Business Support Fund – Tax Consequences
Business Support Fund – Tax Consequences A government payment to assist a business to continue operating is included in assessable income. This will include assistance provided as a one-off lump sum or a series of payments. For businesses operating on: an accruals accounting method – the income will be derived when the […]
Extensions to the JobKeeper Payment
Extensions to the JobKeeper Payment The government has announced extensions to the JobKeeper Payment. Once legislated, these changes take effect from 28Â September 2020. The required fall in GST turnover percentages will remain the same 30% for an aggregated turnover of $1 billion or less 50% for an aggregated turnover of $1 billion […]
Study and training loan repayment thresholds and rates
Study and training loan repayment thresholds and rates 2020-21 All study and training loans are covered by one set of thresholds and rates. The hierarchy in which compulsory repayments are applied to study and training loans is: HELP VSL SFSS SSL ABSTUDY SSL TSL Note repayment income (RI) is taxable income […]
Medicare levy reduction for low-income earners
Medicare levy reduction for low-income earners Your Medicare levy is reduced if your taxable income is below a certain threshold. In some cases, you may not have to pay the levy at all. The thresholds are higher for low-income earners, seniors, and pensioners. If your taxable income is above the thresholds, you […]
Top tax time myths for 2020
Don’t let these Tax Time myths slow down your return At a time when many people want the tax refund that they are expecting to arrive quickly, the Australian Taxation Office (ATO) is warning people not to get tripped up by tax time myths that slow down returns. Usually, tax returns lodged electronically are […]
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