July 2020 Newsletter

Please click on the following link to view our monthly accounting/tax newsletter for

July – 2020

We would like to highlight the following articles in this month’s newsletter:-

Additional cash flow boost coming for businesses – If your business is one of many that received the initial cash flow boosts as a part of the government’s COVID-19 economic stimulus measures, prepare for more help coming your way. When you lodge your monthly or quarterly activity statements for June to September 2020, your business will receive additional cash flow boosts.

The additional amount will be equal to the total amount of the initial cash flow boosts received and will be split evenly between the lodged activity statements. Hence, quarterly payers will receive 50% of their total initial cash flow boosts for each activity statement, while monthly payers will receive 25% of their total initial cash flow boosts for each activity statement.

JobKeeper and JobSeeker income – Taxpayers who have received JobKeeper payments from their employer do not need to do anything different to include those amounts in their tax return. The payments will be included as salary and wages and/or allowances in their regular income statement that is issued by their employer. Sole traders who have received the JobKeeper payments on behalf of their business will need to include the payments as assessable income for the business.

For taxpayers who have received JobSeeker, the ATO will load this information into their tax return at the Government Payments and Allowances label once it is ready.

Please do not hesitate to contact us if you have any queries in relation to your tax and accounting matters.