Latest Precision News

Treasury deputy secretary Jenny Wilkinson told a Senate inquiry that the department did not explore the cash-flow boost’s restrictive tax notice requirement during the Treasury’s midway review of the JobKeeper program in July.

The issue, which also affects entities looking to access JobKeeper for an eligible business participant, is caused by a requirement to have notified the ATO of taxable supplies made before 12 March.

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The Treasury has shifted blame for the inaction on the cash-flow boost anomaly to the government despite failing to review the issue off the back of the calls from the peak accounting bodies.

As small business owners look to operations after COVID-19, there are some essential business questions to ask.

It’s not always fun to do this sort of examination, but the answers to these questions will help you to make the best possible decisions for the future.

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Ask yoursefl, what your business is going to do after COVID-19? Here are some key things you should be considering through the recovery.

As announced earlier by the government, from 28 September, JobKeeper will become a two-tiered system, meaning that employees will be divided based on hours worked before either 1 March 2020 or 1 July 2020.

Once businesses have divided their employees into tiers, they need to notify the ATO before they can claim a JobKeeper fortnight from 28 September. They must also notify their employees in writing of which rate applies to them within seven days of notifying the ATO.

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The ATO has commenced approaching employers to determine if the higher or lower JobKeeper rate applies to each of their eligible employees, and has confirmed that the method taken by employers when executing this task will be “very much situational”. ... See more