impacted by the bushfires. What EPOCH can do for you If you...
CGT and the family home: expats and foreigners excluded from tax exemption
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. I explore the impact. Key points...
ATO targets ‘lifestyle’ assets
The ATO has requested insurance policy information from 30 insurers for lifestyle assets such as yachts, thoroughbred horses, and fine arts. The review, expected to impact 350,000 taxpayers, reaches from the 2015-16 to 2019-20 financial years, revealing assets that...
The Super Guarantee timing trap for employers
How employers are being caught out by the timing of superannuation guarantee payments. Employers can generally only claim a deduction for superannuation contributions in the income year in which the contribution is made. Super contributions are made when the payments...