To protect older Australians, the Government has moved to formalise ‘granny flat arrangements’ by providing an incentive to protect all parties in the arrangement. Typically, granny flat arrangements occur when an older person transfers some…
Fringe benefits tax (FBT) is one of Australia’s most disliked taxes because it’s cumbersome and generates a lot of paperwork. The COVID-19 lockdowns have added another layer of complexity as many work patterns and behaviours…
If you sell an asset you will typically make a capital gain or loss, which is the difference between your initial purchase cost and the amount you receive when you sell the asset. In most…
Earlier this week the Victorian Treasurer delivered the State Government’s 2020-21 State Budget, which includes large scale investment to drive a jobs-led recovery. It is estimated that COVID-19 has cost the State and Federal Government…
The 2020-21 Federal Budget is a road to recovery paved with cash. Key initiatives include: Personal income tax cuts from 1 July 2020 A $4 billion ‘JobMaker’ Hiring Credit to encourage businesses to take on…
The first tranche of JobKeeper ends on 27 September 2020. Those needing further support will need to reassess their eligibility and prove an actual decline in turnover. To receive JobKeeper from 28 September 2020, eligible…
The Victorian Government has announced two new support packages delivering over $3 billion in cash grants, tax relief and cashflow support. Some of the $3 billion appear to be in the form of deferrals (not…
Between April to May 2020, JobKeeper was taken up by 920,000 organisations and around 3.5 million individuals – 30% of pre-Coronavirus private sector employment. On 21 July 2020, the Government announced an extension of the…
The coming end of financial year reporting period will be the first period that many entities will be applying the new accounting standards in relation to revenue recognition and leases in their financial statements. These…
With the increased numbers of taxpayers working from home due to COVID-19, the ATO has released specific guidance softening the rules around claiming deductions for home office expenses, including a ‘shortcut’ set rate method. Firstly,…
