Instant Asset write-off of $150,000 has been extended to 31 December 2020
The instant asset write-off threshold of $150,000 for businesses with an aggregated turnover of less than $500 million will now be extended to 31 December 2020.
Without the extension, the instant asset write-off threshold of $150,000 would have reverted to the $1,000 threshold and eligible only to small businesses with a turnover of less than $10 million after 30 June.
Dear clients,
Prime Minister Scott Morrison (ScoMo) just confirmed the $688million HomeBuilder scheme which will be a $25,000 grant to Australians looking to build a new home or renovate in the second half of 2020.
With the end of financial year nearing, here are some tips in relation to superannuation contributions and some general information about contributions and different ways to contribute to your Superfund in the most tax effective way.
Concessional contribution
As you are aware, end of financial year is fast approaching.
As many of you may have been impacted by covid-19 restrictions, and as such have had to work from home, particularly the last few months, we have put together a small fact sheet on what you can and cant claim for your working from home expenses.
If you were working from home due to Covid-19 restrictions, the ATO have allowed a claim of 80c per hour from 1 March 2020 until at least 30 June 2020. To claim this, you should start (if you have not already) putting together a log of the hours you have worked from home during this period.
Single Touch Payroll (STP) reporting is currently available through payroll, accounting and business management software. Most software providers are offering STP-enabled products. Some providers have asked us for a later start date (a deferral) for their employer clients to report through STP. If you're not sure whether your software has a deferral, check with your provider.
