ATO’s additional tax support for businesses

ATO’s additional tax support for businesses

While the Australian Government has provided businesses with many relief measures during the COVID-19 pandemic, such as the JobKeeper subsidy payment scheme, major changes to instant asset write-off and also rental relief for commercial tenants, the ATO has also provided additional tax support measures that may help your business further. The ATO is providing businesses…

Setting up your myGovID

Setting up your myGovID

If you haven’t set up your myGovID yet, you need to do it before you can lodge your next business activity statement (BAS). AUSkey, including Manage ABN Connections, will be replaced by the ATO’s myGovID and Relationship Authorisation Manager (RAM) from 27 March 2020. After this change, you will no longer be able to access…

Division A and expert predictions on the future

Division 7A and expert predictions on the future

Division 7A under Australian legislation is currently concerned with private company benefits given to shareholders which are taxable under the premise of income tax purposes. For two years, the Australian government has announced that they will be making changes to the law – however, experts predict that the changes may be deferred for the third…