JobKeeper fraud: ATO investigates false claims for JobKeeper, focusing on misleading turnover declarations and incorrect redundancy payments

SmartCompany, March 29, 2021 The Australian Taxation Office (ATO) has issued a final warning to businesses engaging in “concerning and fraudulent behaviour” when making JobKeeper claims. The ATO said in a written statement that it would monitor the integrity of the JobKeeper scheme in its final weeks, with a particular focus on whether businesses claiming payments for outgoing employees also …

2021 Election: WA Liberals plan to scrap payroll tax for WA small businesses paying less than $1.5 million

The West Australian, 6 December 2020 Liberal Leader Zak Kirkup, Shadow Minister for Small Business Alyssa Hayden and Member for Scarborough Liza Harvey address the media to announce a significant Pay Roll Tax Policy. Credit: Simon Santi/The West Australian Businesses paying less than $1.5 million in salaries would have their entire payroll tax burden waived — a saving of nearly …

Small business grants to be income tax-free under new legislation

SmartCompany, November 18, 2020 Treasurer Josh Frydenberg. Source: AAP Image/Lukas Coch. Small business grants designed to help businesses recover from the coronavirus economic crisis will not be subject to income tax under new legislation before the federal parliament. The federal government introduced the legislation last week, following a budget night promise from Treasurer Josh Frydenberg to treat Victorian business support …

ATO to “shift the dial” back to traditional compliance activities, but will still support small businesses doing it tough

SmartCompany, November 3, 2020 ATO deputy commissioner Deborah Jenkins. Source: YouTube. The Australian Taxation Office is turning its attention back to “more traditional activities” in its dealings with small businesses, including by recommencing audits, but says it remains committed to helping support business owners who are still dealing with the challenges of COVID-19. In a speech to members of Chartered …

ATO claws back $120 million in JobKeeper payments from employers making “deliberate” or “reckless” mistakes

SmartCompany, October 28, 2020 The Australian Taxation Office has taken back $120 million in JobKeeper payments from employers that made “deliberate” or “reckless” mistakes when applying for the wage subsidies. However, the ATO says it has not detected widespread or systemic fraud of the federal government’s stimulus measures, including the $69 billion JobKeeper program. The ATO has previously warned it …

The ATO is coming for overpaid JobKeeper cash, guidelines confirm

SmartCompany, October 21, 2020 The Australian Tax Office has released guidelines on JobKeeper overpayments, confirming that businesses that were wrongly credited under the subsidy scheme may have to make repayments. If the ATO identifies that a business has received an overpayment of JobKeeper, repayment will typically be required. There will be no administrative penalties for overpayments that are a result …

Budget 2020 income tax cuts: It’s time to update your payroll, ATO says

Smartompany, October 15, 2020 The Australian Taxation Office has updated its tax withholding schedules, to reflect the personal tax cuts announced in this year’s federal budget. The tax cuts apply to the 2020-21 financial year and passed in parliament last week. Now, employers must make adjustments in their payroll systems to ensure the changes are correctly reflected in employees’ pay …

Explained: How SMEs can access the new ‘limitless’ asset write-off scheme

SmartCompany, October 7, 2020 Australian Treasurer Josh Frydenberg speaks to the media during a press conference inside the budget lockup ahead of handing down the Budget 2020/21 at Parliament House. Source: AAP/Lukas Coch. It’s one of the big ticket items for businesses in the federal budget, but how exactly will the massive new asset write-off scheme work in practice? On …