Industry News & Updates
Stay up to date with the latest news, events and industry updates relevant to your business.
Many business owners regularly pay their employees domestic travel allowances rather than reimbursing them. The ATO has recently released the reasonable travel and overtime meal allowance expense amounts for the 2020-2021 income year Taxation Determination TD 2020/5. The determination sets out the amounts that the Commissioner considers are reasonable for the substantiation exception for the…Read More
NSW $3,000 Small Business Recovery Grant Thousands of small businesses reopening across the State after the COVID-19 shutdown will benefit from funding of up to $3,000 under a new Small Business Recovery Grant. Applications will open on 1 July to help businesses safely relaunch their operations with funds remaining from the $750 million Small Business…Read More
Don’t forget to Make a business monthly declaration for the JobKeeper Wage Subsidy Each month you must complete a business monthly declaration to be able to keep claiming JobKeeper payments. You must do this in the first 14 days after the month you are claiming for ends. Your tax or BAS agent can also make the…Read More
It’s Time to Consider Tax Planning! With the end of the financial year quickly approaching, it is now time to consider what opportunities there may be to minimise your income tax obligations. If you procrastinate or ignore this window of opportunity you may jeopardise or lose your ability to implement effective decisions and actions. Year-end…Read More
The ATO has now release further details on how to enrol for the JobKeeper payment, reporting obligations and timeframes. Enrol for the JobKeeper payment (from 20 April onwards) Confirmation of eligible employees you will claim the JobKeeper payment (available from 4 May onwards) What do you need to do for your employees Enrol for the JobKeeper payment…Read More
Working from home because of COVID-19? You’re now eligible for a new 80 cents per hour tax shortcut.
The Australian Taxation Office (ATO) is announcing special arrangements this year due to COVID-19 to make it easier for people to claim deductions for working from home. The new arrangement will allow people to claim a rate of 80 cents per hour for all their running expenses, rather than needing to calculate costs for specific running expenses. Multiple…Read More
The ATO has posted several frequently asked questions to assist individuals, businesses and self-managed superannuation funds during this period of economic uncertainty. A common strategy over several years for businesses has been to acquire their commercial premises through their superannuation fund. One of the requirements of this arrangement is that rent is charged at market…Read More
The NSW Government will put $750 million into the Small Business Support Fund as the centrepiece of a third wave of support measures to keep small businesses afloat. Ms Berejiklian said the new fund was based on the hugely successful scheme rolled-out during the recent NSW bushfires, which provided $42 million to 4200 businesses within…Read More
The JobKeeper payment is designed to help businesses affected by the Coronavirus to cover the costs of their employee’s wages. It will help businesses to keep people in their jobs and re-start when the crisis is over. What you Get The Government commencing from 30 March 2020 will provide a before tax payment of…Read More
The Government is acting decisively in the national interest to support households and businesses and address the significant economic consequences of the Coronavirus. While the full economic effects from the virus remain uncertain, the outlook has deteriorated since the Government’s initial Economic Response announced on 12 March 2020. The spread of the virus worldwide has…Read More