News

JobKeeper amendments and claiming previous year tax losses

JobKeeper amendments and claiming previous year tax losses

September 1, 2020

JobKeeper amendments There have been some changes made to JobKeeper since our last newsletter. Businesses will need to meet one of the decline in turnover tests for the September 2020 quarter alone (rather than for both the June and September quarters as announced in July) to be eligible for JobKeeper for the period 28 September…

Read more
Where you stand with vehicles and the boosted instant asset write off

Where you stand with vehicles and the boosted instant asset write off

September 1, 2020

The extension of the instant asset write-off from $30,000 to $150,000 until 31 December 2020, as part of the Federal Government’s COVID-19 stimulus measures, provides an opportunity to look at its application to motor vehicles. Note that in addition to the higher write off amount, the business turnover threshold test for eligibility was increased to…

Read more
Claiming a deduction for transport expenses when carrying bulky equipment

Claiming a deduction for transport expenses when carrying bulky equipment

August 3, 2020

As a general rule, expenses relating to travel between home and work (and vice versa) are non-deductible. A number of exceptions to this principle exist, including for situations that require bulky equipment be transported to and from work. In order for transport expenses to be deductible under this “bulky equipment” exception, it is usually necessary…

Read more
Tax return tips Australia July 2020

Tax return tips

July 7, 2020

Despite the current COVID-19 world in which we live, the procedures for completing and lodging tax returns remains pretty much the same. Before we talk with you to go over your tax return, certain information will be needed. Of course these days pre-filling takes care of a lot of the “paperwork”, and if you wait…

Read more
Instant asset write off extended to 31 December

Instant asset write off extended to 31 December

July 7, 2020

Note that 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 extended to the end of this calendar year. Businesses with a turnover of up to $500 million a year will be allowed to…

Read more
Last minute tax planning tactics

Last-minute tax planning tactics

June 3, 2020

This financial year is almost over, but there are still effective strategies you may be able to employ to make sure you pay the right amount of tax for the 2019-20 year and maximise any refund entitlement. This is still, if not more so, the case in the current COVID-19 environment. While the best strategies…

Read more
Expatriates Part year resident or non resident for tax purposes

Expatriates: Part-year resident or non-resident for tax purposes?

June 3, 2020

So what happens from a tax point of view when a person leaves Australia part-way through the income year? How is the income they derived before that time taxed? And how is any income they derived after that time taxed (whether from Australian or foreign sources)? Well, the answer will primarily depend on whether the…

Read more
ATO dusts off the lifestyle asset microscope

ATO dusts off the “lifestyle asset” microscope

March 3, 2020

Photo by Oliver Sjöström on Unsplash If you own a marine vessel, perhaps a thoroughbred horse or two, have a piece of fine art hanging on a wall, high value motor vehicles in the garage or an aircraft in the shed, it could be time to make sure your tax affairs are in order. The…

Read more
Tax issues when dealing with volunteers

Tax issues when dealing with volunteers

February 4, 2020

Photo by Anna Earl on Unsplash From bushfire relief groups, sporting clubs, environmental groups, charity associations and many more, volunteers are an indispensible workforce and support network for many organisations. For most, if not all, having volunteers ready to lend a hand is pivotal in them being able to function or survive. Given that there…

Read more
Lost or destroyed tax records Dont panic

Lost or destroyed tax records? Don’t panic.

November 8, 2019

Photo by Gift Habeshaw on Unsplash Now and then, taxpayers may find themselves in a situation where they simply have no records to back up a tax claim. There can be many reasons for this, such as losing documents (either paper or electronic) when moving home, or technology failures that end up with the same…

Read more