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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…

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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…

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The realities of insuring against cyber crime

The realities of insuring against cyber crime

July 7, 2020

Think your business is too small or that your data and information isn’t important enough to be targeted by hackers? Think again. Much of our communication, be it personal or businesses-related, has increasingly moved online in the last two decades, and continues to do so, especially in these recent times of COVID-19 with nearly everyone…

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Remote AGMs and document signing allowed

Remote AGMs and document signing allowed

July 7, 2020

Companies should note that the government made a determination just before the end of the financial year that permits companies to hold annual general meetings by electronic format. Also, companies may execute a document, without using a common seal, by electronic communication. The determination is to be repealed on 6 November 2020. ANNUAL GENERAL MEETINGS…

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Varying PAYG instalments because of COVID 19

Varying PAYG instalments because of COVID-19

July 7, 2020

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 your instalments to suit your circumstances.…

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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…

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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…

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Rental passive income and carrying on a business for JobKeeper eligibility

Rental (passive) income and ‘carrying on a business’ for JobKeeper eligibility

June 3, 2020

When assessing eligibility for JobKeeper assistance, the first question that must be answered is whether the entity was carrying on a business as at 1 March 2020. This question is of particular relevance to entities that have solely or predominantly rental income (other than input taxed supplies). One Administrative Appeals Tribunal case noted that “the…

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COVID 19 and residential rental property claims

COVID-19 and residential rental property claims

June 3, 2020

Many residential rental property owners have had their rental income affected by COVID-19. As a result of this income year not being business as usual, the ATO has provided answers to some typical scenarios that may crop up in this area for tax time. Q – If tenants are not paying their full rent of…

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Concerns on property development and SMSFs

Concerns on property development and SMSFs

June 3, 2020

The ATO, as regulator of self-managed superannuation funds, has reported an increase in the number of SMSF trustees entering into arrangements involving buying and then developing property (either with related or unrelated parties) that is subsequently sold or leased. Trustees should be aware that the ATO is taking an active interest in property development investments…

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