Category: Small Business
Where you stand with vehicles and the boosted instant asset write off
The extension of the instant asset write-off from $30,000 to $150,000 until 31 December 2020, as part of the Federal Government’s COVID-19 stimulus measures, provides an opportunity to look at its application to motor vehicles. Note that in addition to the higher write off amount, the business turnover threshold test for eligibility was increased to...
Businesses can claim previous year tax losses
If your business has made tax losses in years to the current one, but you haven’t yet offset all those losses, you can still carry these forward and claim a deduction for them in a later year — as long as you meet all the requirements of the tax law. Your business structure will affect...
JobKeeper amendments
There have been some changes made to JobKeeper since our last newsletter. Businesses will need to meet one of the decline in turnover tests for the September 2020 quarter alone (rather than for both the June and September quarters as announced in July) to be eligible for JobKeeper for the period 28 September 2020 to...
COVID-19 payments and some issues for companies and trusts
With many having received cash flow boost and JobKeeper payments, there can arise some unique issues where these amounts are received within a trust or company. The cash flow boost and JobKeeper payment have been flowing to eligible businesses for some time now. These stimulus payments have differing tax treatments, which are: the cash flow...
Claiming a deduction for transport expenses when carrying bulky equipment
As a general rule, expenses relating to travel between home and work (and vice versa) are non-deductible. A numberof exceptions to this principle exist, including for situations that require bulky equipment be transported to and fromwork. In order for transport expenses to be deductible under this “bulky equipment” exception, it is usually necessarythat all of...
The JobKeeper scheme gets an update, plus an extension
The JobKeeper payment, which was originally due to end after 27 September, will now continue to be available to eligible businesses (including the self-employed) until 28 March 2021. However there are some changes to consider. The JobKeeper payment rate of $1,500 per fortnight for eligible employees and business participants will be reduced to $1,200 from...
Bonus Article, Indexation of tax instalments suspended for 2020-21
More support for taxpayers in the face of the COVID-19 health crisis has just been announced in the form of a suspension of the indexation of tax instalments for the 2020-21 income year. Both income tax (PAYG) and GST instalments are included, which the government says affects 2.2 million and 81,000 taxpayers respectively. Indexation, using...
Instant asset write off extended to 31 December
Note that the boost to the instant asset write off rules that the government put in place to help stimulate the Australian economy in the face of the COVID-19 crisis has been extended to the end of this year. Businesses with a turnover of up to $500 million a year will be allowed to continue...
The realities of insuring against cyber crime
Think your business is too small or that your data and information isn’t important enough to be targeted by hackers? Think again. Much of our communication, be it personal or businesses-related, has increasingly moved online in the last two decades, and continues to do so, especially in these recent times of COVID-19 with nearly everyone...
Remote AGMs and document signing allowed
Companies should note that the government made a determination just before the end of the financial year that permits companies to hold annual general meetings by electronic format. Also, companies may execute a document, without using a common seal, by electronic communication. The determination is to be repealed on 6 November 2020. Annual general meetings...