The Otherwise Deductible Rule and Declarations – Fringe Benefits Tax (FBT)
The Otherwise Deductible Rule (ODR) is a mechanism within the Fringe Benefits Tax (FBT) legislation which enables the taxable value of an expense payment benefit provided to an employee to be reduced to Nil, this consequently removes the requirement to pay fringe benefits tax. A tax benefit can be classified as Otherwise Deductible if the […]
New Car Parking FBT Changes
The Australian Government has expanded the definition of the Small Business Car Parking exemption. It therefore is important for employers to be aware of the two big changes which will come into effect at the end of the 2021 Fringe Benefits Tax (FBT) year on 31st March 2021. From 1st April 2021, exemptions will apply […]
The ATO Has Decided Not to Clawback $64 Million Worth of Incorrect JobKeeper Payments
On Wednesday 24th March the ATO announced that over $64 million was paid to Australian businesses out of error under the JobKeeper wage subsidies scheme. The ATO has made it clear that it won’t be pursuing this huge amount of money as employers have claimed the money “in good faith”. The ATO has revealed that […]
Hospitality Venues in Brisbane Endure First Lockdown Post JobKeeper
Restaurants, cafes and other hospitality establishments located in Brisbane are expecting to take a massive hit as the city enters Australia’s first covid-19 lockdown since the end of JobKeeper. Under the new lockdown rules, hospitality venues are only able to serve take-away or home delivery options to their customers. Non-essential businesses such as; gyms, cinemas, […]
The Australian Government Expands Support Package to Assist the Arts and Entertainment Sectors
On Wednesday 24th March, the Australian Government announced additional targeted support package worth $135 million aimed to predominately assist people working in the arts and entertainment sectors. This scheme is called “The Restart Investment to Sustain and Expand Fund” or is commonly referred to as “RISE”. The additional funding comes at a crucial period of […]
Thousands of Employees Face Redundancy as JobKeeper Ends
The JobKeeper scheme ended on Sunday 28th March. The ATO has warned employers that they could potentially lose access to the wage subsidy payments if they deny workers their redundancy entitlements. The Treasury has estimated that up to 150,000 employees across the country are likely to lose their job as a result of the […]
The ATO Has Lost “JobKeeper Test Case” In the Full Federal Court
Jeremy Apted, an Australian sole trader has been granted access to JobKeeper following the Full Federal Court unanimously ruled that the Australian Tax Office was incorrect in its decision to not grant his business more time to establish it’s eligibility. This case which is referred to as “The JobKeeper test case” was centred around whether […]
The Australian Government Has Extended the SME Responsible Lending Exemption
The Australian Government has announced an extension of the SME responsible lending exemption. This announcement comes following delays to the passage of new laws that will consequently remove responsible lending obligations for banks. The SME responsible lending exemption was set to expire on 2nd April 2021 having been originally introduced in March 2020 at the […]
ATO Outlines Changes for Single Touch Payroll Phase 2
The Australian Tax Office (ATO) has announced the key changes which are set to be introduced under the Single Touch Payroll Phase 2 regime. This includes the categories of payments that employers will now be required to report. The ATO has outlined that mandatory STP Phase 2 reporting will be commencing from 1st January 2022. […]
Some Australian Businesses Have Been Forced to Repay JobKeeper Payments
In 2020, the federal government paid over $1 billion to some of Australia’s most profitable companies. Over 60 publicly listed businesses have revealed that they were given handouts such as JobKeeper despite recording a combined profit of $8.6Bn in the past 18 months. These companies distributed an excess of $3.6 billion in dividends to their […]
