ATO says no more paper BAS

The ATO is suggesting the days of having activity statements issued on paper are fast approaching dinosaur status. Paper statements will not be issued when an activity statement is lodged electronically through one of four channels: Online services for agents, Standard Business Reporting (SBR) enabled software, Or when you link your myGov account to the ATO [...]

2020 tax cuts – business & individuals

The Government's 2020 Budget secured passage of legislation and contained some important measures, as summarised below: For individuals The Government brought forward 'Stage two' of their Personal Income Tax Plan by two years, so that, from 1 July 2020: The low-income tax offset increased from $445 to $700; The top threshold of the 19% tax [...]

Interest deferrals due to COVID-19

Many lenders have recently allowed borrowers with investment property loans to defer repayments for a period of time. While repayments are being deferred, interest (and fees) will usually be added to the loan balance (i.e., the deferred interest will be 'capitalised'). However, it is important to recognise in such situations that, while repayments are not [...]

The impact of COVID-19 on investment markets

While the uncertainty surrounding the spread of the coronavirus is very unsettling on a human level, as fears heighten that the spread of the virus will worsen, the impact on both global and domestic financial markets is also becoming increasingly unsettling. After an extended period of above-average returns, 2020 has been much more difficult due [...]

JobKeeper update 7 August 2020

Treasurer, Josh Frydenberg, has today announced an easing of eligibility for JobKeeper from the end of September. Tougher eligibility rules announced less than three weeks ago will be reversed to ensure more companies can qualify for the payment, which drops to $1200 a fortnight from September. More info on links below:   Sydney Morning Herald [...]