Small Business COVID-19 Adaption Grant Program
The second round of the Small Business Grants program is now open. You can use these grants to: prepare for the safe resumption of trading in the post COVID-19 recovery continue to meet operating costs access digital technologies to rebuild…
Taxtime 2020
The end of the financial year is fast approaching and there may be changes to your average tax rate and tax payable depending on whether you received the Job Seeker or Job Keeper payments, and no tax was withheld from…
$150,000 instant asset write-off set to end 30th June 2020.
If you’re in a position to purchase a motor vehicle or machinery, now is the time to do it. The $150,000 instant asset write-off will end 30th June and the instant asset write-off will revert to $1,000. From then on,…
ATO extends time to register and pay Job Keeper payments
The Commissioner has extended the time to enrol for the initial JobKeeper periods, from 30 April 2020 until 31 May 2020. If you enrol by 31 May you will still be able to claim for the fortnights in April and May, provided you meet all…
Answers to COVID-19 work from home expense questions and CGT concerns
Many clients may have questions about claiming expenses when forced to work from home over the COVID-19 period, plus a lot of practitioners have reported clients coming to them with concerns about any consequent capital gains issues when later selling…
Job Keeper Payment
This afternoon, PM Scott Morrison announced his 3rd instalment to the COVID-19 stimulus package for the Australian economy. This package is centered around the ‘Jobkeeper package’ that will total $130bn over 6 months to ‘support the jobs and livelihoods’ of…
Home Office Expenses
If you’re an employee who is now being asked to work from home because of the Coronavirus, or who regularly works from home, you may be able to claim a deduction for expenses relating to that work. These are generally…
Government’s New Stimulus Package
The government has issued further measures to assist small business in the Coronavirus crisis. For Small Businesses (turnover < $50 million) the following assistance is available: Payment deferrals Payments to the ATO can be deferred for up to six months.…
STP is now a legal requirement under law. Is your business compliant?
Parliament has now passed legislation to extend Single Touch Payroll (STP) reporting to include all small employers (those with fewer than 20 employees) from 1 July 2019. How Single Touch Payroll works Each time you pay your employees you will also be…
Reconstructing tax records after a natural disaster
The ATO says it can help if you have individual clients who have lost their records due to a natural disaster such as a bushfire. It says it can achieve this by providing on-site visits to help your client reconstruct…