An understatement is that this has certainly been a difficult year, and we are certainly seeing that many businesses have made a tax loss. A tax loss is when the total deductions you can claim, excluding gifts and donations, are greater than your total income for any...
Can you claim tax deductions for wage and salary you pay your employees? This is a common question that businesses, particularly those who are new, ask at the end of the Financial Year. As the Financial Year ends and you prepare for the lodgement of your tax returns,...
JobKeeper extension has been announced by the government. Payment for JobKeeper is now extended until 28 March 2021 for businesses and not-for-profit organisations severely affected by the COVID-19 pandemic. The payment extension, however, will be reduced and paid at...
A reminder has been issued by the ATO to employers reporting through STP (Single Touch Payroll). That applies to just about every employer, assuming that deferral or exemption isn’t involved. Employers need to have payroll information finalized for the income year of...
Businesses and property investors will sometimes hire a professional quantity surveyor, who will put together an updated tax depreciation report. This will provide depreciation and capital works deductions for revenue-producing properties they own. These places may...
Guidance is available from the ATO if employers require assistance reporting qualified employees and/or topping-up JobKeeper payments through STP (Single Touch Payroll). Employers need to inform the ATO for every employee that qualifies: when a qualified employee...