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Barker & Jennings Blog

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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Self managed super fund audit checklist

December 10, 2019

Click here for the ATO checklist for 2019 For further clarification contact the auditors at Barker and Jennings.  

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Employee Salary Sacrificed Contributions

December 10, 2019

From 1 January 2020 employers will be required to provide superannuation guarantee (‘SG’), on the amounts an employee salary sacrifices into their own superannuation fund.   Here is an example:- Tony receives a salary of $100,000 from his employer for his ordinary hours of work per year. His annual allowable SG would be $25,000. Tony…

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Superannuation year end planning for the 2016/17 financial year

June 9, 2017

The end of financial year always seems to crop up faster than it should. Given the impending July 2017 superannuation changes, being on top of your end of financial year planning is as important as it has ever been. This year it is essential that you consider maximizing the existing contributions limits for superannuation before…

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Engage with the ATO on outstanding debt or risk 5 years of bad credit! – Matthew Jess (Worrells)

February 7, 2017

The Federal Government’s Mid-Year Economic and Fiscal Outlook (MYEFO) included an announcement that from 1st July 2017 the Australian Taxation Office (ATO) can disclose to Credit Reporting Bureau the tax debt information of businesses that have not effectively engaged with the ATO to manage those debts. This will be a new and unprecedented power of…

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