Instant asset write-off extended
Extension of the $150,000 threshold for the instant asset write-off rules As announced earlier last week, the Government is planning to extend the $150,000 instant asset write-off threshold for a further 6 months until 31 December 2020. This means that...
HomeBuilder – What is it and how do you access it?
The 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. The grants will be distributed by the revenue...
NSW Business grants
The ATO and the Tax Practitioners Board have now warned of “firm and swift action” against tax agents who defraud the government’s stimulus package, with a dob-in hotline now established. The joint regulators have now sent a clear warning to...
JobKeeper 2.0
JobKeeper from 28 September 2020 We have summarised the key details in this update please download here. The first tranche of JobKeeper ends on 27 September 2020. Those needing further support will need to have their eligibility reassessed and prove an actual decline in...
Code of conduct for commercial tenancies
The Prime Minster has announced that the states and territories will legislate a mandatory code of conduct for commercial tenancies – see National Cabinet Mandatory Code of Conduct. The code applies where: The landlord or tenant is eligible for the JobKeeper...
The Coronavirus scams you need to watch out for
The Coronavirus pandemic has changed our way of life and while many people have responded to situation with kindness and compassion, there are some people who are taking full advantage of the pandemic. Scammers try to steal your personal and...
ATO releases JobKeeper alternative test
The alternative tests will only kick in if an entity cannot satisfy the basic decline in turnover test. These include where an entity commenced business after the relevant comparison period in 2019 or the business did not exist in the relevant...
Automatic ATO lodgement and payment deferrals
The Tax Office will now apply automatic lodgement and payment deferrals for company 2018–19 income tax returns to a new due date of 5 June 2020. Further, SMSF 2018–19 annual returns will now be due on 30 June 2020. 2019–20...
The ATO Increases the Instant Asset Write-off
What is an Instant Asset Write-off? The instant asset write-off allows small to medium-sized businesses to claim immediate deductions for plant and equipment asset purchases (both new and second-hand). Equipment includes vehicles, tools, machinery and office equipment. The asset must...
6 months moratorium on residential tenancy evictions
The NSW Government is introducing measures to help landlords and tenants work together. The support package includes a six-month moratorium on landlords making applications for evictions due to rental arrears: for tenants who are financially disadvantaged by COVID-19, and where...
