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From the monthly archives: June 2020

We are pleased to present below all posts archived in 'June 2020'. If you still can't find what you are looking for, try using the search box.

EOFY is approaching, time to sort your FBTs and IAWOs

Posted on Wednesday, June 24, 2020
With just a week left in June there’s one thing every small business owner is thinking about: the end of the financial year.   It’s fair to say this year has been unlike any other, so it’s more important than ever to ensure you get the best possible result for your business throughout this period.   The first thing to be aware of is fringe benefits tax, which will look very different for many businesses and their employees this year.   Whether it’s a company car, accommodation credits, or meal allowances, these are an important way that many businesses structure their salaries, and the tax on those is generally due on 28th May but has already been deferred to 25th June.   It’s important with everything that has happened in recent months that business owners don’t neglect that FBT deadline, but it is also worth noting that if you need an extension on submitting that paperwork you can get your accountant to ask the tax office for one, or you can em ... Read the rest of entry »

How to claim your working from home expenses

Posted on Wednesday, June 17, 2020
Tax time will look a bit different for small businesses this year, but there are some important tips to remember as we approach the end of the financial year. Of particular importance this year for employees, will be making sure you have your working from home expenses right, with this the single biggest change for most businesses in the past 12 months. There are a couple of ways of looking at this, and which way you decide go could make a big difference to your tax return. The ‘short cut method’ is to claim 80c an hour for the hours you have worked from home, to cover costs like electricity and internet. This approach could see employees claim around $700 from the pandemic period, but it could also actually mean you end up paying more tax, so it is worth putting in the extra effort to get this part of your tax claim right. What I would be doing right now if you work in a small business, would be going to your employer with a logbook of the expenses incurred during your time working fr ... Read the rest of entry »

Some clarity on the government's intentions from Sen. Michaelia Cash

Posted on Wednesday, June 10, 2020
This week I had a chance to chat with the federal Minister for Small and Family Business, Senator Michaelia Cash. With so much government intervention in the economy, the fast-approaching end of financial year, as well as keeping our businesses running smoothly, it was a great chance to get some clarity on a few things.   The first was an announcement from the federal government this week that the $150,000 instant asset write-off scheme has been extended until the end of the calendar year, allowing more time for businesses to make big-ticket purchases.   This means that businesses looking to make a prominent purchase, such as a work ute, or a piece of equipment that couldn’t be delivered by June 30, now have an extra six months to install it or get it up and running.   That’s a boost for business at a hectic time, and I think it will help a lot of businesses make decisions for their future that they may have otherwise put off.   Many businesses may also not have th ... Read the rest of entry »

EOFY is approaching - things to think about in the time of COVID

Posted on Wednesday, June 10, 2020
  With everything that’s happened this year it’s hard to believe that we’re in June already, and that means one thing: the end of financial year is approaching.   So it’s now time to start finalising your finances and plans from this year and set yourself up for the next one. And with so much already happening in the business world with Job Keeper and other government assistance packages, it is crucial you make the most of this time.   An important scheme to remember for any small business is the $10,000 grant that the Victorian and New South Wales governments are offering for businesses affected by the corona virus.   The ATO tells me this money is GST and tax free, so it’s an amazing opportunity for your business. Be smart with what you spend it on and use it to grow and invest in your business. In particular, look at things in your business that you have put off due to the crisis, or consider how you want your business to run in the next 12 months. ... Read the rest of entry »

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