Jul 03
tax return working from home

What home office expenses are allowed?

If you performed some of your work from your home office during the 2020 financial year, you may be able to claim a deduction for the costs you incur in running your home office, even if the room is not set aside solely for work-related purposes COVID-19 IMPACT - NEW... read more →
Jun 30
Jun 23

Embracing the fear

Sharemarkets are the most volatile they’ve been in the past 20 years. Increased uncertainty, fear, forced and panic selling, as well as reduced liquidity, are all contributing factors to currently elevated levels of volatility. A simple measure using intraday price fluctuations can be used to understand the extent of the... read more →
Jun 10
May 20

Varying PAYG instalments

Businesses experiencing financial difficulty due to COVID-19 may be over-paying their PAYG instalments if their current rate no longer reflects their estimated tax for the year. This can cause further cash flow problems for businesses already in distress. In response to this, the ATO is providing increased flexibility towards varying... read more →
May 05
Apr 23

JobKeeper: what to do now

Most businesses have now determined their eligibility for the JobKeeper payment, but with the scheme about to commence, the questions are turning to what steps are next to administer the claim. The ATO has clarified the process to claim for eligible businesses. The steps include: • Register your interest and... read more →
Apr 21
Apr 09
Apr 03

NSW Small Business Support Fund

Thousands of small businesses across NSW struggling to cope with the COVID-19 shutdown will receive grants of up to $10,000 under a new assistance scheme announced today by Premier Gladys Berejiklian, Treasurer Dominic Perrottet and Minister for Finance and Small Business Damien Tudehope. The NSW Government will put $750 million... read more →
Apr 03
Apr 03
Apr 02

Understanding JobKeeper Payment

Your business may be eligible for the new JobKeeper Payment which was announced on 30 March 2020 to assist businesses to continue to pay their employees. We are waiting on legislation to support the measures so it is unclear at this stage how the mechanics of the JobKeeper payment system... read more →
Mar 24

Second Stimulus Package – Business Owners

With the country locking down it's borders, empty airports, cafes, bars, restaurants and more changes to come the Commonwealth Government has released the second stage of its plan to cushion the economic impact of the coronavirus. For small to medium sized businesses (SMEs), the key elements of the second stimulus... read more →
Mar 24
SMSF Strategies

Second Stimulus Package – Individuals

Details on the second stimulus package announced A summary for individuals The Commonwealth Government yesterday released the second stage of its plan to cushion the economic impact of the coronavirus. For households including casuals, sole-traders, retirees and those on income support, the key elements of the second stimulus package are: ... read more →
Mar 17

NSW Stimulus Package

NSW Treasury officials Premier Gladys Berejiklian, Treasurer Dominic Perrottet and Minister for Health Brad Hazzard today announced a NSW stimulus package in response to the coronavirus crisis. In a nutshell, the package is aimed at three things - saving lives, creating jobs and supporting small business in NSW. The key... read more →
Mar 17
COVID-19 Tax Help

ATO supporting COVID-19 impacted businesses

The Australian Taxation Office (ATO) issued a special edition Business Bulletin yesterday, 16 March 2020, which contains information about how the ATO can support your business during the COVID-19 crisis. How the ATO can assist The ATO will implement a series of administrative measures to assist Australians experiencing financial difficulty... read more →
Mar 12

Government Announces $17.6 billion stimulus package

The Federal Government has announced a $17.6 billion economic stimulus package in a bid to keep Australians in jobs as the economy takes a hit from the spread of coronavirus. The stimulus package is projected to have a $22.9 billion impact to prevent Australia from slipping into a recession.  The... read more →
Mar 10

Dealing With Market Turbulence

The share market decline since the peak of 20 February 2020 has been fast and brutal. Immense fear has now engulfed the market just like it has engulfed society through the perceived necessity to stockpile toilet paper. COVID-19 is undoubtedly impacting world trade with borders being closed and the world's... read more →
Mar 09
Floods Australia Accounting

FBT exemption for emergency assistance

Businesses that provide benefits to employees during an emergency situation are likely to have assistance costs be exempt from fringe benefits tax (FBT). It is worthwhile to know what kinds of benefits you as a business owner can provide for different emergencies that will be excluded from FBT. Exemptions will... read more →