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Monthly Archive: June 2020

Home Office Tax Deduction Methods

June 14, 2020

This year our tax deductions will be quite different. There are 3 ways to calculate your home office expenses. Shortcut method – 80 cents per hour from 1 March 2020 to 30 June 2020 Fixed rate method – 52 cents per hour Actual cost method You must include the note “COVID-hourly rate” in 2019–20 tax…

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Tax Time – 2020 – The ATO Hotspots

June 14, 2020

It is that time again.  The ATO now that this year will be very different due to COVID-19 and so many working from home… ATO assistant commissioner Karen Foat has now urged taxpayers to reduce claims for work-related expenses in the last quarter of the 2019–20 year that would have been impacted by government-mandated restrictions…

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Cents per Kilometre deduction rate change

June 14, 2020

The ATO will raise the cents per kilometre deduction rate for motor vehicle expenses to 72 cents from the start of 1 July 2020. The cents per kilometre method currently allows taxpayers to claim up to a maximum of 5,000 business kilometres per car per year, without requiring written evidence. The impact of COVID-19 and government restrictions will…

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Instant Asset Write-Off $150,000

June 11, 2020

The Government has announced last Tuesday that the Instant Asset Write-Off will be staying for businesses with a aggregated annual turnover up to $500 million until the end of the calendar year. They want to make sure businesses grow, invest and hire staff. This is great news..

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HomeBuilder Scheme Grants of $25,000

June 11, 2020

The HomeBuilder scheme targets the residential construction market by providing tax-free grants of $25,000 to eligible owner-occupiers, including first home buyers, to build a new home or substantially renovate their existing home. Eligibility Eligibility criteria apply to the individuals applying for the grant and the building project: Individual eligibility The HomeBuilder scheme is available to…

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Effect of Low Interest Rates

June 2, 2020

Outcomes for Australia: Several of the banks across Germany and Japan have sought to diversify their revenue streams across geographies, increasing their product offering around the world and gain exposure to higher interest rates – in countries such as Malaysia, China, Hungary, Poland. Also, many of the banks offer corporate bank accounts with negative interest…

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