CHANGES TO JOB KEEPER LAWS JobKeeper 2.0, Sick Leave Decision Reversed, Protect yourself from Casual Double Dipping Claims All Employers The current rules enabling an employer who has qualified under the JobKeeper Scheme to request that an employee take some of their annual leave will cease to operate from 28 September 2020. Employers that qualify […]
Tax Tip: What records to keep for Deductions: With the end of the tax year fast approaching, many people will be engaged in a last minute battle to find all the paperwork to support the deductions they’d like to claim this tax time. If you’ve been organised and kept everything you need in neat, well […]
How Estate Planning Works in Australia Estate planning is about more than just deciding who gets what when you die – it’s really about developing a holistic plan that sets out how your assets will be dealt with at that time. Find out How Estate Planning Works in Australia below. Preparing a Will is a […]
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 […]
