June 14, 2020This year our tax deductions will be quite different. There are 3 ways to calculate your home office expenses. Shortcut method – 80 cents per hour from 1 March 2020 to 30 June 2020 Fixed rate method – 52 cents per hour Actual cost method You must include the note “COVID-hourly rate” in 2019–20 tax... Read more
June 14, 2020It is that time again. The ATO now that this year will be very different due to COVID-19 and so many working from home… ATO assistant commissioner Karen Foat has now urged taxpayers to reduce claims for work-related expenses in the last quarter of the 2019–20 year that would have been impacted by government-mandated restrictions... Read more
June 14, 2020The ATO will raise the cents per kilometre deduction rate for motor vehicle expenses to 72 cents from the start of 1 July 2020. The cents per kilometre method currently allows taxpayers to claim up to a maximum of 5,000 business kilometres per car per year, without requiring written evidence. Contact our office for further details – email@example.com... Read more
June 11, 2020The HomeBuilder scheme targets the residential construction market by providing tax-free grants of $25,000 to eligible owner-occupiers, including first home buyers, to build a new home or substantially renovate their existing home. Eligibility Eligibility criteria apply to the individuals applying for the grant and the building project: Individual eligibility The HomeBuilder scheme is available to... Read more
June 11, 2020The Government has announced last Tuesday that the Instant Asset Write-Off will be staying for businesses with a aggregated annual turnover up to $500 million until the end of the calendar year. They want to make sure businesses grow, invest and hire staff. This is great news..
June 2, 2020The ATO’s JobKeeper targets The ATO is looking carefully at businesses that appear to have made adjustments to their circumstances to meet the JobKeeper eligibility requirements where, if those adjustments had not been made, the entity would have been ineligible or had lower JobKeeper payments. Or, where adjustments have been made to enable another entity... Read more
June 2, 2020Outcomes for Australia: Several of the banks across Germany and Japan have sought to diversify their revenue streams across geographies, increasing their product offering around the world and gain exposure to higher interest rates – in countries such as Malaysia, China, Hungary, Poland. Also, many of the banks offer corporate bank accounts with negative interest... Read more