The ATO has updated their website and provided PAYGW Taxpayers with a CashFlow Boost spreadsheet calculator.
Key points: GDP is expected to be down by 3.75% in the 2020 Calendar Year with real GDP forecast to fall 7% in the June 2020 Qtr. The former forecasted $5b surplus for 2019-20 is now projected to be a deficit of circa $86b. Unemployment rate of 7% in 2019-20 is now expected to peak…
The Government has today announced the extension of the Jobkeeper Payment Scheme for a further six months.
When shareholders receive fully franked dividends, these amounts are rarely tax neutral. Depending on the individuals marginal tax rate, either a refund will be supplied or top-up tax will be required to be paid. For a fully franked dividend from a large company (at 30% fully franked), the top-up tax to an individual shareholder on…
The small and medium business company tax rate continues to fall. Those businesses with an aggregated turnover of less than $50m have already seen their rate fall 30% to 27.5% for some years now, with a further drop occurring for the 2021 income tax return reducing the company tax rate further to 26%.
All Large proprietary companies (including grandfathered companies) will no longer be able to lodge minimis ‘Special Purpose Financial Statements’ (SPFS) giving the reader in the public domain little to no knowledge of the underlying transactions that make up the trading capacity of the company and its controlled subsidiaries.
The below extract comes from the ATO website. It deals with the new accounting standards (AASB 2020-2). This new standard applies to large proprietary companies lodging financial accounts with the ASIC. The new accounting standard is referred to as Tier 2 general purpose financial statements (GPFS).
Single Touch Payroll and EOFY Reporting
Reporting through Single Touch Payroll (STP) has brought changes to the end-of-financial-year reporting processes.
The Federal Government has approved amendments to the Corporations Act to introduce the ‘Director Identification Number’ (DIN). The DIN primarily targets directors involved in illegal phoenixing activity, but the requirements extend to all directors, who must comply over the course of the transitionary period and into the future.