Biggest profitable firms bank $1.1b in JobKeeper cash
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More than 60 of Australia’s biggest companies shared at least $1.15 billion in JobKeeper payments before reporting significant profits, new Parliamentary Budget Office costings show.
As the Greens launch a new push for firms reporting big profits and paying executive bonuses to be required to repay taxpayer-funded COVID-19 assistance payments, the minor party sought costings on payments to companies including major retailers Harvey Norman, Kathmandu and Accent Group.
JobKeeper is credited with helping millions of workers stay connected to their employer during the disruption of COVID-19.
Louie Douvis
Promising a name and shame campaign, Greens leader Adam Bandt will seek to amend next week’s budget to require repayments from 65 firms, minus 30 per cent for tax already paid.
Thousands more business could get JobKeeper cash
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The ATO has confirmed it will not appeal a March decision by the full Federal Court which considered the Tax Commissioner’s discretion over eligibility for JobKeeper and the Cash Flow Boost payment.
Tax watchers say thousands of businesses, including sole traders, could benefit.
Glen Hunt
In a move expected to see millions in new payments to mostly small and medium businesses, the ATO will reconsider rejected applications. As well, taxpayers who did not apply because they believed they were ineligible can ask to be considered.
Mr Apted forgot to apply for a new ABN but was paying tax on the profits of his business. He later had the ABN registration backdated by the ATO.
JobKeeper and early super release rorts and overpayments on the rise
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ThuThursday 11
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FriFriday 12
The ATO has so far clawed back about $135 million of JobKeeper payments.
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The Australian Taxation Office (ATO) has revealed it is still owed hundreds of millions of dollars from companies that have attempted to rort the JobKeeper wage subsidy, were declared ineligible or were overpaid.
Key points:
More than 31,600 applicants for JobKeeper were rejected due to ineligibility or fraud
Twenty Australian companies have volunteered to repay $144 million worth of payments, but the ATO has so far received just $20 million
Individuals and companies are also having to repay incorrect payments for the early super release scheme and business cash flow boost
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Although most of us will remember 2020 as a year of
enormous disruption and difficulties, it likely represents the
zenith of tax administration in Australia.
Driven by Treasury s JobKeeper and Cashflow Boost
programmes, the ATO pivoted in a way never seen before in an
organisation of over 20,000 employees. In a surprising, but
necessary, decision the Commonwealth government tasked the ATO with
supporting nearly one million businesses and three million
employees. In the first iteration of JobKeeper alone, the ATO
handed out nearly $9 billion in payments
Labour market update and future of JobKeeper - Address to Australian Chamber of Commerce and Industry miragenews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from miragenews.com Daily Mail and Mail on Sunday newspapers.