Small Business Revenue Has Bounced Back To Pre-Pandemic Levels
Fresh data released by Xero revealed that small businesses in February recorded their ninth consecutive month of revenue growth. This data also illustrated that revenue growth for Australian small businesses in February was up 4 percentage points since January. Small Business revenue increased by 5.1 percent in February following a 1 percent rise in January […]
Working From Home Benefits during the Covid-19 Pandemic
It is important for Australian employers to be aware of their Fringe Benefits Tax (FBT) obligations when employees are provided with benefits to assist them when they are working from home during the covid-19 pandemic. As an employer you might have given or loaned specific eligible work related items to your employee in order to […]
Australian Businesses in a World after JobKeeper
Business owners, insolvency experts and bureaucrats are cautiously awaiting to see how the end of JobKeeper is going to impact the Australian economy over the coming weeks. Insolvency laws were introduced during the peak of the covid-19 lockdown to protect businesses. On top of this the $90 billion JobKeeper wage subsidy scheme made it possible […]
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 […]
