TPB: Support extended for practitioners affected by COVID
The Tax Practitioner’s Board has announced that due to the ongoing impacts of COVID-19, it has extended many of its temporary concessions to assist practitioners meet their ongoing obligations. These are: the Annual declaration concession; CPE activities; Board approved courses (assessment concessions); and Renewal concessions. For full details, see here.
No entitlement to cashflow boost – turnover threshold exceeded
The AAT has affirmed that a company that was part of a large international group was not entitled to the cashflow boost (CFB) payments as it exceeded the aggregated turnover test for the relevant 2020 income year. The taxpayer was originally part of a large multi-international group of companies that had a total annual business income exceeding $250m. It was sold to another entity in March 2020 which had an aggregated turnover of less than $10m. However, the AAT found that in terms of the taxpayer’s substituted accounting period and the requirement to account for the aggregated turnover of the taxpayer for the previous income year (ie the year ending on 31 December 2018) and for the current income year, the Commissioner could not be satisfied that the taxpayer met the aggregate turnover threshold requirement of $10m. (Water West Pty Limited and FCT [2022] AATA 427, 8 March 2022.)
More programs declared “COVID-19 business support programs”
The Government has registered the Taxation Administration (Data Sharing—Relevant COVID-19 Business Support Program) Amendment Declaration (No. 1) 2022. The instrument amends the previous Declaration of 2021 to declare certain programs in NSW and South Australia (SA) as “COVID-19 business support programs” for the purposes of assisting these States to administer these programs. The relevant programs for NSW include: 2021 land tax COVID-19 relief (re commercial property); 2022 Small Business Support Program; Commercial Landlord Hardship Fund. The relevant programs for SA include: Business Hardship Grant- December 2021; COVID-19 Tourism and Hospitality Support Grant; COVID-19 Tourism, Hospitality and Gym Grant. The instrument is to be repealed on 30 June 2026.
