ATO kicks off ‘soft’ debt collection restart
The ATO has launched a soft restart of its debt and lodgement activities as it looks to re-engage with businesses.
By Jotham Lian 9 September 2020
Apart from Victoria, where businesses are working towards a staged reopening plan, the ATO has begun reaching out to businesses in other parts of the country as part of its debt intervention activity restart after such compliance work took a back seat in light of the pandemic.
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ATO settles JobKeeper ordinary income debate
The ATO has clarified that JobKeeper payments are considered ordinary income but will not count towards the calculation of an entity’s aggregated turnover.
by Jotham Lian 7 September 2020
The Tax Office has now updated its web guidance to confirm that while JobKeeper payments are ordinary income, they are not earned in the ordinary course of business, and hence are not included in the calculation of aggregated turnover.
“The ATO considers that JobKeeper payments received by a business are ordinary income,” an ATO spokesperson told Accountants Daily.
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