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Category Archive - Business Tax

JobKeeper Extension – A Cook’s Tour

written by:
Darren Hagarty


The final rules for the extension of JobKeeper were handed down by Treasury last week, with further guidance to be released before the end of this month. A summary of the key aspects follow. Employer Eligibility From 28 September 2020, businesses seeking to continue to claim JobKeeper will be required to re-assess their eligibility. There is also an opportunity for businesses that have not previously claimed JobKeeper to enter the…

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Time is Almost Up for Super Amnesty

written by:
Josh McMullen


This week is the last chance for employers to use the super guarantee amnesty to catch up on past unpaid super, without incurring a penalty (of up to 200%) or paying administration fees. To be eligible for the amnesty: the unpaid super must be for a quarter between 1 July 1992 and 31 March 2018 you must not have already disclosed the shortfall to the ATO the ATO must not already be examining…

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JobKeeper Date Of Employment To Be Expanded

written by:
Darren Hagarty


On 21 July 2020, the Federal Government announced an extension of the JobKeeper scheme which was due to expire on 27 September 2020. JobKeeper 2.0, as it has been colloquially referred to, extends the scheme to 28 March 2021, but reduced payment amounts and fresh eligibility criteria will apply with effect from 28 September 2020. On 7 August 2020, further changes were announced to soften the eligibility criteria that will…

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Second Round of Small Business COVID-19 Adaption Grant Program

written by:
Darren Hagarty


The Queensland Government is extending the Small Business COVID-19 Adaption Grant Program. As part of Stage 2 of Queensland’s Economic Recovery Strategy, up to $100 million is being made available to deliver a second round of grants, with half of this funding specifically earmarked for regional small businesses located outside of South East Queensland. Round 2 will open on 1 July 2020. Successful applicants from round 1 of this program cannot apply for funding under…

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forklift

Instant Asset Write-Off Extended

written by:
Darren Hagarty


The Instant Asset Write-Off Scheme was due to end on 30 June 2020, however the Government has announced that it will now remain in place until 31 December 2020. Under the scheme, a business can claim an immediate deduction for the business portion of the cost of an asset in the year the asset is first used or installed ready for use. The Instant Asset Write-off can be used for multiple assets, as…

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Maximising Your Work-From-Home Tax Claim

written by:
Darren Hagarty


The COVID-19 restrictions have seen a significant proportion of society working from home and, for some people, it has been their first time doing so. While the focus of work-from-home arrangements has rightfully been about how to make them safe and effective (and in many cases, how best to juggle other challenges such as home schooling), it is also good to know that from a tax perspective, there are some…

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