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...
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...
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...
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...
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...
[vc_row row_type="row" use_row_as_full_screen_section="no" type="full_width" text_align="left" css_animation="" box_shadow_on_row="no"][vc_column][vc_column_text] By Aurora Pham 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...
When you retire, your superannuation is likely to become an important source of your income. That’s why it’s a good idea to top it up while you are working. But did you know, there are also some excellent tax benefits you can take advantage of right...
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...
The super guarantee (SG) amnesty is now official. Under the amnesty, employers have a 6-month window until 7 September this year to disclose, lodge and pay unpaid SG amounts for their employees. To be eligible for the amnesty, you must declare and pay your SG shortfalls...
Sole traders and some other entities (such as partnerships, trusts or companies) may be entitled to the JobKeeper Payment scheme under the business participation entitlement. However, not-for-profit organisations are not included. Your entity may be eligible for the JobKeeper Payment scheme if you: have a non-employee...