Business

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...

Work from home tax deductions during COVID-19

Due to COVID-19, your working arrangements may have changed. If you have been working from home, you may have expenses you can claim a tax deduction. Tracking these expenses can be challenging, so from 1 March to 30 June 2020, the ATO has introduced a temporary...

2020 EOFY Tax Tips & Reminders

This has probably been the most difficult year ever for business owners due to the impact of COVID-19. There are many obligations that you need to consider and action for your business tax return. We have outlined these action points below - 2020 EOFY Tax...

JobKeeper Recap

The JobKeeper scheme is the most significant measure to assist businesses during the COVID-19 crisis – even if it is going to cost a lot less than initially thought. There have been a few changes and clarifications, so it seems a good idea to remind...

Instant Asset Write-off extended

The Government continues to back small businesses with the announcement on June 9 that it will extend the $150,000 instant asset write-off by six months until 31 December 2020. Under the measure, the asset must be both acquired and installed ready for use by 31...

Planning your budget

A budget allows you to plan for how you’ll spend and/or save your money each period and also keep track of your spending patterns. Though making a budget may not sound like the most exciting activity, it’s important for keeping your finances in order and...

Do you have a Family Trust? Read now

With the end of financial year approaching quickly, now is the time to review what strategies you can use to minimise your tax before 30 June 2020. Save Tax – Avoid tax penalties by making your Trust Distribution Resolutions before 30 June 2020 Do you have a...

5 financial lessons we should learn from COVID-19

The COVID-19 pandemic has had unprecedented impacts on everyone’s lives. We are seeing an extended period of economic and social uncertainty, and disruption lies ahead. Despite the Government’s economic support package, many Australians are losing their jobs and struggling financially. Managing your money is more than...

Updates from ATO – Boosting Cash Flow for Employers

Earlier this week, the ATO noted that entities that lodged their activity statement before 28 April would see their cash-flow boost amount used to offset tax debts from previous periods, while those who lodged on 28 April would not see those credits used to pay...