They say only two things are certain in life, death and taxes, and when these two certainties collide, it necessarily causes stress and difficulty.
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Victorian businesses in lockdown now has access to an additional financial support package from the State government. The package includes a new one-off grant.
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Businesses nervous about the state of the economy in the wake of a potential second wave can breathe a sigh of relief.
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It is apparent that many investors were ‘voting’ for a sharp rebound once the dark COVID-19 clouds cleared. The S&P/ASX 200 Index ticked past 6,000 points in early July and is once again in bull market territory. Stocks that are leveraged to online retail activity have been standout performers during this isolation period, including Kogan, Temple & Webster, and City Chic. The past three months of hyper growth rates in online sales have been the equivalent of the past three years of cumulative growth.
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$5,000 support grant for Victorian business’ impacted by the current lockdown. The Victorian Government has announced that Stage 3 ‘Stay at Home’ will be in reinstated across metropolitan Melbourne and Mitchell Shire from 11:59 on 8 July 2020 to help slow the spread of coronavirus (COVID-19) in Victoria. These restrictions will be in place for six weeks and will then be reviewed by the Chief Health Officer.
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The IGTO has launched a new investigation into effective communication of taxpayers’ rights to review, complain and appeal decisions made and actions taken by the ATO. The investigation will seek to understand and confirm how effectively, clearly, and completely the ATO communicates appropriate information to taxpayers and their representatives on these taxpayers’ rights. Initially, the review will focus on ATO communications which concern debt decisions in relation to individuals and small business taxpayers as they have been deemed most “vulnerable”. The communication of taxpayers’ rights is an important but often overlooked feature of the tax system.
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If you’re one of the 2.4m Australians who has taken advantage of COVID-19 early super release, beware as the ATO is investigating fraud and schemes related to this measure. In announcing the significant investigation, the ATO has also given notice of a data-matching program to acquire data from Services Australia (Centrelink) which is projected to collect information from approximately 3m individuals. The data-matching program is expected to identify those applying for early release when they did not meet the criteria under the COVID-19 early release condition.
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With many Australian businesses taking part in the government’s COVID-19 stimulus package including the JobKeeper and the cash flow boost, the ATO has now commenced a compliance program to weed out those that are exploiting the stimulus; in order to level the playing field for the majority of businesses that are doing the right thing. The ATO has noted that it will not tolerate illegal behaviour or development of schemes that are designed to deliberately exploit COVID-19 stimulus measures or seek to avoid tax.
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Amendments made last year changed the rules as to when complying super funds including SMSFs will derive non-arm’s length income (NALI). Due to ATO concerns that this change has not been explicitly communicated, a guideline has recently released which provides a transitional compliance approach for complying super funds in relation to certain non-arm’s length expenditure in gaining or producing ordinary or statutory income.
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