The ATO has announced its expectations for businesses post-Covid. It is warning companies against using loopholes to obtain benefits from various government stimulus packages.
The Federal Government’s Coronavirus Supplement has been extended for a further three months. The catch is that the Supplement rate will be further cut from 1 January 2021 to $150 per fortnight.
The Australian Taxation Office (ATO) has advised that it will not apply a penalty for Self Managed Superannuation Fund (SMSF) trustees that have difficulty obtaining evidence to support market valuations of assets.
The Department of Education, Skills and Employment (DESE) has commenced a new ongoing data-matching program which seeks to confirm the eligibility of employers receiving subsidies, as well as stamping out potential double-dipping of government assistance.
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