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SMALL BUSINESS ACCOUNTING NEWS
Latest news about small business accounting and taxation from Billings + Ellis, the small business accountants in Melbourne.
More relief for VIC businesses affected by lockdowns in FY 2020-2021
Owners and managers of businesses in Victoria should check eligibility for lockdown relief payments and take full advantage of any assistance available in the 2020-2021 financial year and beyond. Some grants and programs are available from the Victorian government ongoingly while others close around EOFY 2020-2021.
Full expensing on business asset purchases until 30 June 2022
From 6 October 2020 to 30 June 2022, business asset purchases can be fully claimed as an expense (‘full expensing’) for businesses with up to $50 million turnover. To help encourage investment in new business assets aimed at increasing productivity, the depreciation limit and business rules still apply to motor vehicles.
ATO spotlight on compliance for traders in cryptocurrency
The Australian Taxation Office (ATO) is concerned that many taxpayers believe their cryptocurrency gains are tax-free or only taxable when the holdings are cashed back into Australian dollars. As an investor, if you buy, sell, swap cryptocurrency (crypto) for fiat currency (legal tender), or exchange one crypto for another, it will be subject to capital gains tax (CGT) and must be reported to the ATO.
Superannuation Guarantee (SG) increase effective 1 July 2021
The Superannuation Guarantee (SG) rate will increase from 9.5% to 10% on 1 July 2021. Employers with staff on salaries that are inclusive of superannuation will need to make a decision – whether to incorporate the increase in the existing salary package of staff or apply the SG uplift as an increase to total employee costs.
Loss carry-back tax offset for corporate entities explained
The ATO published an explanation of the refundable tax offset that eligible corporate entities can claim after the end of their 2021-22 income years in 2020-21 and 2021-22 tax returns. Where applicable, this refundable tax offset may result in a cash refund, reduced tax liability, or a reduction of debt owing to the ATO.
How to claim your home office costs
Many more people are working from home in response to COVID-19, even the owners of some businesses. Not everyone is used to being able to claim their home office expenses, and some allowances have been changed by the ATO to make it more simple to claim. There are three methods for claiming home office costs and we’ve explained these below.
JobKeeper payments to help businesses retain and support employees through this challenging time
On 30 March 2020, the Australian Government published a fact sheet to provide more information on JobKeeper payments as the third stage in stimulus and support packages to assist with COVID-19 impacts.
Second stage of government stimulus package for 2020
On 22 March 2020, the Australian government announced the second stage of its economic plan to cushion the economic impact of the coronavirus and help build a bridge to recovery. Here is a summary of key points in the government stimulus package.
Government stimulus package offers economic remedy for 2020
In response to the impact of Coronavirus (COVID-19) on the Australian economy, the Federal government announced a stimulus package to assist Australian businesses in general and also provide extra support for some individuals. The business benefits are not automatically applied and some action is needed to claim available benefits where eligible.
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