by Swot Accoountants | Jun 11, 2020 | Coronavirus (COVID-19), Tax & Compliance
Businesses and employers JobKeeper payments received by the business are assessable (taxable) income Stimulus “Cash Boost” payments received between $20K and $100K are not assessable income (tax-free) Individuals and employees JobSeeker payments received from...
by Swot Accoountants | May 28, 2020 | Business News, Tax & Compliance
From 12 March 2020, the instant asset write-off threshold was increased to $150,000 for eligible businesses. From 1 July 2020 however, the threshold will be significantly reduced to its legislated $1,000 for each asset. There are some exclusions and limits. If you’re...
by Swot Accoountants | May 12, 2020 | Companies & Trusts
Family and Discretionary Trusts In legal terms, a trust is a relationship (not a legal entity) in which one party (the settlor) gives property to another person (the trustee) to hold or conducts a business for the benefit of a third person (beneficiary). Trusts are...
by Swot Accoountants | Apr 25, 2020 | Business News, Coronavirus (COVID-19)
The ATO Commissioner has extended the enrolment time for the JobKeeper Payments from 30 April 2020 to 31 May 2020. If you enrol before the 31 May, you will be able to claim for the fortnightly periods starting 30 March 2020. You must make sure that your employees have...
by Swot Accoountants | Apr 7, 2020 | Business News, Coronavirus (COVID-19)
The Treasury has now released a guide on the yet to be legislated JobKeeper payments, including the eligibility criteria. Some examples: Partnerships – only one partner in a partnership can be nominated to receive the JobKeeper payments. Trusts – only one individual...
