Don’t Forget the Instant Asset Write-Off

If your business is in relatively good shape and have been contemplating an asset purchase, now is the time. Not only will you be helping the Australian economy get back on its feet, you’ll be doing your business a favour by taking advantage of the instant asset write-off threshold of $150,000. Which is the highest […]

COVID-19 Effects On Rental Property Owners

Rental property owners along the rest of the economy have taken a hit to their bottom line. In this uncertain time, the ATO has provided some guidance on the deductibility of rental property expenses in various situations such as tenants paying reduced rent or the suspension of rent. For owners of short-term accommodation, the ATO […]

JobKeeper ATO Compliance on Schemes

Businesses that have applied for the JobKeeper now have some certainty on the integrity provision contained in the legislation. The ATO has released details of its administrative approach, in particular when it will apply compliance resources to investigate whether there has been breaches of the law. In general, it notes that it would only apply […]

$10,000 Cash Payments limit the Facts

The proposed $10,000 economy wide cash payment limit has understandably elicited some confusion among the general populous. Chief among them is to what extent will personal transactions be included in this limit. To dispel some of the confusion, the government has released information outlining the circumstances in which the limit would not apply in relation […]

Early Release of Super: Coronavirus Condition

If you’ve been affected by the Coronavirus pandemic and want to access your super early, it may be beneficial to consult a qualified professional about the eligibility and other options that may be available to you. It won’t cost you an arm and a leg either, ASIC has recently granted a temporary AFS licensing exemption […]

ATO JobKeeper Payment – Part 2

On 8 April 2020, the Federal Government passed a package of Bills through both Houses of Parliament (which received Royal Assent on 9 April 2020) to give effect to (amongst other things) the JobKeeper Scheme. Subsequent to this, a Legislative Instrument was released by the Treasurer containing the detailed rules of the JobKeeper Payment. Refer […]

ATO JobKeeper Payment

Employers If your business is affected by the coronavirus, you may be eligible to access the JobKeeper payment to assist you to be able to continue paying your employees. Employers can choose to participate in the scheme and then nominate the employees they are entitled to claim for. An employer can choose not to participate […]

ATO Announces Short Cut Method for Claiming Home Office Running Costs

The Australian Taxation Office (‘ATO’) has announced a temporary simplified short cut method to make it easier for individual taxpayers to claim deductions for additional running expenses incurred (e.g., additional heating, cooling and lighting costs), as a result of working from home due to the Coronavirus pandemic. Refer to the ATO’s Media Release of 7 […]

Government’s Child Care and Early Childhood Education Relief Package

The Federal Government has just announced a relief package for the child care and early childhood education sector (‘child care sector’). The relief package is designed to: provide free child care to around one million families; and ensure that as many of the child care sector’s 13,000 child care and early learning services as possible […]

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