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Tax Deductions for Office Workers
All employees are able to claim deductions for work related expenses. However, the reality for many office workers is that either there aren’t any expenses related to their work or their employer covers the cost of these expense. The key elements for claiming work...
Instant Asset Write-offs, General Small Business Pool and Temporary Full Expensing
Instant Asset Write-offs With the 30 June 2021 year-end fast approaching, we thought we would take a closer look at this topic of interest for small business. The “instant asset write-off” is an outright deduction available for the business portion of the cost of a...
Fringe Benefits Tax (FBT) – Are you ready?
Yes, it is that time of year again… time to refresh ourselves on the topic of Fringe Benefits Tax (“FBT”)… and prepare for the upcoming tax compliance season! With the new FBT year starting on 1 April, now is the time to consider opportunities to effectively structure...
JobMaker Explained
The JobMaker Hiring Scheme was recently announced by the federal government as part of a wider plan to rebuild our devastated economy. The scheme will provide incentives to employ younger, unemployed job seekers. It is expected to support around 450,000 jobs. KEY...
JobKeeper Update
Today, details of the JobKeeper alternative test have been announced by the ATO. This test applies if there is not a relevant comparison period for the purposes of the turnover test. The ATO has determined there is not a relevant comparison period if one of the follow...
Are you ready for JobKeeper?
Think you are eligible for JobKeeper but not sure what to do next? We can assist you to ensure your business and employees meet the eligbility requirements as well as working through the paperwork and reporting. However, if you would like to work through the process...
JobKeeper Stimulus
On April 8, 2020 the federal government passed its $130 billion Job Keeper stimulus package through parliament. This information was posted onto the ATO website yesterday (14th April, 2020). Please note that this is only the first version of ATO guidance and that...
JobKeeper Payments Update
Last week the government passed legislation for the Job Keeper payment. This legislation required the Treasurer to produce a set of rules to regulate the Job Keeper payment and these are contained in Coronavirus Economic Response Package (Payments and Benefits)...
The New Work-from-home tax “shortcut”
In light of the fact that thousands more Australians are now working from home, the ATO have announced special arrangements that will enable those working from home to more easily claim home office running expenses in their tax returns. Such running expenses include:...
COVID-19: Economic Stimulus – Benefits for Individuals
It has been an interesting day with NSW and Victoria both announcing shut downs to commence within 48 hours. We know this will have a significant impact on many of you, including the security you feel in your job. The Federal Government today announced a second round...
COVID-19: Economic Stimulus Package Update
During this period of uncertainty, we wanted to let you know that we will continue to operate remotely to support you with your accounting, bookkeeping and taxation requirements. The health and safety of our clients, friends, staff and families is our number one...
JobKeeper Payment
I am sure by now you have heard yesterday’s announcement by the PM in relation to the JobKeeper payment. Under the JobKeeper Payment, businesses impacted by the Coronavirus will be able to access a subsidy from the Government to continue paying their employees....