Category: COVID19

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 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

Laws on bankruptcy changed to help cope with COVID-19 The government has temporarily changed bankruptcy law to help protect people who are facing unmanageable debt as a result of the economic impacts of COVID-19. If you are in financial difficulty, application can be made for temporary debt protection, which prevents recovery action by unsecured creditors,

COVID-19 and residential rental property claims Many residential rental property owners have had their rental income affected by COVID-19. As a result of this income year not being business as usual, the ATO has provided answers to some  typical scenarios that may crop up in this area for tax time. Q. If tenants are not

COVID-19 instant asset write off and accelerated depreciation While many of the COVID-19 stimulus changes such as the JobKeeper payment are grabbing headlines, it is easy to overlook the significance of the $150,000 instant asset write off provisions. The key changes for the instant asset write off include the following. Certain business entities can access

JobKeeper: what to do now Most businesses have now determined their eligibility for the JobKeeper payment, but with the scheme about to commence, the questions are turning to what steps are next to administer the claim. The ATO has clarified the process to claim for eligible businesses. The steps include: Register your interest and subscribe

Reporting deadlines further extended for listed and unlisted entities For entities with 30 June balance dates, take note. In response to the challenges being, or to be, encountered by entities in meeting their financial reporting obligations due to the Coronavirus, the Australian Securities and Investments Commission (ASIC) has granted further lodgement relief – and this

Early release from super a relief, but comes with risks The government is allowing the early release of superannuation and a temporary reduction in minimum pension drawdown rates to help individuals deal with the adverse economic effects of  COVID-19. Retirees watching their savings go down amid volatile  markets will no doubt welcome the temporary reduction

On 22 April 2020, the Queensland Parliament’s Legislative Assembly passed the COVID-19 Emergency Response Act and the Residential Tenancies and Rooming Accommodation (COVID-19 Emergency Response) Regulation 2020. The Act and Regulation received assent on 24 April and the laws are now in effect. In broad terms, a range of measures to support the residential rental

The Taxation Commissioner has extended the enrolment period for the JobKeeper Payment scheme. It has been extended from 30 April 2020 until 31 May 2020. Businesses that enrol by 31 May are still eligible to claim for the fortnights in April and May, provided that they meet the eligibility requirements for the period. Be aware,

JobKeeper payment enrolment In summary, the JobKeeper Payment provides a wage subsidy to businesses impacted by Coronavirus. The Government will provide eligible employers with $1,500 per fortnight per employee to help them retain workers through this period. We understand that during these unprecedented times you may require some additional assistance navigating the JobKeeper Payment eligibility