With the increased numbers of taxpayers working from home due to COVID-19, the ATO has released specific guidance softening the rules around claiming deductions for home office expenses, including a ‘shortcut’ set rate method. Firstly, the ATO has reduced the usual requirements to be ‘eligible’ to claim the expenses, which usually require a specific area … Read more Increase in Set Rate for Home Office Expenses for Covid times
Important reminders – Trust distributions The Template We Sent The template may mention of a Clause and any relevant schedules you may have to specifically mention. These are highlighted in the template by a red colour, this is where you check your Trusts Deed to enter the correct clause in regards to decisions being made … Read more Trust Resolutions – Your end of financial year obligations
As announced earlier in the week, the Government is planning to extend the $150,000 instant asset write-off threshold for a further 6 months until 31 December 2020. This means that the higher threshold can apply to assets that are first used or installed ready for use for a taxable purpose on or after 12 March … Read more Extension of the $150,000 instant asset write-off
The Government has announced grants of $25,000 to encourage people to build a new home or substantially renovate their existing home. The HomeBuilder scheme targets the residential construction market by providing tax-free grants of $25,000 to eligible owner-occupiers, including first home buyers, to build a new home or substantially renovate their existing home. The grants … Read more HomeBuilder Stimulus: What is it and how do you access it?
“…while it is all very well to talk of ‘turning points’, one can surely only recognise such moments in retrospect.” Kazuo Ishiguro, The Remains of the Day The JobKeeper subsidy has progressed beyond the rush for eligibility and entered its second phase: compliance. Late last month, the Australian Taxation Office (ATO) released guidance highlighting where … Read more The ATO’s JobKeeper audit targets