written by:
Josh McMullen
The 2021 Federal Budget was handed down on Tuesday 11 May. Following is a summary of the headline measures. BUSINESS Temporary full expensing – this depreciation measure will be extended by one year to 30 June 2023 providing eligible businesses (those with an aggregated turnover of less than $5 billion) with more time to access this incentive. Full expensing assists cashflow by allowing eligible businesses to deduct the full cost…
written by:
Darren Hagarty
With many of our clients now having a myGov account, we thought it worthwhile to recap on the interaction between myGov and the way in which ATO communications are streamed between you and us. If you have a myGov account and have linked it with the ATO, then most of your ATO mail will be sent directly to your myGov Inbox, rather than through the post. The types of ATO communications you…
written by:
Josh McMullen
The 2020 Federal Budget was handed down on Tuesday 6 October. Following is a summary of the headline measures. BUSINESS Extension of the Instant Asset Write-Off – businesses with aggregated annual turnover of less than $5 billion will be able to deduct the full cost of eligible capital assets acquired from 7:30pm AEDT on 6 October 2020 (Budget night) and first used or installed by 30 June 2022. “Full expensing”…
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…
written by:
Josh McMullen
Late on Friday, explanatory materials were released by Treasury in relation to the JobKeeper payment that has now been passed into law. The explanatory material clarifies many key aspects of the regime. Background On 30 March 2020, the Federal Government unveiled their largest economic response to the Coronavirus, a $130-billion government wage subsidy known as the JobKeeper payment. Under the JobKeeper, businesses impacted by the Coronavirus will be able to access…
written by:
Darren Hagarty
On 30 March 2020, the Federal Government unveiled their latest economic response to the Coronavirus, a $130-billion government wage subsidy known as the JobKeeper Payment. Under the JobKeeper Payment, businesses impacted by the Coronavirus will be able to access a subsidy from the Government to continue paying their employees. Affected employers will be able to claim a fortnightly payment of $1,500 per eligible employee from 30 March 2020, for a…
