2020 Tax Planning – What you need to know
The instant asset write-off Allows instant deductions for capital assets (up to $150,00 per item**) acquired prior to 30.06.2020. Pool balances under $150,000 at 30 [...]
COVID-19 work-from-home expense questions and CGT concerns
There are many questions being asked lately about claiming expenses when forced to work from home over the COVID-19 period - plus a lot of [...]
Snapshot: The JobKeeper Payment
The JobKeeper payment is a subsidy of $1,500 per fortnight per eligible employee paid in arrears to the employer by the ATO. It’s for businesses [...]
The Second $66.1 bn Stimulus Package: What You Need To Know
The Government yesterday released a second, far reaching $66.1 bn stimulus package that boosts income support payments, introduces targeted changes to the superannuation rules, provides [...]
Bushfire relief from ATO obligations
The ATO has provided relief from lodgement compliance and payment obligations for those impacted by the bushfires. An automatic two month deferral for activity statement [...]
Your right to know. Can the tax office take money out of your account?
You might have seen the recent spate of media freedom advertisements as part of the Your Right to Know campaign. The prime-time advertising states that [...]
Vacant land deduction changes hit ‘Mum & Dad’ property developments
Legislation that passed through Parliament last month prevents taxpayers from claiming a deduction for expenses incurred for holding vacant land. The amendments are not only [...]
Fictions VS Facts: Work expense deductions
There can be varied sources for some of the myths about tax deductions —pub-talk, BBQ-banter, hairdresser-homilies, what-your-taxi-driver-just-heard and many others. We sort out fact from [...]
Myths vs Facts: Work expense claims
Not all expenses associated with your employment are deductible. This helpful guide explores the Myths and Facts of some more common work expense deductions. Myth: [...]
Low and middle income tax offset changes now law
Taxpayers with an individual taxable income less than $126,000 will now be entitled to some of the low and middle income tax offset. Understanding the [...]