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The ATO on COVID-19 fraud warpath

The ATO on COVID-19 fraud warpath

We always knew that a Government scheme swiftly distributing cash during a crisis was going to come with equally swift compliance and review measures, particularly when eligibility was self-assessed. Two major Australian Taxation Office (ATO) initiatives are searching out fraud and schemes design...

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Funding for the arts: what’s available and how can you get it

Funding for the arts: what’s available and how can you get it

Will the Prime Minister’s targeted $250 million package of funding to support cultural and creative projects and initiatives save the industry?The arts funding is aimed at kick starting the sector with funding preferencing commercial initiatives that generate jobs and are expected to have a posit...

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Minimum wage increases by 1.75%

An increase to the minimum wage of 1.75% will start rolling out for the first full pay period from 1 July 2020.The increase applies to minimum rates in awards in 3 stages:Group 1 Awards - from 1 July 2020Frontline Heath Care & Social Assistance WorkersTeachers and Child CareOther Essential Servic...

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Increased flexibility for Parental Leave Pay for self-employed

Increased flexibility for Parental Leave Pay for self-employed

From 1 July 2020, parents accessing the Government’s parental leave pay (PPL) scheme will have greater flexibility and options.Targeting the self-employed and small business owners, the changes introduce a new flexible paid parental leave pay period of 30 days.Previously, new parents could apply ...

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1 July company tax rate reduction

1 July company tax rate reduction

Despite the current economic environment, the company tax rate will reduce to 26% for small and medium businesses from 1 July 2020. The 1 July change is part of a larger progressive plan to reduce the company tax rate to 25% from 1 July 2021 and applies to base rate entities (BRE) ...

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Have casual workers been granted annual leave?

Have casual workers been granted annual leave?

News headlines recently stated that casual workers have won the right to paid leave following a decision in the Federal Court. As usual, the devil is in the detail. At present, there is no global change granting Australian casual workers paid leave. The case however, highlights the long runni...

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The ATO’s JobKeeper audit targets

The ATO’s JobKeeper audit targets

The JobKeeper subsidy has progressed beyond the rush for eligibility and entered its second phase: compliance. Late last month, the Australian Taxation Office (ATO) released guidance highlighting where the regulator will focus its compliance resources. The JobKeeper estimates err...

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What’s changing on 1 July?

Company tax rate reduces to 26% for base rate entities $150k instant asset write-off scheduled to reduce back to $1,000 for small business entities and will no longer be available for entities with aggregated annual turnover of $10m or more (an extension is still to be legislated...

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How to get your payroll right

A series of high-profile examples of businesses underpaying their employees has brought the need to get payroll right into sharp focus. Complex award and enterprise agreements can complicate payroll obligations, in terms of both regular salary and wages and the ongoing need to pay employee su...

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FBT hot spots

With the start of the Fringe Benefits Tax year looming on 1 April, businesses are being urged to review their Fringe Benefits Tax (FBT) position. The ATO’s top FBT problem areas Motor vehicle fringe benefits - fail...

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