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cash flow boosts Tag

Tax tips 2020–21

With the end of 2020 approaching quickly, here are some tax tips to assist with managing your business accounting. Varying your PAYG instalments You can vary your PAYG instalments throughout the year if you think you will pay too much tax, compared with your estimated tax for...

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...

Cash flow boost change

Legislation has been enacted to clarify that the cash flow boost is available to eligible small and medium businesses that are required to pay an amount to the ATO because they receive an alienated personal services payment. An alienated personal services payment is, broadly, a payment...

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...

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...

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...

JobKeeper vs JobSeeker

The Federal Government recently announced the JobKeeper Payment scheme, which is designed to assist employers (and self-employed individuals) affected by the Coronavirus pandemic to continue to pay their workers. The JobKeeper scheme has been well received and welcomed by all sectors of the economy. In fact, many...

Employer’s cash flow boosts explained – How does it work?

To assist employers during the Coronavirus crisis, the Federal Government has implemented a plan to boost employer’s cash flow. The cash flow benefit will be delivered through the tax system with credits to accounts being provided either: • Monthly: around the end of each of these months...