Capitaleyes Latest Accounting News

  The Tax Office has released long-awaited partnership profit guidelines, three years after it first commenced a review of how professional firms engage in income splitting.  
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  A HECS-style loan scheme for businesses, currently being considered by the Treasury, would provide a lifeline for many industries recovering from the economic shock of COVID-19, says the small business ombudsman.  
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  The Tax Office has agreed to push back the start date for the second phase of Single Touch Payroll after intense pressure from all corners of the profession.  
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  The latest report from the Australian Prudential Regulation Authority (APRA) has revealed that workers withdrew more than $36 billion from retirement funds through the early release of super.  
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  The first claim period for the JobMaker Hiring Credit scheme is now underway, with the ATO reminding employers that they could receive up to $10,400 for each eligible employee hired.  
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  All our key resources for the JobMaker Hiring Credit scheme.  Included are a User Guide, four Factsheets, Information, a Payment Estimator, and a video.    
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  The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) Kate Carnell says it is essential for small business owners to secure their assets and business loans, with economists predicting a steep rise in insolvencies this year.  
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  Some fireworks and a great Advent Calendar to help you celebrate.  On behalf of all our staff we wish our clients and their families a Merry Christmas, a Happy New Year and a great holiday period.  
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  The ATO has warned businesses not staying up to date with their obligations that it may impact their eligibility for future stimulus measures, as the Tax Office readies to recommence its work to address key risks to the tax and super system.  
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  The 2020 Federal Budget was one of the most far reaching and complex ever brought in.  This is the first of three articles to remind us of important topics the budget addressed.   
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  Taxpayers continuing to work from home in the new year will be allowed to continue using the simplified working-from-home deduction method following a third extension by the ATO.  
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  A Senate committee has recommended that the JobMaker hiring credit legislation be passed, despite concerns over its narrow eligibility and lack of protection for older workers.  
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