Australian Taxation & Compliance Updates

On 15 April 2020, the Australian Taxation Office released their guidance regarding the JobKeeper Payment. We have compiled the update below to advise on the most relevant points, and outlined steps that need to be taken for eligible businesses to receive it.

On 8 April 2020, the JobKeeper Stimulus package passed through Parliament. It provides critical financial support for many struggling businesses and individuals in this difficult time.

On 30th March 2020, the Government announced another stimulus package for the Australian economy worth $130 billion. It is the third and largest package announced to help keep the economy afloat.

A second Government stimulus package was announced on 22nd March 2020, adding another $66 billion into the economy… with even more on the way.
We have assessed the package with regard to both our business and non-business clients.

The Australian Taxation Office (ATO) today revealed it will be requesting a further five years’ worth of policy information from over 30 insurance companies about taxpayers who own marine vessels, thoroughbred horses, fine art, high value motor vehicles and aircraft.

If you use drop shipping for your business, GST will apply to sales of low value imported goods valued at $1,000 or less. Australian retailers should treat these sales the same as other domestic sales and apply GST at the point of sale.

As a small business owner it’s important that you understand the capital gains tax (CGT) concessions available from the government. Martin van der Saag, North Advisory Founder and Strategic Advisor, discusses the different types of concessions available and how we can help maximise your eligibility.