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Rental property: Tax approach adjusts for COVID-19

Rental property: Tax approach adjusts for COVID-19 The COVID-19 pandemic has placed property owners, and tenants in many cases, in unfamiliar territory. Many tenants have been paying reduced rent or ceased paying because their income has been adversely affected. While rental income may be reduced, owners will continue to incur normal expenses on their rental

Early release of super extended

Early release of super extended For individuals affected by the adverse economic effects of COVID-19, the government has temporarily allowed eligible individuals to access their superannuation early and tax-free. The government is extending the application period for the measure from 24 September 2020 to 31 December 2020 to increase the scope for individuals who may

JobKeeper 2.0 Update

JobKeeper 2.0 Update The Government has announced that it will wind back the eligibility criteria for the JobKeeper Payment scheme for the extended period from 28 September 2020 to 28 March 2021. This is a welcome concession from the announcement made three weeks ago in which the conclusion of the JobKeeper Payment scheme was extended

Improve your business knowledge and Skills

Co-operative Farming – providing education bursaries for co-operative education. The Business Council of Co-operatives and Mutuals (BCCM) is working with the Australian Government through the Co-operative Farming Project to provide agricultural enterprises with the resources and advice they need to start or grow co-operatives. The project provides: • An advice and information hotline, • A

Has your super fund got you covered for insurance? With COVID-19, maybe not.

Has your super fund got you covered for insurance? With COVID-19, maybe not. From 1 July 2019, the government adopted new rules that aim to prevent the unnecessary erosion of people’s retirement savings through inappropriate insurance arrangements. As part of the rules, super providers, excluding SMSFs and small APRA funds, are unable to provide insurance

Varying PAYG instalments because of COVID-19

Varying PAYG instalments because of COVID-19 PAYG instalments is a system that helps you manage your expected tax liability on income from your business or investments for the current income year by making smaller regular payments. To assist taxpayers experiencing financial difficulty as a result of COVID-19, the ATO is providing added flexibility to manage

HLB Mann Judd IPO Watch Australia Mid-Year report

HLB Mann Judd  IPO Watch Australia Mid-Year report Attached is a report highlighting Initial Public Offering (IPO) activity for the first half of 2020 year. The report is produced by the HLB Mann Judd Network of Firms of which TNR is a member. HLB IPO Watch Australia Report Please contact your TNR Partner if you would

The realities of insuring against cyber crime

The realities of insuring against cyber crime Think your business is too small or that your data and information isn’t important enough to be targeted by hackers? Think again. Much of our communication, be it personal or businesses-related, has increasingly moved online in the last two decades, and continues to do so, especially in these

Instant asset write off extended to 31 December

Instant asset write off extended to 31 December Note that the boost to the instant asset write off rules that the government put in place to help stimulate the Australian economy in the face of the COVID-19 crisis has been extended to the end of this calendar year. Businesses with a turnover of up to

Tax return tips

Tax return tips Despite the current COVID-19 world in which we live, the procedures for completing and lodging tax returns remains pretty much the same. Before we talk with you to go over your tax return, certain information will be needed. Of course these days pre-filling takes care of a lot of the “paperwork”, and

Expatriates: Part-year resident or non-resident for tax purposes?

Expatriates: Part-year resident or non-resident for tax purposes? So what happens from a tax point of view when a person leaves Australia part-way through the income year? How is the income they derived before that time taxed? And how is any income they derived after that time taxed (whether from Australian or foreign sources)? Well,