The Coronavirus Economic Response Package (Payments and Benefits) Bill 2020 passed both houses of Parliament on 8 April 2020, containing some further detail on the JobKeeper payment scheme.
COVID-19 has restricted international travel and many Australian citizens have returned to Australia while the world responds to the pandemic.
As a part of the laws setting out the Federal Government’s response to coronavirus, changes now apply to extend the instant asset write-off concession and introduce accelerated depreciation under the backing business incentive.
The Queensland Government announced its stimulus package to support health, jobs, households and Queensland businesses affected by coronavirus.
The laws setting out the Federal Government’s response to Coronavirus were introduced into Parliament on 23 March 2020. We now have details of how the laws will operate in practice.
The ATO has set out ways it can help taxpayers deal with COVID-19. This is not to be confused with the Federal Government’s Economic Response to Coronavirus.
On 6 March 2020, the superannuation guarantee amnesty Bill finally became law.
Private investors should not assume proceeds from selling shares are on capital account. The Full Federal Court’s recent decision in Greig v Commissioner of Taxation highlights the uncertainty of whether amounts received from an isolated transaction are taxable on revenue or capital account.
This could get ugly. For tax periods starting from 1 April 2020, the Commissioner will be able to pursue directors personally for their company’s outstanding GST liabilities.
The Full Federal Court decision in Harding clarified two of the four tests for when an individual is a tax resident of Australia.
After 30 June 2020, foreign residents will generally not be able to access the capital gains tax (CGT) main residence exemption.
The ATO has been targeting lump sum payments received by medical practitioners. A recent decision of the Federal Court means that ATO audit activity is likely to continue in certain cases.