With Covid19 so many of us are working from home. Did you know that you can claim a tax deduction? That’s right. Employees who work from home can claim the work-related proportion of their running expenses. These expenses are the cost of using equipment and utilities at your home for work. If you are an employee please,
Yesterday, 30th March 2020, the government has made the announcement about this new Job keeper payment. Please find attached information put out by the Australian Government. We don’t have any further information with the details as the legislation is still to go through parliament. If you feel you may be entitled to it, below is
Queensland Covid19 Job Support Loan UPDATED As previously advised the Qld government have released a $250,000 loan to eligible businesses to retain employees and maintain their operations. To apply go to: http://www.qrida.qld.gov.au/current-programs/covid-19-business-support/queensland-covid19-jobs-support-scheme
Centrelink/Services Australia If you already receive Centrelink, DO nothing, don’t call or go to the Centrelink offices. The phone lines and offices are experiencing high numbers. Both of the recently announced payments of $750 x 2 payments for concession holders and an extra $550 coronavirus payments will be automatically applied to you if you are
Australian Government Fiscal stimulus Yesterday the Government’s announced fiscal measures in response to the current Coronavirus (COVID-19). The measures are aimed at providing a boost to households and businesses. The current COVID-19 pandemic is unchartered territory and presents challenges only human health but also to businesses and the economy. Economic response summary · Increase in
YEAR END TAX PLANNING, IT’S NEVER TOO EARLY. Can you believe it’s February 2020 already? We thought we would get in early and mention some tips on tax planning that you may want to think about over the coming months. Tax planning for the end of the Financial Year should not be left too late.
We are seeing an increase in parents and grandparents wanting to buy/gift shares for their minor grandchildren. From this we are commonly asked about the process and ramifications of buying shares for, or gifting shares to, a minor. Below are some scenarios and commonly asked questions to help with your decision. (G. = the person
Scenario 1. Its 7 am on a Monday morning, you get to work and there is fire & smoke billowing from your windows. The fire brigade is on site, what do you do next? What is your emergency plan?
Net Medical Expenses tax offset If your personal taxable income is below $90,000 or family taxable income is below $180,000 and your net medical expenses are over $2,377 you may be eligible for a 20% tax offset. The medical expenses that are included in the offset are: Disability Aids Wheelchairs Hearing aids Freestanding over-bed frame
Can you believe 30th June 2019 is almost here? We suggest for businesses to be ready for the end of financial year, below are a few standard business items for you to look at -: For businesses for eligible plant purchased during 2018/19 you will be eligible to claim a 100% immediate write-off for businesses
SINGLE TOUCH PAYROLL: Single Touch Payroll (STP) is a new legal requirement to report salaries and wages, PAYG withholding and superannuation via STP-enabled software to the ATO each time you pay your employees.
Merry Christmas – Staff Bonuses If you are considering paying your staff a bonus before Christmas keep in mind tax on the bonus will need to be calculated manually. If you allow your software to calculate the tax it won’t be able to differentiate between a bonus and weekly wage, hence the need to calculate
With the banking review performed in March 2018 Lending rules have tightened. As part of this if any of you are considering applying for finance keep the below in mind: Finance applications are not being approved as quickly as they have been historically; Current financial information is required, this means current year tax returns and
We have had a vast amount of enquiries in relation to the new immediate deduction amount of $20,000 that was introduced in the 2015/2016 budget. The 20K small business writeoff generous but you need to keep in mind that you need to meet the set conditions to take advantage of it.
As a taxpayer who has private health, your taxable income affects which threshold you are entitled to. If you under or over claim, your rebate a private health insurance offset may be charged or refunded on lodgement of your tax return.