Working from home — the new normal Do home office expense claims affect the main residence exemption? Due to the COVID-19 public health crisis, many taxpayers commenced working from home for the first time during 2020. Deductions for ‘home office expenses’ may be available under s. 8-1 and Div 40 of the ITAA 1997 (general deductions and depreciation respectively). […]
Your Post-Covid Business Repair Kit With June 30 behind us and the economy slowly re-opening, most business owners are thinking about the challenge of repairing and rebuilding their finances after the COVID-19 lockdown. Your Post-Covid Business Repair Kit below will give some general information and tips on how to rebuild your business finances. Over the […]
What is the Medicare Levy Surcharge? Australia’s tax system encourages high-income earners to take out private health insurance. It does this by charging a tax supplement (on top of the normal 2% Medicare levy) on high-income earners who don’t have private health cover. This is called the Medicare Levy Surcharge (MLS). Who is liable to […]
Rental property tax deductions can be confusing so we thought we would expel a few myths and clarify a few essentials when it comes to claiming your property expenses. Often, a rental property is expensive to maintain, especially if you have gaps between tenants. However, provided you purchased a solid property in a good or […]
5 Money management tips for Sole Traders No matter what line of work you’re in, if you’re a sole trader then managing your money is key to your success. Here are some tips on how to up your game. When you’re self-employed or doing contract work as a freelancer, the flow of income is rarely […]
Australia enters first recession in almost 30 years The Australian economy is in its first technical recession in almost three decades with figures released by the Treasury confirming gross domestic product has shrunk for two consecutive quarters. Figures from the June quarter have revealed a seven per cent reduction in gross domestic product in June, […]
Tax myths busted! – Top 10 myths. Tax season is underway and to help Australians get their returns right, the Australian Taxation Office (ATO) has identified the top 10 tax myths and misunderstandings it says are causing incorrect claims. Assistant Commissioner Kath Anderson says unreliable tax advice is leaving taxpayers exposed. “Taxpayers listen to advice […]
Urgent JobKeeper action required. As previously highlighted in our earlier correspondence this week, the Government has amended the JobKeeper rules to allow more employees to qualify for the JobKeeper payment. This is achieved by extending the eligible employee test to also include eligible employees who were employed on 1 July 2020 (in addition to those […]
JobKeeper Amendment (No.7) 2020 The JobKeeper Amendment (No.7) 2020 has seen a legislative instrument registered on 14 August 2020 amending the JobKeeper rules to allow businesses to claim the subsidy in respect of new employees. The changes apply to JobKeeper fortnights beginning on or after 3 August 2020. Under the changes, the reference date for […]
JobKeeper 3.0 Update released on 21 July 2020, had the Government announce that the JobKeeper Payment (‘JKP’) would be extended until 28 March 2021 (i.e., for a further six months beyond its original end date of 27 September 2020). As a result of the JobKeeper 3.0 Update all JKPs would now be made over two […]
