JobKeepers Payment – Economic Stimulus Package – Pace Advisory Group
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] JobKeepers Payment The Federal Government has announced (as part of its Coronavirus Stimulus Package) the introduction of a new JobKeeper Payment to assist eligible employers (and self-employed individuals) who have been impacted by the Coronavirus pandemic to continue to pay their workers. 1. What is the JobKeeper Payment? The JobKeeper payment is a […]
Rent Relief for commercial tenants
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Rent Relief for commercial tenants The Government has announced a range of measures to help renters. This includes a temporary hold on evictions and a mandatory code of conduct for commercial tenancies to support small and medium sized enterprises (SMEs) affected by coronavirus. Hold on evictions for renters Evictions will be put on […]
Shortcut Method of claiming home office running costs
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Short cut Method of claiming home office running costs The Australian Taxation Office (‘ATO’) has announced a temporary simplified short cut method to make it easier for individual taxpayers to claim deductions for additional running expenses incurred (e.g., additional heating, cooling and lighting costs), as a result of working from home due to the […]
Economic Stimulus Package announced by Prime Minister
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Economic Stimulus Package announced by Prime Minister The Morrison Government has announced a $17.6 billion economic plan with the following key features included. Effective today, increase of instant asset write off threshold to $150,000 (from $30,000) and expand access to include businesses with aggregated annual turnover of less than $500 million (up from […]
Selling taxable Australian property? You may need a clearance certificate from the ATO
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Selling taxable Australian property? You may need a clearance certificate from the ATO If an Australian resident is considering selling property, they should apply for an ATO clearance certificate. If a property vendor does not apply for a clearance certificate and present it to the purchaser, the purchaser is required to withhold 12.5% […]
Damage or destruction of a rental property
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Damage or destruction of a rental property What happens if your property is damaged from the results of a natural disaster, or by tenants? Such a situation can affect the types of expenses you claim and the income you need to declare for your rental property. Declaring income If you receive a payout […]
Lifestyle assets continue to be an ATO audit target
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Lifestyle assets continue to be an ATO audit target The ATO has revealed it will request a further five years’ worth of policy information from over 30 insurance companies about taxpayers who own marine vessels, thoroughbred horses, fine art, high-value motor vehicles and aircraft. The ATO expects to receive information about assets owned […]
Claim vehicle expenses
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] To claim vehicle expenses, odometer records are not strictly “set-and-forget” The rules for individuals making claims for vehicle expenses (which apply to both employees and non-employees) state that taxpayers are required to substantiate claims for a vehicle that is used for income producing purposes. Remember however that unlike other work-related expenses, the $300 […]
Age and TFNs
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Age and TFNs A child can apply for a tax file number (TFN) – there is no minimum age. Children are not exempt from quoting a TFN. When deciding whether to quote a TFN, you need to consider your child’s age and the amount of interest they receive. If your child is less […]
Super guarantee opt-out for high income earners
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Super guarantee opt-out for high income earners From 1 January 2020, eligible individuals with multiple employers can apply to opt out of receiving super guarantee (‘SG’) from some of their employers, to help them avoid unintentionally going over the concessional contributions cap. If appropriate for them, they should submit the relevant ATO form to apply for an SG […]