There has been confusion over the tax treatment of RAT tests with the Prime Minister stating for some time that they are tax deductible, but in reality, the tests were probably only deductible in limited circumstances. PCR and RAT tests to be tax deductible, FBT free
Insight’s support for Amaroo stretches from tax advice, to business strategies, and managing the company’s payroll.
The updated rules and explanatory statement clarify a number of common issues that have been raised by accountants since the JobKeeper extension was announced, including:
Carrying on an entity from 1 March 2020
Eligibility for December if failed previous decline in turnover test periods
Applying the two tier payment rates
The power of the Tax Commissioner
GST reporting method
Current GST turnover
Jobkeeper payment rates – alternative tests for the 80 hour requirement
Employees not tied to hours worked
Wage condition extended to 31 October 2020
We’ve summarised the key details for employers on JobKeeper 2.0 in this update, but just remember that the proposed changes are not yet law and the details could still change.
The second tranche of the JobKeeper scheme changes the eligibility test for employers and the method and amount paid to employees.
Will the Prime Minister’s targeted $250 million package of funding to support cultural and creative projects and initiatives save the industry? The arts funding is aimed at kick starting the sector with funding preferencing commercial initiatives that generate jobs...
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.
The Government has announced grants of $25,000 to encourage people to build a new home or substantially renovate their existing home.
Since precautionary measures were heightened to slow the spread of COVID-19, almost 1 million Australians have lost their jobs. According to the Australian Bureau of Statistics, Australia lost 7.5 per cent of its jobs between 14 March and 18 April. If you're one of...
This article discusses the potential advantages and consequences of withdrawing superannuation under the government’s COVID-19 initiative.
The JobKeeper payment is a subsidy of $1,500 per fortnight per eligible employee paid in arrears to the employer by the ATO. It’s for businesses that have suffered a detrimental decline in business because of
COVID 19 to help keep their staff employed.
To receive the JobKeeper payment, there are a series of eligibility criteria and reporting and notification obligations that need to be met. It’s important to talk to your accountant and adviser to make sure you get it right.
Here’s a summary of what you need to do to claim JobKeeper payments for April. If these conditions are not met, you might still qualify for JobKeeper payments later in the year.
This article summarises what we can expect from the COVID-19 pandemic. It covers Government support packages for both individuals and businesses, how banks are approaching home loans, the impact of past market crashes and corrections, what to focus on when it comes to personal finance, as well as how to best look after your health during this pandemic.