Posts by nathan-creativeserumcom

The ATO is warning the community about a new SMS scam which promises an 8% bonus on 2020 tax returns to victims of recent natural disasters. ATO Assistant Commissioner Karen Foat said this is a classic case of fraudsters impersonating the ATO in an effort to collect personal information from people like names, addresses, emails,…

Click the link below for JobKeeper Key Dates https://www.ato.gov.au/General/JobKeeper-Payment/In-detail/JobKeeper-key-dates/ Step 1 – Enrol Please check your eligibility and enrol if you meet all the eligibility requirements. You have until 31 May 2020 to enrol if you are eligible and want to receive payments for April and/or May. You can enrol after 31 May 2020 if…

Last year, the ATO singled out rental property deductions as a “top priority” with the Commissioner of Taxation Chris Jordan claiming that errors were found in almost 90 percent of returns. For tax time 2019, the ATO doubled its audits with a specific focus on overclaimed interest, capital works claimed as repairs, incorrect apportionment of…

The ATO announced on 7th April 2020 that they are allowing taxpayers to claim 80 cents per hour for all their running expenses while working from home. These expenses would include heating, cooling, lighting, depreciation of office furniture, phone and internet expenses, computer consumables, stationery and depreciation for a computer laptop or similar device. This…

The JobKeeper payment is a $1,500 per fortnight (before tax and salary arrangements) subsidy from the government that businesses and not-for-profits impacted by Coronavirus will be able to claim per eligible employee from 30 March 2020 until 27 September 2020. Eligible Employers An entity carrying on a business in Australia or a not-for-profit body pursuing…

ATO Update: You may now need to report when you purchase a new residential property or residential land to the ATO by lodging two forms and withholding the amount of GST from the sale. You will now need to obtain a ‘supplier notification’ which will state if you have a withholding obligation or not. These…

Sacrificing some of your salary into superannuation can be tax effective way to boost your savings for retirement. What is salary sacrificing into superannuation? Salary sacrifice is an arrangement between you and your employer where you agree to forgo part of your before-tax salary in return for your employer making super contributions of the same…

We highlight below some extremely important measures the ATO has outlined in response to compliance by SMSF’s in the current situation Minimum Pension Payments To assist retirees, the government has reduced the minimum annual payment required for account-based pensions and annuities, allocated pensions and annuities and market-linked pensions and annuities by 50% in the 2019–20…

We understand that many people are facing a high level of uncertainty during this time. We wanted to give you an overview of the current measures being put in place to assist Australians. Cashflow Assistance for Business A tax free payment of between $2,000 and $25,000 paid to eligible businesses that employ staff. You do…

When times are uncertain, getting advice is really important. We recently established Addept Finance so we can help our clients with their finance and borrowing requirements. Addept Finance is a joint venture with Martin Roach of Smartline Mortgage Advisers. Martin has a Diploma of Finance Services and is an expert in his field. We are seeing the…