Accounting & Financial Reporting
Claiming Interest Expenses On Rental Properties
Deducting interest expenses on rental properties Interest is a common deduction claimed by taxpayers. Generally, interest is seen as being inherently deductible where it is incurred in gaining or producing assessable income. An established factor from court cases is that the deductibility of interest depends on the purpose of and use of borrowing the principal. […]
Read MoreInstant Asset Write Off Extended To 31 December
Businesses with a turnover of up to $500 million a year will be allowed to continue writing off newly purchased assets worth up to $150,000 The boost to the instant asset write off rules that the government put in place to help stimulate the Australian economy in the face of the COVID-19 crisis has been […]
Read MoreRemote AGMs And Document Signing Allowed
Companies may now hold annual general meetings and sign documents electronically Companies should note that the government made a determination just before the end of the financial year that permits companies to hold annual general meetings by electronic format. Also, companies may execute a document, without using a common seal, by electronic communication. The determination […]
Read MoreResidential Rental Property Claims & COVID-19
Has your residential rental property rental income been affected by COVID-19? As a result of this income year NOT being business as usual, the ATO has provided answers to some typical scenarios that may crop up in this area for tax time. Q: If tenants are not paying their full rent of have temporarily stopped […]
Read MoreChanged Conditions For Covid-19 For Temporary Visa Holders
The government has made a number of changes to temporary visa holder arrangements during the COVID-19 crisis. The Department of Home Affairs says these measures have been made to protect the health and livelihoods of Australians, to support critical industries, and to boost recovery afterwards. Home Affairs records show that there are 2.17 million temporary […]
Read MoreFederal Government’s Second Coronavirus Stimulus Package
The Federal Government has announced stage 2 of its economic plan to provide financial assistance to Australians. Boosting cash flow assistance Cash flow assistance ► The Government is providing up to $100,000 to eligible small and medium-sized businesses, and not-for-profits (including charities) that employ people, with a minimum payment of $20,000. ► Under the enhanced […]
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