News/Blog

To date, there have been a number of economic stimulus measures and tax relief to help support people financially through the Coronavirus pandemic. We have received many questions from our clients in relation to these. To help, each week, we will be choosing some of the most frequently asked questions and providing the answer (to the best of our knowledge at the time of publishing) both on our website and via our social channels. The situation is changing daily, sometimes hourly, but we endeavour keep you up to date to help support you through this difficult time. (1) Can I defer my tax obligations – lodgements and/or payments? Some of the economic stimulus and tax relief measures do include options for deferring lodgement obligations or tax payments. However, this is not across the board and requests for time extensions are only being considered on a case-by-case basis. If you think that you will have difficulty making tax lodgements or paying tax, inform us sooner rather than later. Payment due dates can be extended up to 12 September 2020 and the ATO can stop interest [...]

Here’s the deal: The Government’s JobKeepers wage subsidy package will ensure eligible employers are paid $1,500 per fortnight per eligible employee from 30 March 2020, for a maximum of six months. Eligible employees will receive this payment (before tax) from their employers. Importantly, you will get this payment as a minimum regardless of how much or little you were earning. Employers can also choose to top it up. The good news is that many, many people will be eligible if they have lost work because of the Covid-19 pandemic - it has actually been described as one of the most generous wage subsidy packages offered in the world. However, there is set criteria so it’s important to understand the facts. We know it can be overwhelming to understand how it applies to you, so we have put together a summary of what we know so far, and what the next steps are for you. We are busy responding to client’s questions about their particular circumstance, but we hope this helps break down the key points: JobKeepers key eligibility requirements: Employers including companies, partnerships, trusts, [...]

The Covid-19 outbreak has forced employers to require staff to work from home (if their can) to ensure they minimise any risk of exposure to the virus. While it is not ideal, it means that, in part, a lot of businesses can continue operations. This has resulted in temporary home offices being set up throughout the country. If you are not used to working from home, then you may not be aware that there are a range of deductions you can claim for home office expenses. The key to maximising your deductions is to determine where you are going to work in your home and ensuring you keep diary evidence of hours worked. Deductions for expenses can include: The use of equipment – the decline in value of your computer, computer equipment, furniture in the area you use for work Utilities – electricity, heating and cooling, cleaning Phone and Internet usage Stationary costs – printer ink, paper There are two different ways to claim. Fixed or actual? You can claim a fixed rate of 52 cents per hour you work from home, or you [...]

To our valued customers, With the escalating impact of COVID-19, we want to keep you up to date with the immediate decisions and future preparations Taxpro Australia is taking in response. The health and safety of our staff, our clients, our suppliers and the local communities in which we work is of the upmost importance to us, and the basis for all our decisions. As such, we will be temporarily closing the Balcatta office in Perth from Monday 23rd March 2020, and all our team members will be working remotely. We feel this is the best course of action to ensure our services continue at full capacity for our clients. To date, we have no illness, or staff in isolation, so this decision is simply to minimise any risk of exposure. We would like to reassure you that Taxpro Australia has robust business continuity processes and procedures in place. All phone calls to Taxpro Australia will continue to be handled by Chloe and all emails will continue to go to your Taxpro accountant. The only difference is we will not have visitors, offer a drop-in [...]

As a small business, it is really important that you know your risk and manage that risk as much as you can. The Government has put plans in place to help support Western Australia’s businesses through the crisis. An economic stimulus package worth $607 million has been announced in an effort to stave off the impacts of the coronavirus outbreak. The new package is on top of a $17 billion Federal Government economic stimulus package already announced by the Prime Minister. New announcements are being made every day, so we will try to keep you updated on anything tax-related that may affect your business going forward. How we can help To assist businesses experiencing financial difficulty as a result of the COVID-19 outbreak, the ATO is implementing a series of relief options for eligible businesses including: Deferred payments GST credits PAYG instalments Remitting interest and penalties applied to tax liabilities Low interest payment plans Super Guarantee payments One-off grants between $2,000 and $25,000 for eligible businesses If you have any concerns about the impact of the Coronavirus pandemic on your business and the tax requirements, please do not [...]

During this period of uncertainty, the Taxpro Australia team believes it is of the upmost importance to stay kind to one another and be considerate of other people’s health and safety. On a day-to-day basis, while we wait for further advice from the Government, it is important to limit the potential spread of the virus by putting all precautions in place to safeguard the wellbeing of our team and clients. There are some immediate changes we are making to our routine in the office, and we are putting plans forward to modify our business as this situation intensifies. Limiting social interactions and encouraging social distancing Instead of having face-to-face meetings, we prefer a conference call, skype or phone call - just let us know what suits you. Our business also does allow staff to work from home, however we are not working from home at the moment. In the future, if this is required, Taxpro services will continue as usual just from our home offices. One of the key things is to stop handshakes and to ensure that the team and any visitors/clients engage [...]