February 2020 Newsletter

Please click on the following link to view our monthly accounting/tax newsletter for February 2020:

February – 2020

We would like to highlight the following articles in this month’s newsletter:-

ATO extends bushfire assistance – On 20 January 2020 the ATO announced an extension of the tax assistance package for people impacted by the 2019–2020 bushfires in New South Wales, Victoria, Queensland, South Australia and Tasmania. Commissioner of Taxation Mr Chris Jordan said the 3.5 million businesses, individuals and self managed super funds in the impacted local government areas will have until 28 May 2020 to lodge and pay their BAS and income tax returns. The ATO will also remit any interest/penalties applied to tax debts since the commencement of the bushfires, as well as allow affected taxpayers to vary their income tax instalments to nil without any consequences. A complete list of affected local government areas can be found using the following link affected post codes.

$10,000 cash payment limit: the facts – The government-proposed $10,000 economy-wide cash payment limit has understandably elicited some confusion. While this proposal is not yet law, once enacted it will be a criminal offence for any entity to make or accept cash payments of $10,000 or more in the furtherance of their enterprise. The government has now released information outlining the circumstances in which the limit would not apply in relation to personal or private transactions.

Please do not hesitate to contact us if you have any queries in relation to your tax and accounting matters.