Please click on the following link to view our monthly accounting/tax newsletter for June 2020.
We would like to highlight the following COVID-19 pandemic measures that may apply to you:-
• Cash flow boost payments: Payments of up to $100,000 are available for eligible small and medium sized entities and not-for-profits (including charities) that employ people, with a minimum payment of $20,000.
• Jobkeeper: Eligible employers, sole traders and other entities can apply to receive $1,500 per fortnight per eligible employee/business participant.
• Instant asset write-off: From 12 March to 31 December 2020, the threshold increases to $150,000 for business entities with aggregated annual turnover of less than $500 million.
• Superannuation early release: Eligible taxpayers affected by COVID-19 can apply to release (tax-free) up to $10,000 of their superannuation in 2019–2020 and up to $10,000 in 2020–2021.
• Super pension drawdowns reduced: The minimum annual payment amounts for certain pensions and annuities have been temporarily reduced by 50% for 2019–2020 and 2020–2021.
• Working from home deductions: The ATO will accept tax deduction claims using a flat rate of 80c per hour during the period 1 March to 30 June 2020, provided a diary of working hours is kept.
Please do not hesitate to contact us if you have any queries in relation to your tax and accounting matters.
