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Coming into the new financial year, these are some of the important updates and ATO focus areas that all business owners should be aware of.

2019-20 has been an unusual year. This year, more than ever, we want to ensure that we help you achieve the best result possible, as well as reducing your tax exposure and minimising the risk of an audit by the regulators.

Here’s some of the big changes to bear in mind in collating your 2020 year tax information:

The Australian Cyber Security Centre has now issued a high alert over myGov-related scams as tax time scams increase.  The high alert comes after the ATO reported increasing instances of myGov-related SMS and email scams.

As you may have heard this week, the Federal Government has announced another round of stimulus/support measures past the end of September, extending support for eligible businesses through to March 2021.

While of course there is no legislation yet, here is what we know so far.

There are few things to note in regards to JobKeeper:

1. You can still qualify for JobKeeper
2. You only have to qualify in one period
3. JobKeeper is assessable income

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To reopen, many businesses may be required to collect and store customer, employee and contractor information, including name, email and mobile number. This information will help authorities trace any COVID-19 infections if they occur. The way the information is collected and stored must also comply with privacy laws and time limits.

This has been and continues to be a worrying and uncertain time, with constantly changing messages about COVID-19 and its impact on our health, lives and the economy.

Our message is simple. We are here to support you, and work with you now, through the next few months and when the crisis ends.

The business landscape has shifted significantly. Many of our clients have been forced to shut down their businesses. This is causing increasing levels of stress, but also giving business owners time.