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These are new measures that have been introduced in this package for the next 6 months: Temporary higher thresholds and more time to respond to demands from creditors (Statutory Demands) – these measures will increase the thresholds from $2,000 to $20,000 at which creditors can initiate insolvency or bankruptcy and increase the time to respond…

Continue reading Coronavirus – Support for businesses in the form of temporary relief

New Working from Home Deduction The ATO is announcing special arrangements this year due to COVID-19 to make it easier for people to claim a tax deduction when they are working from home. The new arrangement will allow people to claim a rate of 80c per hour (commencing 1st March 2020) for all their running…

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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…

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