Business Insights.

Federal Budget 2021/22 – For Businesses

2. Changes Affecting Business Taxpayers 2.1 Temporary Full Expensing Extension In the prior year (2020/21) Federal Budget, the Government announced amendments to allow businesses with an aggregated turnover of less than $5 billion to access a new temporary full expensing of eligible depreciating assets until 30 June 2022. Temporary full expensing became law when Treasury […]

Federal Budget 2021/22 – For Individuals

1. Personal Income Tax Changes 1.1 Retaining the Low and Middle Income Tax Offset (‘LMITO’) For The 2022 Income Year The Government has announced that it will retain the LMITO for one more income year, so that it will still be available for the 2022 income year. Under current legislation, the LMITO was due to […]

Shortcut rate for claiming home office expenses extended

The ATO has extended (again) the ability to utilise the “shortcut rate” for claiming home office running expenses to 30 June 2021 (it previously only applied until 31 December 2020). The ATO’s guideline allows certain taxpayers to claim a fixed rate per hour (80 cents per hour) for most additional running expenses incurred when working […]

JobKeeper 2.0 – Changes to the ‘Decline in Turnover’ Tests

On 21 July 2020, the Government announced that the JobKeeper Payment would be extended until 28 March 2021. The original JobKeeper was set to end on 27 September 2020. As a result, payments will now be made over two separate extension periods, being: Extension period 1 – which covers the seven new JobKeeper fortnights that […]

2020 Checklists

Monthly JobKeeper declarations

All businesses that have enrolled in the JobKeeper Scheme will need to make a monthly declaration to the ATO to ensure they continue to receive JobKeeper payments. The monthly declaration must be made by the 14th day of each month to claim JobKeeper payments for the previous month. It is important that to continue to […]