The JobKeeper: The Alternative Tests Clarified webinar provides clarity on the application of the alternative tests.
Alternative tests are available for entities:
- That commenced business before 1 March 2020 but don't have a standard comparison period
- That have undergone an acquisition, disposal or restructure
- That had a substantial increase in turnover
- That were affected by drought or other disasters
- That have irregular turnover, and
- For sole traders or small partnerships affected by sickness, injury or leave.
We step you through the key differences between the original alternative tests and the updated version, and how to apply them in real life scenarios.
On 31 March 2020, the Fringe Benefits Tax (FBT) year ends. With the ever increasing budget deficits, the ATO will be reviewing whether all employers who should be paying FBT are, and that they are paying the right amount. Who needs to lodge a FBT return? Find out here.
With the borders between the State and Territories all but open and 2021 in sight, there is a hunger for a return to normal. With Australia's desire to ‘get on with things,' sentiment reached its highest level since November 2013 and Christmas spending is expected to be consistent with previous years.
Stimulating investment is high on the Government’s agenda. To encourage spending, the 2020-21 Budget introduced a measure that allows businesses to immediately deduct the cost of new depreciable assets and the cost of improvements to existing assets in the first year of use.