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 [...]