Tag: JobKeeper

Proposed Law To Make New COVID-19 Payouts Tax-Free

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The Treasury Laws Amendment (COVID-19 Economic Response No. 2) Bill 2021 was recently presented in parliament. It seeked to ratify declarations made by PM Scott Morrison that Australians will not pay taxes on the latest round of lockdown payments come the next tax season in 2022. This is a change…

First JobKeeper exploiter convicted of fraud, issued fine

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The first conviction has now been secured for the fraudulent use of the JobKeeper programme. Raed Saleh fraudulently claimed a wage subsidy from the JobKeeper scheme, despite not being eligible. He is required to pay $6,282 in total, consisting of a $3,000 fine, another $3,000 in reparations as well as…

ATO Revs Up As JobKeeper Set To End In March 2021

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Accounting professionals are being advised to get their clients ready for an onslaught from the ATO as an end to JobKeeper is in sight. Since the pandemic began in early 2020, the ATO has paused its audit and compliance work in view of the stresses the business community has been…

Lending Recovers As JobKeeper End In Sight

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The Australian Banking Association (ABA) is reporting that almost 85% of loans that were placed in deep freeze during the Covid pandemic have now resumed normal repayment. This is being seen as a positive sign that the economy is recovering. By June 2020, banks had suspended about $264 billion in…

Australia Faces Huge Budget Deficit Due to COVID-19

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The coronavirus pandemic is expected to give Australia its largest budget deficit since World War II. After almost three decades of economic growth, the budget deficit is now expected to reach $184.5 billion in the new fiscal year. As Finance Minister Mathias Cormann put it: “We know why we’re here.…

JobKeeper payment audits and reviews are covered by Audit Shield

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Tax shortcuts for working from home deductions, JobKeeper payments, and more. The Australian government is doing a good job of supporting the country through this unprecedented time of crisis but how will these actions affect audit activity for the rest of 2020? In the short term the Australian Taxation Office…