The Federal Government has released its annual budget and as expected there were no major surprises. However, there were still several notable items that will impact individuals, superannuation and businesses as follows: –
Many taxpayers and businesses will have started to notice the increase in activity from the Australian Taxation Office as it departs its COVID hibernation. We are seeing a substantial increase in the number of letters from the ATO asking for outstanding returns to be lodged and tax debts to be paid off.
A reminder to Victorian businesses that the compliance amnesty period to implement the compulsory contact tracing measures finished on 30th April. As such, many businesses are risking significant fines if they do not have the required digital QR code contract tracing system for any persons (whether they be staff, customers, visitors, suppliers) who visit their premises for more than 15 minutes.
With eligible businesses receiving the last of their JobKeeper payments, many businesses are now operating without government assistance for the first time in nearly a year. Unfortunately, the ATO has indicated that they will now start to ramp up their debt collection activities and begin to impose penalties for late lodgement and payments.
The end of March signals the end of many of the government packages designed to assist individuals and businesses through the impact of COVID-19. The most publicised of these is the end of the JobKeeper scheme which has assisted business to pay their employees. The Federal Government has indicated it has been looking at ways to assist impacted business once JobKeeper ends and these details have just been released.
The end of March is a significant date for many due to the JobKeeper program ceasing at this time after being in place for a year.