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JobKeeper V2 Payment Overview

All employers wanting to claim JobKeeper payments from 28 September 2020 will need to reassess their eligibility again and prove that their turnover has declined based on actual figures. Some businesses that did not qualify for the original JobKeeper payments may find that they now qualify...

Tax losses

2019-20 was a difficult year for many businesses and you may have made a tax loss. A tax loss is when the total deductions you can claim, excluding gifts, donations and personal super contributions, are greater than your total income for an income year. If your business...

Why you need a specialist depreciation report for any rental properties

When your specialist quantity surveyor tells you that you can claim depreciation on almost anything, they mean it. You can claim depreciation on your investment property’s walls, furniture to its mailbox and the kitchen sink. One of the most versatile areas of depreciation is plant...

It’s tax time again!

You have to lodge your income tax return for the 2019-20 tax year by 31 October 2020 – unless you use a registered tax agent (your tax agent will be allowed to lodge your return at a later date, even as late as May next...

Tax changes for 2019-20

Some of the 2019-20 tax changes for small businesses include: Instant asset write-off Accelerated depreciation PAYG withholding obligations Restructuring a small business Bushfire payments Single Touch Payroll Director penalties; and Closely held trusts   Instant asset write-off The IAWO has been extended by 6 months to 31 December...

Employee Eligibility Update for JobKeeper V2

Instead of finishing at the end of September 2020, the JobKeeper payment will now continue until March 2021. Businesses will have to requalify for each of the December 2020 and March quarters 2021 just like they did when JobKeeper started. New date for eligible employees  In addition...

ATO scrutiny on early release of super

Our KMT Winter Edition Newsletter 2020 is ready. Highlights in this edition: ATO FLAGS CONCERNS WITH COVID-19 - The ATO is concerned about tax avoidance with COVID-19 early access to super. RECENT CHANGES FOR SMSF - The contribution acceptance rules have now been relaxed. PENSION PLANNING - With...

JobKeeper Extension: All changes you need to know

The Government has announced changes to JobKeeper Payment including an extension through to 28 March 2021. These changes do not impact JobKeeper payments until after 28 September 2020. Support will be targeted to businesses and not-for-profits that continue to be significantly impacted by the coronavirus.  The...

Tax consequences of the Cash Flow Boosts

Temporary cash flow boosts will support small and medium businesses and not-for-profit organisations during the economic downturn associated with COVID-19. Overview Eligible businesses and not-for-profit (NFP) organisations who employ staff will receive between $20,000 to $100,000 in cash flow boost amounts by lodging their activity statements up...

5 things to know for your 2020 tax return

This year has been difficult for many due to COVID-19; and there are some significant changes this tax time as a result. So here is a list of 5 important things you need to know for your 2020 tax return to prepare and consider before...