News

Do you know about your insurance coverage?

Do you know aboutyour insurance coverage? Thanks to the year that was, small businesses have encountered many challenges, making it important to know what your insurance covers in 2021.

“Research by online lender OnDeck Australia shows 86% of small businesses have been impacted by Covid-19, with one in two severely affected. Many owners may assume they’re covered by insurance. The reality, though, could be different.”

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Do you know about your insurance coverage ? | Aspect Accountants Perth

Getting the margin scheme right

Editor: The margin scheme may allow a property owner to pay less GST when they sell the property — paying GST of 1/11th of their margin on the sale, rather than 1/11th of the total sale price.

If a property owner wants to use the margin scheme when selling property, they must be eligible before the property is offered for sale.

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Proposed FBT exemption — retraining and reskilling

The government has announced it will introduce an exemption from FBT for retraining and reskilling benefits provided by employers to redundant, or soon to be redundant, employees where the benefits may not be related to their current employment.

It is proposed that this exemption will not apply to:

  • retraining provided under a salary packaging arrangement;
  •  training provided through Commonwealth supported places at universities; or
  • repayments towards Commonwealth student loans.

If enacted, this proposed measure is intended to apply from the day it was announced (i.e., 2 October 2020).

STP data-sharing with Services Australia

Single Touch Payroll (‘STP’) allows the ATO to share data in real-time with other government agencies, to “help them deliver government services to the Australian community”.

As part of the ATO’s data-matching program, it has a STP data-sharing arrangement with Services Australia to help them administer Australia’s welfare system.  

This means that people who are on an income support payment from Services Australia and need to report their employment income fortnightly to Centrelink will now see their employer details are pre-filled.