If your business has made tax losses in years to the current one, but you haven’t yet offset all those losses, you can still carry these forward and claim a deduction for them in a later year — as long as you meet all the requirements of the tax law. Your business structure will affect...

There have been some changes made to JobKeeper since our last newsletter. Businesses will need to meet one of the decline in turnover tests for the September 2020 quarter alone (rather than for both the June and September quarters as announced in July) to be eligible for JobKeeper for the period 28 September 2020 to...

With many having received cash flow boost and JobKeeper payments, there can arise some unique issues where these amounts are received within a trust or company. The cash flow boost and JobKeeper payment have been flowing to eligible businesses for some time now. These stimulus payments have differing tax treatments, which are: the cash flow...

Access our Wallace Partners Client Information Newsletter September 2020 below:

As a general rule, expenses relating to travel between home and work (and vice versa) are non-deductible. A numberof exceptions to this principle exist, including for situations that require bulky equipment be transported to and fromwork. In order for transport expenses to be deductible under this “bulky equipment” exception, it is usually necessarythat all of...

The COVID-19 pandemic has placed property owners, and tenants in many cases, in unfamiliar territory. Many tenants have been paying reduced rent or ceased paying because their income has been adversely affected. While rental income may be reduced, owners will continue to incur normal expenses on their rental property and will still be able to...

From 1 July 2019, the government adopted new rules that aim to prevent the unnecessary erosion of people’s retirement savings through inappropriate insurance arrangements. As part of the rules, super providers, excluding SMSFs and small APRA funds, are unable to provide insurance by default when an account has been inactive for more than 16 months....

The JobKeeper payment, which was originally due to end after 27 September, will now continue to be available to eligible businesses (including the self-employed) until 28 March 2021. However there are some changes to consider. The JobKeeper payment rate of $1,500 per fortnight for eligible employees and business participants will be reduced to $1,200 from...

Access our Wallace Partners Client Information Newsletter July 2020 below:

More support for taxpayers in the face of the COVID-19 health crisis has just been announced in the form of a suspension of the indexation of tax instalments for the 2020-21 income year. Both income tax (PAYG) and GST instalments are included, which the government says affects 2.2 million and 81,000 taxpayers respectively. Indexation, using...