Victorian Grant 3.0 Eligibility
Vic Government Business Grant Eligibility Criteria Victorian has been hit hard by closing down of businesses due to COVID. Over the weekend Vic government came out with third round of government grants for SMEs. Total package value of $3 billion were announced. The amount of grants available from this program range from $10,000 to $20,000 […]
JobKeeper 2.0 Explained
JobKeeper 2.0 Explained . JobKeeper extension As of today, Jobkeeper 2.0 is a law, so it’s time to understand and update you ins and outs. For most of the businesses, JobKeeper has offered a lifeline to get them and their businesses through the last few months. After much anticipation, the Federal Government has announced an extension of […]
Investment Property COVID – 19 Q&A
Due to COVID 19, my tenants can’t pay rent, how do I go about it in my tax return? You can still claim deductions in your tax return if your tenants can’t pay their rent under the lease agreement because their income has been affected by COVID-19 and: you received less rental income as a […]
Depreciation
A good depreciation schedule would allow you to foresee how depreciation impacts your tax position. Fundamentally depreciation assumes effective life of an asset. Effective life is number of years an asset is expected to last. E.g. a car typically has effective life of 8 years. There are two methods available for depreciation: Diminishing Value: Allows you […]
Working from Home – Deductions
Due to COVID-19, there are many of us who are now working from home. If you are working from home, you may be able to claim a deduction for expenses you have incurred relating to your work. This can be done using shortcut method or actual method depending on your circumstance. Shortcut-Method In order to […]
Victorian Government’s $534M Support Package
As we continue to deal with uncertainity caused by pandemic, the Victorian government has unveiled a $534 million support package for businesses, following the announcement that parts of the state were being plunged back into COVID-19 lockdown earlier this week. The package includes cash grants of $5000 for some 80,000 eligible businesses in metropolitan Melbourne […]
Life’s Journey
Make today good Tomorrow better Tomorrow better future’s best Life is a journey Keep walking
Monthly reporting for JobKeeper Payments
If you’ve enrolled for the JobKeeper Payment and identified your eligible employees, you need to make a business monthly declaration to ATO. You will be able to do this from the 1st to the 14th day of each month (for May 2020 you will be able to report from 1st June till 14th June 2020) […]
Jobkeeper Payment for people flying Solo
Jobkeeper payments for People Flying Solo Small businesses such as sole trader, partner of a partnership, Pty Ltd with 1 director or 1 beneficiary of a trading trust can access Jobkeeper payment. Under jobkeeper payment arrangement, ATO has clarified business owners operating through following structures and associated entities are eligible to apply for $1,500 per […]
The Stimulus Package: What this means for you
While we prepare to go into hibernation, the Government is doing everything they can to deal with COVID-19 and an inevitable recession. As part of the financial measures taken so far, the Government plan to inject a total of $189B in various ways and it’s important to understand how these may help you and your […]