tax advice Tag

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...

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...

Save Tax – Opportunities with Superannuation for 2020

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...

COVID-19 and SMSFs

Due to the economic fallout and market volatility created by the Coronavirus, the Australian Government and the ATO have each separately announced various measures designed to help retirees navigate this new financial landscape. Some law changes made by Government affecting super fund members are: Temporary...