Last night, Treasurer Josh Frydenberg handed down a budget that is heavily focused on spending and economic recovery to build resilience and future essential services.The Government’s immediate focus is on expenditure measures targeting a range of social and economic challenges. With the repair of the budget being a medium term challenge.
The ATO are currently ramping up their audit activity with “The next 5000 performance program” which focuses on high wealth private groups who control wealth of more than $50m. Privately owned and wealthy groups with a combined annual turnover — including associated subsidiaries of more than $10 million, or controlled wealth of over $5 million, are also likely to be captured by the ATO audits.
Small businesses who employ apprentice’s or trainee’s may be eligible for a wage subsidy of 50%.
Our office will be closed from 1pm on 22 December 2020 and will reopen at 8.30am on 6 January 2021.
With Christmas just around the corner, many business owners are busy planning gifts and functions as a way to thank employees for their hard work during such a challenging year. We are often asked how Fringe Benefits Tax (FBT) and Income Tax deductions apply to benefits such as Christmas Parties, gifts and bonuses.
Applications for a refund of your payroll tax for July and August 2020 must be lodged by 30 October 2020.