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JobMaker hiring credit: What you need to know

The JobMaker Hiring Credit scheme was passed into law in mid-November 2020. JobMaker was part of the 2020-21 Federal Budget, and will operate until 6 October 2021. It is designed to improve the prospects of young individuals getting employment, by incentivising employers to hire them, following the devastating impact of COVID-19 on the labour market. The scheme will be backdated to commence on 7 October 2020 and provide eligible employers with the following payments for up to 12 months for new j...

February 3, 2021

Single touch payroll: When your reporting can cease

A business may no longer be required to lodge single touch payroll (STP) reports for a number of reasons. These are if your business no longer has employees, has ceased trading, has changed structure, is not paying employees for the rest of the year, or has paused due to COVID-19. Depending on your business’s situation and circumstances, what you need to do may be different. No longer employing staff If you cease employing staff and continue trading without employees, you must submit a finalis...

February 3, 2021

Getting a tax valuation from the ATO

Not every individual situation fits neatly with the tax laws as they stand — sometimes a taxable item’s known value (and therefore the tax that applies to it) may need to be determined. Many tax laws require the taxpayer to determine the market value of something. Common instances include: for individuals – transfers of real estate or shares between related parties, such as family membersfor employees – non-cash benefit transactions, such as gifts or other benefits such as car parkin...

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