Covid-19 Updates
Tax Implications Of COVID-19 Rent Concessions
Understanding your obligations as a landlord or tenant There may be tax implications when you give or receive rent concessions as a result of COVID-19. It’s important to understand these changes and your obligations as a landlord or tenant. The rent concessions can be: A waiver – the tenant no longer needs to pay the […]
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Employee Benefits When Working From Home During Covid-19
Do you provide employees with work from home benefits? If an employer has provided their employees with benefits to enable them to work from home over the past 12 month, here are fact sheet which can help them work out which benefits attract fringe benefits tax, including reductions in taxable value, and which may be […]
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Changes To Vehicle FBT Rules Under Covid-19
Other changes to vehicle FBT rules The special circumstances that coronavirus has thrown our way look like having some very practical outcomes on certain areas of fringe benefits tax. One of the most prevalent and well-established categories of fringe benefits centres on the provision and use of vehicles. The parking of a car, for instance, […]
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New Loss Carry-back Measure (Summary)
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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COVID-19 Updates: Working From Home & JobKeeper Extension
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
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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