Where you stand with vehicles and the boosted instant asset write off
The extension of the instant asset write-off from $30,000 to $150,000 until 31 December 2020
COVID-19 and trust liquidity issues
The ATO has highlighted the fact that due to COVID-19, a trustee may experience liquidity issues that may affect a trust’s ability to satisfy a beneficiary’s entitlement. This may happen where financial institutions impose restrictions that affect the way a trustee can deal with its assets.
COVID-19 payments and some issues for companies and trusts
With many having received cash flow boost and JobKeeper payments, there can arise some unique issues where these amounts are received within a trust or company.
Claiming a deduction for transport expenses when carrying bulky equipment
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.
Rental property: Tax approach adjusts for COVID-19
The COVID-19 pandemic has placed property owners, and tenants in many cases, in unfamiliar territory.
Has your super fund got you covered for insurance?
Has your super fund got you covered for insurance? With COVID-19, maybe not.
The JobKeeper scheme gets an update, plus an extension
The JobKeeper payment, which was originally due to end after 27 September, will now continue to be available to eligible businesses (including the self-employed) until 28 March 2021.
$100k offered to businesses solving environmental challenges.
The Australian government has just announced its latest funding round for small and medium-sized businesses to develop innovative solutions that can solve national environmental challenges
PM unveils JobMaker, promises 'more efficient' taxes and less regulation
The Prime Minister has unveiled a new government scheme giving way to tax reform and deregulation to ease the burden on small business
Accountants celebrated for their frontline COVID-19 efforts
In a recent webcast the Australian Small Business and Family Enterprise Ombudsman (ABSFEO), Kate Carnell; Deputy Commissioner from the ATO, Deborah Jenkins; and Reckon CEO Sam Allert thanked accountants and bookkeepers for their essential role in buffering the impact of the ongoing COVID-19 crisis.