Help for business JobKeeper 2.0 The Government has announced further changes to the JobKeeper scheme. The good news is that employees that missed out on JobKeeper because they were not employed on 1 March 2020 might now be eligible. The proposed changes would enable employees employed on 1 July 2020 to receive JobKeeper payments from … Read more
On Friday 14 August 2020, the Treasurer released the updated JobKeeper Rules dealing with eligible employees which apply from 3 August 2020 onwards. Specific rules dealing with JobKeeper 2.0 have not yet been released. New test date for employees Under the original JobKeeper rules, an employee generally needed to have been employed by the entity at 1 … Read more
We always knew that a Government scheme swiftly distributing cash during a crisis was going to come with equally swift compliance and review measures, particularly when eligibility was self-assessed. Two major Australian Taxation Office (ATO) initiatives are searching out fraud and schemes designed to take advantage of the Government’s Coronavirus Economic Response Package. Tip lines, … Read more
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
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
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
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
We understand how hard it is to keep track of paying Employees, especially large teams, and working out who needs a top-up, who has or has not been paid enough to maintain JobKeeper eligibility. We’ve created this free Excel Template for you to track employees each fortnight simpler and easier for each fortnight. Part One … Read more
We’ve created the below video to help you navigate the updates for the JobKeeper Program now passed through the parliament. Watch this video on YouTube How fo you work out your fall in turn over? Watch this video on YouTube DOWNLOAD TEMPLATES Employee Checklist Employee Confirmation A Checklist to track who has or has not … Read more
Hang in there We’ve designed this guide as a quick reference to the COVID-19 related tax and financial support that might be available to you. It’s quiet comprehensive, but care needs to be taken and you should consult your accountant when making decisions. The Government has flagged that more support is coming and we will keep … Read more
