Latest News

Hot Issues
spacer
Small businesses may ‘collapse under strain of payday super’, IPA warns
spacer
ATO’s hands tied with scrapping on-hold debts, expert says
spacer
What Drives Your Business Growth and Profits?
spacer
Australian Taxation Office (ATO) shifting to firmer debt collection activity
spacer
Why employee v contractor comes down to fine print
spacer
Sharing economy reporting regime for platform operators
spacer
Countries producing the most solar power by gigawatt hours
spacer
Illegal access nets $637 million
spacer
Accessing superannuation benefits.
spacer
Does your business have a company Power of Attorney?
spacer
Labor tweaks stage 3 tax cuts to make room for ‘middle Australia’
spacer
GrantConnect
spacer
2 in 3 SMEs benefit from instant asset write-off, survey reveals
spacer
Updated guidance on R&D claims
spacer
Do you know how to recover debts?
spacer
Wheat Production by Country
spacer
Types of small business benchmarks
spacer
What is a Commercial Lease?
spacer
ATO warns advisers against suspect R&D tax claims
spacer
The year of workplace law upheaval
spacer
How to Resolve Invoice Payment Disputes
spacer
Raft of revenue tweaks in MYEFO to raise millions
spacer
The Countries that Export the Most Wine in the World
spacer
Record low invoice values ‘reveal inflation sting’
spacer
A 2023 Advent Calendar for our clients
spacer
Average refund plummets by $580, total payout down $5.4bn
spacer
FBT – Christmas Parties and Taxi Fare/Rideshare
Article archive
spacer
Quarter 4 October - December 2023
spacer
Quarter 3 July - September 2023
spacer
Quarter 2 April - June 2023
spacer
Quarter 1 January - March 2023
spacer
Quarter 4 October - December 2022
spacer
Quarter 3 July - September 2022
spacer
Quarter 2 April - June 2022
spacer
Quarter 1 January - March 2022
spacer
Quarter 4 October - December 2021
spacer
Quarter 3 July - September 2021
spacer
Quarter 2 April - June 2021
spacer
Quarter 1 January - March 2021
spacer
Quarter 4 October - December 2020
spacer
Quarter 3 July - September 2020
spacer
Quarter 2 April - June 2020
spacer
Quarter 1 January - March 2020
spacer
Quarter 4 October - December 2019
spacer
Quarter 3 July - September 2019
spacer
Quarter 2 April - June 2019
spacer
Quarter 1 January - March 2019
spacer
Quarter 4 October - December 2018
spacer
Quarter 3 July - September 2018
spacer
Quarter 2 April - June 2018
spacer
Quarter 1 January - March 2018
spacer
Quarter 4 October - December 2017
spacer
Quarter 3 July - September 2017
spacer
Quarter 2 April - June 2017
spacer
Quarter 1 January - March 2017
spacer
Quarter 4 October - December 2016
spacer
Quarter 3 July - September 2016
spacer
Quarter 2 April - June 2016
spacer
Quarter 1 January - March 2016
spacer
Quarter 4 October - December 2015
spacer
Quarter 3 July - September 2015
spacer
Quarter 2 April - June 2015
spacer
Quarter 1 January - March 2015
spacer
Quarter 4 October - December 2014
Quarter 3 of, 2021 archive
spacer
Lockdowns and mental health
spacer
Unemployment rate falls to 12-year low
spacer
ATO issues warning to first-time investors
spacer
World's largest armies 1816 - 2020
spacer
Extra 'super' step when hiring new employees
spacer
Pitfalls and proposed changes in the use of R&D tax incentives
spacer
Government expands SME loan scheme eligibility
spacer
COVID-19 disaster payments to be tax-free: Prime Minister Scott Morrison
spacer
‘Nowhere to hide’: New gig economy reporting regime set to debut
spacer
Hardship priority processing of tax returns
spacer
ATO Small Business Newsroom - July / August
spacer
Videos and other resources for our clients
spacer
‘Mammoth consequences’: ATO’s NALI ruling draws ire from accountants
spacer
Superannuation Guarantee Rates Reminder
spacer
NSW support measures, plus update for payroll tax.
spacer
Tax Time Checklists - Individuals; Company; Trust; Partnership; and Super Funds
spacer
Year-end tax planning
spacer
Home Office & end of 2021 tax year
spacer
ATO extends STP finalisation due date
spacer
Super transfer balance cap increase from 1 July 2021
spacer
ATO extends Division 7A COVID-19 relief
spacer
Tax implications - more than one job
spacer
Tax mix to rely more heavily on income tax as the Treasurer ducks austerity
ATO extends Division 7A COVID-19 relief

 

The Tax Office has extended relief for taxpayers who are unable to meet the minimum yearly repayments on Division 7A loans due to COVID-19.

 

       

On Monday, the ATO confirmed it would offer an extension of the repayment period for those who are unable to make their minimum yearly repayments (MYRs) by the end of the lender’s 2020–21 income year due to the ongoing effects of COVID-19 under section 109RD.

A similar extension was provided last year for the 2019–20 MYR. Taxpayers who obtained the extension last year will be required to make up the shortfall of their 2019–20 MYR by 30 June 2021.

Borrowers seeking the relief this year will be required to complete a streamlined online application form where they will be asked to confirm the shortfall, that the COVID-19 situation has affected them and that they are unable to pay the MYR as a result.

The ATO can only make a decision in writing after the end of the lender’s 2020–21 income year, within 28 days on receipt of the lodgement form.

Once approved, borrowers will be informed that they will not be considered to have received an unfranked dividend if the shortfall is paid by 30 June 2022.

The streamlined application process only applies to applications for an extension of the 2019–20 and 2020–21 MYR of up to 12 months under section 109RD for COVID-19-affected borrowers, with the ATO noting that it is not intended to be available in the 2021–22 income year and beyond.

Borrowers can still apply to obtain a longer extension of time outside the streamlined process under section 109RD, or for relief on the grounds of undue hardship under section 109Q.

Further details and the approved ATO form can be accessed here.

 

 

Jotham Lian 
22 June 2021 
accountantsdaily.com.au

 

Liability limited by a Scheme approved under Professional Standards Legislation.
© O'Brien and Partners 2022 - All Rights Reserved | 91 Station Street, Malvern VIC 3144 | Tel: 03 9509 3911 | Fax: 03 9509 3922. Site by Acctweb