Exciting News For Businesses!
(For those businesses established after 1st July 2019)
As a new business, did the ATO say that you couldn’t get the Cashflow Boost, or JobKeeper? They may now answer differently.
The Inspector-General of Taxation and Taxation Ombudsman (IGTO) has now finalised its investigation, revealing two key points. Namely that the meaning of taxable supplies was broader than the definition accepted by the ATO in its earlier decisions, and that a BAS was not the only way to provide notice to the Tax Commissioner.
What’s next for affected entities?
The Tax Office will only review decisions where the entity had challenged its decision. Affected entities will either need to lodge an objection with the ATO or lodge a complaint with the IGTO or ATO in order to be identified by the ATO as requiring review
We expect more information to be released in late January/early February 2021.
We are able to help you with these update requirements please contact our office in February 2021 if you wish for our help with this.
Nerang: (07) 5596 4604
Redland Bay: (07) 3829 0792
Source: https://www.accountantsdaily.com.au/tax-compliance/15210