Covid-19 updates Archives - W Wen & Co | Chartered Accountants & Business Advisors

covid test expenses are tax deductible and fbt free

Federal Government To Make Covid Tests Tax Deductible And FBT Free

Work-related Covid test expenses are tax deductible The Federal Government has announced that COVID‑19 tests (including Polymerase Chain Reaction and Rapid Antigen Tests) are tax deductible for hard‑working Australians, and exempt from fringe benefit tax for businesses, where they are purchased for work‑related purposes. The change will take effect starting the tax year 2021-2022 This […]

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NSW Covid-19 Support Package July 2021

Covid-19 disaster payment In a combined NSW and Federal Governments statement, Covid-19 support packages have been announced, which include: COVID-19 disaster payment From week four of a lockdown because of a declared hotspot, the COVID-19 disaster payment will increase to $600 if a person has lost 20 or more hours of work a week or

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Tax Obligations For Landlords | Changes Due to Covid-19

Tax implications of rent concessions 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 concession can be: A waiver: the tenant no longer needs to pay the amount of rent that

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covid-19 rent concessions and its tax implications

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

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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