End of Year Deadlines
The ATO has extended the JobKeeper. 31 December 2020 is the last day you can apply to access your superannuation early under the COVID-19 early access measures. Read more here …
Budget 2020-21: Road to Recovery?
The 2020-21 Federal Budget is a road to recovery paved with cash.
Key initiatives include:
• Personal income tax cuts from 1 July 2020
• A $4 billion ‘JobMaker’ Hiring Credit to encourage businesses to take on additional employees aged 16 to 35 years old
• $110 billion in infrastructure investment over 10 years
• Immediate deductions for business investment in capital assets
• Changes to how companies can manage losses
• Access to generous tax concessions for a wider range of businesses
Q&A: Lock down and working from home
During lock down I have had to work from home. I’ve set up a full home office with paintings, plants, a desk, computer equipment, a water tower and a sculpture. I presume I can claim everything I have purchased for this office and claim part of my mortgage and running costs?
The ATO on COVID-19 fraud warpath
We always knew that a Government scheme swiftly distributing cash during a crisis was going to come with equally swift compliance and review measures, particularly when eligibility was self-assessed. Two major Australian Taxation Office (ATO) initiatives are searching out fraud and schemes designed to take advantage of the Government’s Coronavirus Economic Response Package.
1 July company tax rate reduction
Despite the current economic environment, the company tax rate will reduce to 26% for small and medium businesses from 1 July 2020.
Have casual workers been granted annual leave?
News headlines recently stated that casual workers have won the right to paid leave following a decision in the Federal Court. As usual, the devil is in the detail.