The pandemic has resulted in more employees working from home. This has resulted in such people claiming a range of deductions for various associated “running expenses”.
Home as a place of business during COVID: CGT implications
Tag: Business Support
How to treat work-related travel and living away from home costs
The ATO has released new guidance to help clarify the tax treatment of costs and allowances incurred when an employee travels, or spends time living away from home, for work.
Stapling super: Reducing multiple accounts for employees
New legislation will ensure that when an employee moves jobs, the super fund they used with their former employer will be ‘stapled’ and will automatically follow them.
Refinancing loan interest may be deductible to a partnership
Partnerships are generally set up so that all partners are equally responsible for the management of the business, but each also has liability for the debts that business may incur.
When the taxman sends a bill, not a refund
While most people look forward to receiving a tax refund once their return is processed by the ATO, it is also not unheard of to receive a tax bill on occasion.
Insolvency reforms to support small business
The Australian Government has made changes to the ATO’s insolvency framework to help more small businesses restructure and survive the economic impact of COVID-19.
Single Touch Payroll – When your reporting can cease
A business may no longer be required to lodge single touch payroll (STP) reports for a number of reasons. Depending on your business’s situation and circumstances, what you need to do may be different.
JobMaker hiring credit: What you need to know
The JobMaker Hiring Credit scheme was passed into law in mid-November 2020. JobMaker was part of the 2020-21 Federal Budget, and will operate until 6 October 2021.
Rounding of GST where fractions of a cent result
The ATO has devised special rounding conventions where an amount of GST includes a fraction of a cent.