New ATO ruling on Trusts
Have a family trust? You could be affected by a new ATO ruling The Australian Tax Office (ATO) have just released four tax rulings that will stop commonly used trust distributions to related entities like family members. It’s one of the most significant developments for the taxation of trusts in over two decades. The key impact from these ATO rulings on your trust are: The ability to spread trust income across family members with a lower tax rates will be limited if not totally denied, consequently A family group’s overall tax payable will probably increase We need to let you …
Commercial Landlord Hardship Grant – Eligibility Criteria
The protections under the Retail and Other Commercial Leases (COVID-19) Regulation 2021 (the Regulation) for small retail and commercial tenants will be extended for an additional two months, until 13 March 2022. Grants of up to $3,000 per month (GST inclusive), per property, are available for eligible landlords who have provided rental relief waivers to affected tenants. Rent relief waived must comprise at least half of any rental reduction provided. The program is expanded in 2022 to landlords who claimed the 2021 land tax relief. The Regulation prohibits certain actions by landlords (such as lock out or eviction) unless they …
Small business fees, charges and RAT rebate – Eligibility criteria
The rebate has been increased from $2,000 to $3,000. In addition, eligible employing small businesses will be able to use the rebate to cover half the cost of Rapid Antigen Tests (RATs). The funds can be used not only to offset the cost of RATs, but also other Government fees and charges such as food authority licences, liquor licences, tradesperson licences, event fees, outdoor seating fees, council rates and road user tolls for business use. Already registered businesses will receive an automatic top up of $1,000 and newly registering businesses will receive a rebate of $3,000. Eligibility Criteria To be …