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Categories: All, Accounting adjustments, Advice, GST Credit, GST credit claims, JobKeeper, Legacy, News, Super, Tax, Tax Rates, Technology,
Budget Measures Now Law
A number of measures announced in the Federal Budget 2020–21 are now law. These are: bringing forward the personal tax cuts and the new low income tax offset by two years to 2020–21 – new PAYG withholding schedules are available (see below); retaining the low and middle income tax offset…
Tax Losses and Your Business
This has been a difficult year, and your business may have made a tax loss. A tax loss is when the total deductions you can claim, excluding gifts, donations, and personal super contributions, are greater than your total income for an income year. If your business makes a tax loss,…
Instant Asset Write-off For Businesses
The instant asset write-off (IAWO) for depreciating assets has been expanded. Since then, the IAWO has been extended by 6 months to 31st December 2020. The cost caps for small and medium businesses (total annual turnover under $50m) are: Date asset first used or installed ready for use by a small…
The 2020-21 Federal Budget, Our Road to Recovery
The 2020-21 Federal Budget is a road to recovery paved with cash. Key initiatives include: Personal income tax cuts from 1st July 2020 A $4 billion ‘JobMaker’ Hiring Credit to encourage businesses to take on additional employees aged 16 to 35 years old $110 billion in infrastructure investment over 10…
COVID-19 Early Release of Super
You can access up to $10,000 of your super in the 2020-21 financial year if adversely affected by the COVID-19 pandemic. This includes if you are a member of an SMSF. The amount you receive is tax-free (it is non-assessable non-exempt income). The deadline for making an application is now…
Scammers Abound
It was recently Scams Awareness Week, and the ATO published a reminder about keeping personal and financial information safe. Scammers will often try to “phish” for information by impersonating government agencies like the ATO. They can use the information to drain their victim’s bank account, take out loans in their…
Claiming Home Office Deductions During COVID-19
A lot more people are working from home because of the COVID-19 pandemic. If you operate your business from a home office, you can deduct the expenses of running that office. A home office is a room in your home that is used exclusively (or almost exclusively) for business activities.…
It’s Tax Time again!
Your business has to lodge its income tax return for the 2019-20 tax year by 31 October 2020 – unless you use a registered tax agent (your tax agent will be allowed to lodge your return at a later date, even as late as May next year in some cases).…
The JobKeeper Extension: What You Need To Know
The Government has extended JobKeeper, and JobKeeper 2.0 is a matter of weeks away. We’ve got all the essential information that employers, employees, and the self-employed need to know about this vital support. At the time of writing, our understanding is: JobKeeper has been extended by six months, with the…
Legacy of avance
Perhaps you know who avance is, and perhaps you do not. Our history is a long one, a storied one, and there is much we have witnessed through the passage of time. Laws and legislation change, the economy fluctuates to the whims of the world, and society evolves. avance has…
