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August 2020 Tax Newsletter

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This month there is a lot happening with Jobkeeper and other avenues of support in these trying times. Some of the topics this month are:

  • Federal Government releases economic update – On 23 July 2020, Federal Treasurer Josh Frydenberg released the Economic and Fiscal Update July 2020.
  • Instant asset write-off further extended – If you’ve purchased assets for your business, remember that you may be eligible to claim an immediate deduction under the instant asset write-off, which was recently further expanded.
  • JobKeeper extended, with changes – The Government has announced that JobKeeper payments will continue for six months beyond the legislated finish date of 27 September 2020, subject to revamped eligibility rules.
  • JobKeeper payments to childcare providers end – The ATO’s key JobKeeper information has been updated to note that payments for childcare providers stop from 20 July 2020.
  • Coronavirus Supplement extended, with changes – The Government has announced that it will extend the temporary Coronavirus Supplement payment to 31 December 2020 but the rate will be reduced.
  • ATO alert on fraudulence and non-compliance: COVID-19 measures – The ATO is on the look-out for fraudulent schemes designed to take advantage of stimulus measures including JobKeeper, early release of superannuation, and cash flow boosts for employers.
  • Top tax time myths for 2020 that slow down returns – The ATO has published a list of common mistakes and misconceptions taxpayers have around tax time.
  • Working from home deductions: “shortcut” rate extended – The ATO has extended the “shortcut” rate for claiming work-from-home running expenses to at least 30 September 2020.
  • Banks further extending loan repayment deferrals – The Australian Banking Association has announced a new phase of support to assist customers to get back to making their loan repayments.
  • Super contributions beyond age 65 from 1 July 2020 – The Assistant Minister for Superannuation Senator Jane Hume has welcomed the recent amendments to super regulations that allow more people to make voluntary superannuation contributions.

Please click on this link to read more about these topics

August 2020 Tax Newsletter

If you need any further information, please contact us on 02 9580 3353

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