As JobKeeper and other government stimulus measures wind down, the ATO is refocussing on Director Penalty Notices.
ATO shifts focus to Director Penalty Notices
![Director Penalty Notices DPNs](https://hlb.com.au/media/2021/03/Director-Penalty-Notices-DPNs-1024x275.jpg)
As JobKeeper and other government stimulus measures wind down, the ATO is refocussing on Director Penalty Notices.
Treasury has released a consultation paper that outlines a proposal to increase the annual revenue thresholds that determine the financial reporting requirements for charities registered with the ACNC. Charities and other interested stakeholders are encouraged to have their say.
From 4 January 2021, businesses and not-for-profits should reassess their turnover to be eligible for the JobKeeper Payment.
The Government in its 2020-21 Federal Budget announced the temporary loss carry back measure that will be available to eligible corporate tax entities to assist them with cash flow by generating a tax refund.
Companies will be eligible to access the reduced company tax rate of 26% in the 2021 income year if they are a ‘Base Rate Entity’ (BRE) in the respective year.
In response to Melbourne’s extended restrictions, the Victorian Government announced the Business Survival and Adaptation Package ($3 billion).
The question many clients ask is whether an Excel spreadsheet model is adequate for accounting under AASB 16, or whether it is necessary to use a leasing software.
The Commonwealth Government has officially doubled the reporting thresholds for ‘large’ proprietary companies. The new requirements will be effective for financial years beginning on or after 1 July 2019.
The ATO has issued a final tax ruling TR 2019/1 in which it confirmed for certain purposes the scope of “carrying on a business” will extend to a company that holds primarily passive assets such as property, shares or other financial investments.
Punitive costs may be imposed on employers by the ATO for failure to meet their quarterly superannuation guarantee (SG) obligations on time – even if the payment is just one day late.