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COVID 19 Impact New Arrangements – WHAT HOME OFFICE EXPENSES ARE ALLOWED?
If you perform some of your work from your home office, 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 ARRANGEMENTS The Australian Taxation Office (ATO) has announced special arrangements…
JobKeeper and Stage 4 restrictions in Victoria
As a result of the Stage 4 Restrictions in Victoria, businesses that have not been accessing JobKeeper support to date may now find themselves eligible using the decline in turnover test on a projected basis. JobKeeper fortnights 9, 10 and 11 fall in the August claim period so eligible businesses should enrol with the ATO…
A budget is your guide to success
When was the last time you reviewed your business budget? A budget is a living document. It’s the underlying tool that sets the direction of your business… your guide to success. Regularly comparing your current Profit & Loss report against your budget helps you focus on areas that need immediate attention. Is revenue on a…
Director Penalty Law Extended to GST
Director penalty notices (DPNs) have existed for some years now to recover unpaid PAYG withholding and superannuation. This law means that if a company did not pay PAYGW and superannuation obligations on time, company directors could become personally liable for the amount owing, as well as penalties. The new law started on 1 April 2020…
WHY SHOULD YOU LODGE AN FBT RETURN?
Even though Fringe Benefits Tax (FBT) is designed to capture benefits enjoyed by an employee, it is levied on the employer. Unless your employment agreement allows for any FBT that becomes payable to be recouped from the employee, the employer will have no recourse for reimbursement. So, why should an employer lodge an FBT return…
Payroll Updates: Minimum Wage, Award Changes and Parental Leave
Minimum Wage Staggered Increases and Award Changes The national minimum wage increased on 1 July by 1.75% to $19.84 per hour (or $753.80 per week). The minimum wage increase applies to employees on JobKeeper if their pay rate is defined by an award rate or the national minimum wage. This means the amount of JobKeeper…
