Category

Taxation
The Federal Government has announced that it will extend the $150,000 instant asset write-off, for a further 6 months until 31 December 2020. This is following the expansion of the programme from assets worth $30,000 to $150,000 in response to the March COVID-19 pandemic. The $150,000 write-off had previously been due to expire at 30…
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  The Australian banking system has decided to defer small business loan repayments for the next six months. This measure will free up $8 billion to support borrowers through the Coronavirus crisis. Cases involving hardship related to mortgage payments are also open to consideration by the banks. Australian Banking Association chief executive Anna Bligh has…
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Under the responsible budget regime of the government which became law on 1 January 2017, backpackers are taxed at 15% for earnings of up to $37,000 with the balance taxed at ordinary rates. This tax rate is applicable for people who hold either a working holiday visa subclass 417 and 462.
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The ATO has deferred the requirement for large companies and corporate groups to lodge their Reportable tax position (RTP)[1]  until the 2020-2021 financial year. This has been done after consultation and support from private groups stewardship group.
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On 24 May 2018 the government announced a one off 12-month superannuation “amnesty” guarantee which gives employers one off opportunities to disclose any errors in superannuation guarantees to the ATO without the risk of bring penalized. This bill was reintroduced on 18 September 2019 with an amnesty beginning on 24 May 2019.
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In 2017, The government announced changes to deny foreign residents’ access to the capital gains tax (CGT) main residence exemption.
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The government has introduced a housing affordability bill where CGT main residence exemptions will come in to place for foreign residents. Schedule 1  of the bill amends ITAA 97  which will:
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A new bill will come into effect from 1st January 2020 which imposes a restriction on entities dealing with cash transactions. Important highlights from the bill are as follows:
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