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Newsletters
JOBMAKER HIRING CREDIT
Last week, the legislation enabling the JobMaker scheme announced in the 2020-21 Federal Budget passed Parliament. What is JobMaker? JobMaker is a credit available to eligible businesses for the hiring of additional employees. It is an incentive for employers to support wage costs and, unlike JobKeeper, is not passed onto employees. The hiring credit is available for jobs…
FRINGE BENEFITS
With more of us working from home now as part of our ‘new normal’, the ATO is increasingly turning its attention to business expenses and employee deductions. Here’s how to ensure you don’t get caught out. What is a fringe benefit? Really simply, a fringe benefit is an additional ‘payment’ or benefit you receive on…
FEDERAL BUDGET 2020-21
Josh Frydenberg’s 2020-21 Federal Budget, inevitably shaped in response to the COVID-19 crisis, has revealed some distinct winners and losers. Given the unprecedented events that have unfolded this year, the Australian Government’s 2020-21 Federal Budget was always going to outline a path to economic recovery. Handed down last night, the Budget’s key initiatives include: Personal income tax cuts from…
Coronavirus – Support for businesses in the form of temporary relief
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
Coronavirus – Latest News
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…
New working from home tax deduction
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…