The Federal Government has announced it is extending the JobKeeper Payment scheme until 28 March 2021. The proposed changes follow an extensive review of the JobKeeper Payment Scheme performed by Treasury. The extension will take effect from 28 September 2020 and aims at assisting businesses that continue to be significantly impacted by COVID-19. JobKeeper Payment
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 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
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,
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,
TNR Financial Times Winter 2020 Please click the following image for the latest TNR Financial Times Please contact TNR if you have any queries related to the items raised in this issue. Important: The information contained in this post / article is not advice. Readers should not act solely on the basis of material contained
Concerns on property development and SMSFs The ATO, as regulator of selfmanaged superannuation funds, has reported an increase in the number of SMSF trustees entering into arrangements involving buying and then developing property (either with related or unrelated parties) that is subsequently sold or leased. Trustees should be aware that the ATO is taking an
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
Last-minute tax planning tactics This financial year is almost over, but there are still effective strategies you may be able to employ to make sure you pay the right amount of tax for the 2019-20 year and maximise any refund entitlement. This is still, if not more so, the case in the current COVID-19 environment.
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