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February 2021 Tax Newsletter

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Here is our first Newsletter of the year. It includes all of the new developments for this year including:

  • ATO warning: watch out for tax avoidance schemes - Tax minimisation schemes that are outside the spirit of the law are referred to as tax avoidance, and could attract the ATO’s attention.
  • COVID-19 Supplement extension to 31 March 2021 - The Federal Minister for Families and Social Services has now registered the legal instrument that ensures the COVID-19 Supplement will continue to be paid.
  • Working from home deductions: "shortcut" rate until 30 June 2021 - The ATO advises that the "shortcut" rate for claiming work-from-home running expenses has been extended again, in recognition that many employees and business owners are still required to work from home due to COVID-19.
  • JobMaker Hiring Credit rules and reporting - Businesses that are seeking to employ additional workers but still need a bit of help can now apply for the JobMaker Hiring Credit Scheme.
  • Small businesses: don’t forget your FBT concessions - Concessions include exemptions for car parking in some instances, and work-related portable electronic devices.
  • New insolvency rules commence - The Federal Government has called these the most important changes to Australia’s insolvency framework in 30 years.

For more information about these topics, please click on the link below

February Tax Newsletter

 

For further information, please call us on 02 9580 3353

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