The Federal Budget for 2023-24 year has been released with a number of measures included to continue the economic support for Australian’s. Key measures included in the Budget are: Small business asset write-off Small Business Energy Incentive Superannuation tax Change to super guarantee contributions Further economic support payments for eligible welfare recipients Please note that…
The instant asset write-off threshold of $150,000 has been extended for another six months in an effort to continue the support for businesses recovering from the economic impacts of the Coronavirus. The Federal Government initially increased the threshold from $30,000 to $150,000 earlier this year as a part of their economic stimulus package, with the…
The below list provides answers to some of the frequently asked questions associated with the JobKeeper scheme. Please don’t hesitate to call our office If you require further clarification or have any other questions. Do businesses have to meet the decline in turnover test on an ongoing basis?The answer is No. Whilst a business must…
The Federal Government passed a package of Bills through both Houses of Parliament on 8 April 2020 (received Royal Assent on 9 April 2020), to give effect to (amongst other things) the JobKeeper Scheme. Subsequent to this, a Legislative Instrument was released by the Treasurer containing the detailed rules of the JobKeeper Payment. See below…
This year many of us have been forced to work from home due to the Coronavirus outbreak. The Australian Taxation Office (ATO) has introduced a temporary short cut method to make calculating home office running expenses easier for taxpayers to include as a deduction in their tax return. Short cut method The short cut…
To assist Australians experiencing financial difficulty as a result of the Coronavirus outbreak, the Australian Taxation Office (ATO) is implementing a number of administrative concessions for businesses. These measures include: The option to defer some income tax and activity statement payments by up to four months Allowing businesses that lodge quarterly activity statements to lodge…