Covid-19 Updates

New Loss Carry-back Measure (Summary)

By Wen Wen / December 21, 2020

The last Federal Budget announced a number of tax changes designed to assist the Australian economy recover from the impact of the COVID-19 pandemic. Among the changes announced was the temporary re-introduction of the loss carry-back rules for corporate tax entities (it was previously briefly in force for 2012-13). The ability to carry a loss […]

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ATO releases new COVID-19 updates on claiming working-from-home expenses and JobKeeper extension

COVID-19 Updates: Working From Home & JobKeeper Extension

By Wen Wen / October 5, 2020

The ATO extends the shortcut method to year end The ATO had updated its guidance on the shortcut method of claiming working-from-home expenses. You will now see that the date of application has been extended to 31 December 2020: https://www.ato.gov.au/individuals/income-and-deductions/deductions-you-can-claim/home-office-expenses/#Shortcutmethod The shortcut method The shortcut method simplifies how you calculate your deduction for working from […]

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COVID-19 And SMSF Rental Relief

By Wen Wen / September 15, 2020

Moratorium on evictions The Federal Government announced a six-month moratorium on evictions of commercial and residential tenants during the COVID-19 health pandemic.  This moratorium (and its accompanying code of conduct leasing principles) will inevitably affect SMSFs, which are reasonably heavily invested in real property, according to statistics. Leasing principles A moratorium on evictions means that […]

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COVID-19 Update: Adding Newly Eligible Employees To JobKeeper

By Wen Wen / September 2, 2020

The ATO has issued guidance on JobKeeper Payment and added newly eligible employees for August 2020 JobKeeper fortnights Nominating new employees These new employees must have been employed on 1 July 2020 and meet other eligibility criteria. This can include employees that: were employed after 1 March 2020, or were employed on 1 March 2020 and […]

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The JobKeeper Payment will now continue to be available to eligible businesses until March 2021.

New Updates On The JobKeepers Payment

By Wen Wen / August 9, 2020

The JobKeeper payment rate will be reduced The JobKeeper payment, which was originally due to end after 27th September, will now continue to be available to eligible businesses (including the self-employed) until 28 March 2021. However, there are some changes to consider. New JobKeeper rates The JobKeeper payment rate of $1,500 per fortnight for eligible […]

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The ATO is providing flexible PAYG instalments to taxpayers experiencing financial difficulty as a result of COVID-19.

Varying PAYG Instalments Because Of COVID-19

By Wen Wen / July 21, 2020

What is the PAYG Instalments system? PAYG instalments is a system that helps you manage your expected tax liability on income from your business or investments for the current income year by making smaller, regular payments. To assist taxpayers experiencing financial difficulty as a result of COVID-19, the ATO is providing added flexibility to manage […]

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