On 21 September 2020, the ATO updated its material on its website explaining the eligibility requirements for ‘sole traders’ to include the extended ‘JobKeeper 2.0’ changes – which are broadly an extension for 2 more quarters, each with a stepped down benefit and each with a 2-tier benefit structure depending on an 80 hours ‘work…
On 18.9.2020, the Full Federal Court has allowed the Taxpayer’s appeal, holding that a property used to store materials, tools and other equipment was an active asset for the purpose of the Div 152 CGT small business concessions, and as a result, those concessions applied (reversing the Federal Court decision, which reversed the AAT decision,…
The ACT Government notified on 10 September 2020 the Leases (Commercial and Retail) COVID-19 Emergency Response Declaration 2020 (No 2) to extend its assistance to incentivise commercial landlords to offer rent relief for tenants impacted financially by COVID-19. This matches the extension of the Federal JobKeeper support package. See below for details. [Tax Month – September 2020]
On 27 Aug 2020, the ATO updated its website regarding legal practitioners lodging ‘Purchaser Payment Notification’ (PPN) forms, for Foreign Resident CGT Withholding Tax (CGT Withholding Tax). Though this will be most relevant for conveyancers, it is worth re-acquainting ourselves with this regime. See below for details. [Tax Month – August 2020]
The Qld Supreme Court has held that duty was payable on the unencumbered value of land as the highest consideration payable under the agreement to purchase the land could not be ascertained when the agreement was executed. See below for details. [Tax Month – September 2020]
The ATO registered a legislative instrument, the Coronavirus Economic Response Package (Payments and Benefits) Higher Rate Determination 2020, on 16 September 2020. It sets out when the higher JobKeeper rate applies to an eligible employee of a JobKeeper registered entity, identifying the specific circumstances in which the Commissioner will be satisfied that determining an employee’s total hours is not…
The ATO registered a legislative instrument, the Coronavirus Economic Response Package (Payments and Benefits) (Timing of Supplies Made and Decline in Turnover Test) Rules 2020 (No 1), on 16 September 2020 – to allow taxpayers to use the GST ‘attribution’ rules to calculate their actual ‘turnover’ for the ‘decline in turnover test – for the extended JobKeeper…
On Wed 16 Sept 2020, the Commissioner of Taxation registered a legislative instrument, the Coronavirus Economic Response Package (Payments and Benefits) Alternative Reference Period Determination 2020. It sets out 4 alternative reference periods for specified classes of individuals in determining whether the higher or lower JobKeeper payment rate (Tier 1 or Tier 2) applies. See below for details.…
On Tuesday 15.9.2020, the Federal Government released details of its extension to the JobKeeper scheme beyond September 2020. As previously announced, the JobKeeper payment will be extended for two periods, being the December 2020 quarter and March 2021 quarters. See below for details. [Tax Month – September 2020] On Tuesday 15.9.2020, the…
On Friday 18.9.2020, The Tax Institute published an the Report of the Chair of their National GST Technical Committee: Bastian Gasser in its weekly tax bulletin: TaxVine (No. 36, 18.9.20). It covers the work that Committee has been doing in considering the part GST might play in Institute’s Tax Summit: Project Reform. It also comes as…