OUR LATEST NEWS

ATO, COVID, COVID-19, COVID19, deduction, employee, Employer, Small Business, Small Business Owner, Working from home

Taxpayers continuing to work from home in the new year will be allowed to continue using the simplified working-from-home deduction method following a third extension by the ATO. The 80¢ per hour shortcut method, introduced in April 2020 in response to COVID-19, will now be in place until 30 June 2021. This is the third…

Christmas Comes Early for NSW Hospitality, Tourism & Art Industries

December 21, 2020

Arts, bar, Cafe, clubs, entertainment, Hospitality, music, MyServicesNSW, NSW Government, pubs, restaurants, Small Business, Tourism

What a year! I think I can speak on behalf of, well, everyone, when I say that Christmas is upon us and I couldn’t be happier to close the chapter that is the year 2020. It’s the time of year where most businesses are winding down and planning for a little R & R, however…

Coronavirus Grants Now Tax-Free

December 15, 2020

business, COVID, COVID-19, COVID19, Grants, Legislation, Parliament, Payment, Small Business, Tax, Tax-Free

Legislation aimed at ensuring coronavirus small business grants are not subject to income tax has now passed both houses of Parliament. Treasury Laws Amendment (2020 Measures No. 5) Bill 2020 passed Parliament late on Thursday. The bill amends income tax law to make certain grant payments received by eligible businesses non-assessable non-exempt income so that these…

JobKeeper deadlines for the second extension period have now been extended by the ATO ahead of the festive season.

ATO Extends JobKeeper Deadlines ahead of Christmas & New Year

December 1, 2020

ATO, COVID, COVID Recovery, COVID-19, COVID19, Deadlines, Jobkeeper, JobKeeper Extended

JobKeeper deadlines for the second extension period have now been extended by the ATO ahead of the festive season. Completion of the December business monthly declaration, for employers to be reimbursed for payments between 23 November 2020 to 3 January 2021, has also been extended from the usual 14th of each month to 28 January…

Victoria Launches Small Business Digital Rebate

November 17, 2020

business, Business Owner, COVID, COVID Recovery, COVID-19, COVID19, Digital, Digital Rebate, Economic Recovery, retail, Small Business, Small Business Owner, VIC, Victoria

Victorian businesses will now have access to a $1,200 rebate to put towards adopting new digital products, including cloud accounting tools, to assist them in their COVID-19 recovery. Victoria’s Small Business Digital Adaptation Program is now open for registrations until 28 February 2021. The program, part of the state government’s $3 billion Business Resilience Package,…

Small Business Coronavirus Grants Set to be Income Tax-Free under New Bill

November 13, 2020

Bill, business, Coronavirus, COVID, COVID-19, COVID19, Grants, Income, Parliament, Small Business, Tax-Free

A new bill that ensures state and territory grants issued in response to the coronavirus pandemic are not subject to income tax has now been introduced. Treasury Laws Amendment (2020 Measures No. 5) Bill 2020 has now been introduced in Parliament, following the government’s announcement that small and medium business grants announced on or after…

Refunds for Tax Losses

November 7, 2020

2020-2021, Carried Back, Claim, Compny, COVID, COVID-19, Federal Budget, Income, Loss, Offset Tax, Paid, Refund, Tax, Tax Loss, Tax Refund

If your company has made a loss, you may be able to claim a tax refund for tax previously paid on profits. In the 2020-21 Federal Budget, the Government announced that businesses with turnover under $5bn* will be able to offset any losses made between 2019-20 and 2021-22 against previously taxed profits between 2018-19 and…

Tax Deductions for Investing in Your Business

November 5, 2020

2020, 2021, Assets, business, Business Owner, COVID, COVID-19, COVID19, Depreciable, Entities, P & L, Profit, Small Business, Tax, Tax Deductions

Stimulating investment is high on the Government’s agenda. To encourage spending, the 2020-21 Budget introduced a measure that allows businesses with turnover under $5bn* to immediately deduct the cost of new depreciable assets and the cost of improvements to existing assets in the first year of use. This means that an asset’s cost will be…

JobMaker Hiring Credits: What We Know So Far

November 3, 2020