Australian Cryptocurrency Investors Are Making An Average of $10,000
Despite all the ups and downs and huge swings in value, three quarters of Australians who have invested in cryptocurrency still managed to make a profit off their investment. In the past 12 months, Australians on average made over $10,000 in profit from their cryptocurrency investments. This amount is equivalent to almost two months of […]
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 […]
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 […]
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 […]
Advice for Business Owners Who Are Preparing for The End of JobKeeper
The Australian Government will be ending the JobKeeper scheme on Sunday 28th March. Here are some tips to help business owners prepare for life after the wage subside. Review Your Cash flow With as much detail as you can, it is advised that business owners put together a forecast for the next few months. Get […]
Hundreds of Businesses Have Been Overpaid Under The JobKeeper Wage Subsidy
The Australian Tax Office (ATO) is reportedly still owed hundreds of millions of dollars from Australian businesses who have tried to rort the JobKeeper wage subsidy. Many of these businesses who have exploited the scheme have received payments despite being deemed ineligible and some businesses have been overpaid. Over the past few months the ATO […]
Struggling Businesses Are Concerned About What the End of JobKeeper Will Mean for Their Future
Struggling businesses and their employees are concerned about what is going to happen to them once JobKeeper ends on the 28th March 2021. Economists are predicting that over 100,000 jobs could be lost when the government ends the covid-19 welfare supplement later this month. When covid-19 shattered Australia’s economy in March 2020, millions of people […]
New Partnership Profit Guidelines Introduced by the ATO
Three years after first commencing a review of how professional firms engage in income splitting the ATO has released its highly anticipated partnership profit guidelines. The new guidelines will be introduced on 1st July 2021. The ATO has published a drat copy of the guidelines under the name Practical Compliance Guideline 2021/22. This document explains […]
Profit motive for asset acquisition
A profit that arises from the carrying out of a profit-making undertaking or plan (that is, one with a profit-making intention) will be assessable as statutory income where the proceeds of the profit-making undertaking or plan are not otherwise assessable as ordinary income. Any capital profit on the disposal of assets acquired before 20 September […]
Is your Div 7A Compliant?
Division 7A of Part III of the Income Tax Assessment Act 1936 (ITAA36) is an integrity measure that was designed to prevent companies from making tax-free distributions to shareholders or their associates. This can occur where distributions of profit are disguised as loans or other transactions. This effectively allows the shareholder or their associate to […]