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The ATO recognised COVID-19 may have a significant impact on businesses meet their lodgment and payment obligations. The Commissioner announced a range of support measures available during these difficult times to assist businesses meeting their tax compliance obligations. Lodgment deferrals Lodgment and payment deferrals will be automatically applied to: Company

The coronavirus outbreak is first and foremost a human tragedy, affecting life of all Australian people and businesses.  Cloud8 Accounting & Taxation has put together a summary of important helps and supports announced by the ATO and the Government for small businesses. NOTE: Cloud8 is always here to help our clients

One of the superstar accountants at Cloud 8 recently consulted with a business owner who has come to us for second opinion. The business operates under a Family Trust (also refers to Discretionary Trust) structure and has been audited by the ATO for the 2016/2017 income tax. Upon the request

Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 has been passed by the Government on 24 February  2020 and will become law after receiving Royal Assent. The Bill introduces superannuation guarantee (SG) amnesty which will provide relevant employers with a one-off temporary amnesty from late payment penalties to correct their

As a general rule, for Australian tax residents, your ‘main residence’ (your home) is generally exempt from capital gains tax (CGT). To get the exemption, the property…