How COVID-19 may affect your tax return

on August 31, 2020 General with 0 comments

The ATO has released a range of methods to make tax time easier for businesses and individuals under COVID-19 circumstances. Working from home The ATO has introduced a new ‘shortcut method,’ which applies from 1 March 2020 to 30 September 2020. Under this new method, employees working from home as a result of COVID-19 can…

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What to do when you can’t pay your tax on time

on August 4, 2020 General with 0 comments

Businesses who cannot pay their taxes on time can set up an agreed payment plan with the ATO to avoid late payment penalties. This may be especially useful for businesses during the post COVID-19 period. In response to the economic effects of COVID-19 on businesses, the Australian Government has provided cash flow support as part…

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2020 End of Financial Year Tax Tips

on June 3, 2020 General with 0 comments

How would you like to legally increase your Tax Saving by $500 or $1,000 or $10,000 or more? Effective tax planning is something all business owners should be considered year-round and by making it a priority could result in you paying less tax liability. Now is the time to act and focus on your tax…

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PREPARING FOR YEAR END

on June 3, 2020 General with 0 comments

Effective planning and preparation is critical for all taxpayers as the end of financial year approaches. The good news is that your tax professional is here to support you so you don’t have to do all of the heavy lifting yourself. This is the perfect time of the year to seek advice from your accountant…

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ATO introduces new work from home deduction method

on June 3, 2020 General with 0 comments

More employees are working from home than ever before as a result of  COVID-19. The ATO has introduced a new ‘shortcut method’ in response to this, to simplify the process for those who are claiming work from home deductions for the first time. The shortcut method allows employees to claim all work-related running expenses at…

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What to know about lodgement date deferrals

on June 3, 2020 General with 0 comments

The ATO has announced a series of lodgement deferral dates due to COVID-19, available to businesses for tax returns, fringe benefits tax returns, monthly and quarterly BAS, annual GST returns, PAYG summary annual reports and taxable payment annual reports. The extended lodgement dates for particular lodgements are listed below: • Company income tax 2018-2019 returns:…

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Year End Strategies • 2019-2020

on May 25, 2020 General with 0 comments

In this guide, get the latest updates on: • PREPARING FOR YEAR END • Major changes to instant asset write-off • 2020 end of financial year checklist • Rent relief for commercial tenants • Tax tips for property investors • Jobkeeper payments • And more To read about this newsletter click here –>  Year End 2020…

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The proposed JobKeeper Payment

on March 31, 2020 General with 0 comments

  Job-keeper package a lifeline for both employers and employees The Federal Government has announced as part of its Coronavirus Stimulus Package the introduction of a new JobKeeper Payment to assist eligible employers and selfemployed individuals who have been impacted by the Coronavirus pandemic to continue to pay their workers. The following is a broad…

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The $1,500 JobKeeper Package – what you need to know

on March 31, 2020 General with 0 comments

$1,500 JobKeeper subsidy to keep staff employed From 30 March 2020 for six months For employees employed at and from 1 March 2020 First payments in first week of May 2020 Applies to Based on comparable periods: Employers <$1 bn that have experienced a downturn of more than 30% Employers >$1bn that have experienced a…

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COVID-19 Government Stimulus Update

on March 27, 2020 General with 0 comments

Summary – For Individuals Individuals Early release of superannuation – individuals in financial distress able to access up to $10,000 of their superannuation in 2019-20, and a further $10,000 in 2020-21. The withdrawals will be tax-free and will not affect Centrelink or Veterans’ Affairs payments. Temporary reduction in minimum superannuation draw down rates – superannuation…

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