Note that the boost to the instant asset write off rules that the government put in place to help stimulate the Australian economy in the face of the COVID-19 crisis has been extended to the end of this year. Businesses with a turnover of up to $500 million a year will be allowed to continue writing off newly purchased assets worth up to $150,000.Read more
Despite the current COVID-19 world in which we live, the procedures for completing and lodging tax returns remains pretty much the same.Read more
Your 9.5% super guarantee contributions must be received by your Super Fund by 28 July to avoid penalties. If you pay by 30 June then they are deductible in this current yearRead more
The ATO has announced that it has identified some common errors regarding luxury car tax (LCT) claims, but also says there are issues it has identified with LCT that are more associated with actively trying to pay less tax than required.Read more
The government is allowing the early release of superannuation and a temporary reduction in minimum pension drawdown rates to help individuals deal with the adverse economic effects of COVID-19.