Loss carry back

  Loss carry back   On 6 October 2020 as part of the 2020–21 Budget, the government announced that it will target support to businesses and encourage new investment through a loss carry back regime.   Eligible corporate entities that previously paid corporate income taxes in a relevant year and have subsequently made taxable losses can […]

Before you become a director

  Before you become a director in a company   If you are about to become a director of a company, check for any unpaid or unreported PAYG withholding, goods and services tax (GST) or Superannuation Guarantee Charge (SGC) liabilities.   If you become a director and the company has outstanding PAYG withholding, net GST […]

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 28 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 […]

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