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    Latest Accounting News

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Hot Issues
Small businesses urged to register assets before insolvency explosion.
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$36bn withdrawn from super during COVID-19
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Vaccination rates as they happen around the world
Toyota returns $18m in JobKeeper payments
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Videos and other resources for our clients
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Key dates for the second JobKeeper extension period
Returning expats reminded on tax snares with pensions, investments
80¢ per hour work-from-home deduction method extended
2020 is coming to an end. Phew!!
Victorian State Budget Overview 2020 - 2021
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FBT – Christmas Parties and Taxi Fares
JobMaker hiring credit given green light despite ongoing concerns
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Part 1 – Budget reminders. Under the Hood.
Articles archive
Quarter 4 October - December 2020
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Quarter 2 April - June 2020
Quarter 1 January - March 2020
Quarter 4 October - December 2019
Quarter 3 July - September 2019
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Quarter 4 October - December 2018
Quarter 3 July - September 2018
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Quarter 3 July - September 2017
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Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
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Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 3 of 2020
Articles
September update of latest COVID-19 initiatives.
ATO JobKeeper 2.0 guidance surfaces
Expats Return to Australia – Travel Expenses
Profession to be relied on for post-JobKeeper turnover certificates
Update of Superannuation contribution rules from July 1, 2020
Expats & COVID-19 Impacts on tax residency
Economic recovery could be slower than anticipated: RBA
High Court rules in favour of employers on personal leave accruals
JobKeeper Phase 2 - Latest Update
Payroll Tax 2020 concessions and JobKeeper
High alert issued over myGov tax time scam
Extended director penalty regime to catch out ‘zombie companies’
SG amnesty deadline - 7 September
‘Hundreds’ to be contacted in ATO early super compliance blitz
90,000 SMEs to benefit from new JobTrainer program
Work Related expenses – 2020
‘Everyone is now on notice’: ATO acquires COVID-19 data on 3m Aussies
Extra Tools & Resources for our clients.
Year End Tax Deductions – “equipment”
Home Office Claims 2020
Early release of super sees ‘high take-up’
Tax time 2020: ATO homes in on rental deduction claims
ATO announces Div 7A COVID-19 assistance
Work Related expenses – 2020

Although the coronavirus lockdown has changed the work habits of many taxpayers, the fundamental tax claims for 2020 apply the same old tax principles.



       


Home Office


  • Claim the costs incurred, plus a new simpler short-cut method of 80¢ per diary hour.

Travel


  • Motor vehicle costs can be claimed under several methods, but using a logbook will almost always produce the best claim.  If you haven’t kept a logbook, how will you know what you missed out on?  Total kilometres travelled by Australia generally has declined, leading to a similar expectation for every taxpayer.  Are you any different?
     
  • Other travel claims are expected to be much lower due to lockdown, so strong evidence of purpose as well as receipts can be expected.

Subscriptions


  • Trade associations, etc, same rules.  Have digital subscriptions or anti-virus software subscriptions increased?

Clothing & Laundry


  • Same rules as always, but use may have changed.  It is probable that most taxpayers will have reduced costs, but other habits may change e.g. sanitiser, which has significantly increased.  What are your changes?  Think about them now and make a note or ask the question.

Tax Agent Fees


  • As always, these expenses are tax deductible.

Other


            What expenses have increased which you can provide a rationale and some evidence to connect to your income generation?


 


 


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28th-July-2020
 
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