Small to medium-sized businesses are reminded that there are just weeks left to make the most of the government’s increased instant asset write-off offer.
If you work from home right now, remember to keep records and receipts for your home office expenses, along with a record of the hours you work from home. Keeping good records now will help to get your deductions right at tax time. The ATO has a PDF poster you can download to help understand what you can claim.
The Government is providing cash flow assistance for eligible businesses in the form of two separate measures. The following is a broad summary of the key aspects of the stimulus package in response to the Coronavirus, as recently announced and enacted.
Are you meeting your PAYG Withholding obligations? If you are running a business, you can no longer claim deductions for payments to employees or workers if you have not met your PAYG obligations. This applies to tax returns lodged for the 2020 year onwards