Federal Budget 2020

NOT YET LEGISLATED It is important to note that any announcements made by the Government are not guaranteed to become Law. These announcements need to pass Parliament first, and it’s possible that the Government may need to alter their announced changes in order for them to get through Parliament. Do

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Some Victorian COVID Grants Are Not Taxable

As the heading suggests, we were rapt to see an announcement by the Federal Government that some of the Victorian grants to assist businesses would be deemed non-taxable. The grants that fall under the heading “Business Resilience Package” are tax-free, and are essentially the grants announced mid-September by the Victorian

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JobKeeper 2.0 Alternate Turnover Tests

Check out our easy to use Alternate Test Calculator at https://www.mcaaccountants.com.au/download-files/9025/ With 4 days until JobKeeper 2.0 begins, the Government has released the alternate tests available to businesses when working out if they have suffered a 30% decline in turnover. Talk about cutting it fine! The strangest part of the

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Further JobKeeper 2.0 Clarity

This follows our previous post which can be read at https://www.mcaaccountants.com.au/resources/blog/vic-covid-support-jobkeeper-update/. Further clarification – but still not complete clarification – on the operation of JobKeeper 2.0 was released by the Government on 15 September 2020. Below is a short summary of those, plus what is still unknown. Clarified Administrative Requirements:

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Vic COVID Support + JobKeeper Update

We thank all our clients for their patience during these uncertain times.Over the weekend, the Victorian Government announced a support package for businesses and along with these details we also have a JobKeeper update. Victorian Government Assistance We note that all Victorian Government assistance can be found on the Government’s

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Phoenix alert: Government warns directors

When a company has failed or becomes insolvent, it is perfectly legitimate to register a company to take over what is left of that company after liquidation. The directors of the failed company may have done everything they could to keep the company buoyant, but the company could not meet

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Tax time focus areas for individuals

It’s tax time again, as you gather your receipts and other assorted tax documents, you should also turn you mind to what the ATO is paying close attention to this year. This year, the ATO is focusing on taxpayers who claim “other” work-related expense deductions at label D5 on individual

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ATO focus areas for businesses

A recent interview with Tax Commissioner Chris Jordan revealed details of what the ATO will be paying particular attention to this year. Perhaps not surprising, but the ATO will be targeting businesses that deal in cash. As a part of its cash and hidden economy operation, the ATO has compiled

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When is early release of super legal

Most people know that superannuation cannot be accessed until retirement or in exceptional circumstances. These exceptional circumstances have caused considerable confusion and allowed unscrupulous individuals to promote illegal schemes to access super early to pay for a holiday or buy a car.   To clarify, exceptional circumstances that allow you to

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