Posts made in May, 2020

COVID19 Home Office Deductions

Due to COVID19 the ATO is temporarily allowing us three options to calculate our home office expenses. _ shortcut method ─ (only available for work conducted between 01 March 2020 – 31 December 2020) Claim a rate of 80 cents per work hour to cover all additional running expenses. You are not required to have a dedicated work area for this particular method. If you use this method between 01 March – 30 September 2020, you cannot claim other office expenses such as telephone, depreciation, etc. _ fixed rate method ─  you may claim all of these a rate of 52 cents per work hour to cover heating, cooling, lighting, cleaning and the decline in value of office furniture the work-related portion of your actual costs of phone and internet expenses, computer consumables, stationery the work-related portion of the decline in value of a computer, laptop or similar device. actual cost method ─ claim the actual work-related portion of all your running expenses. You need to use a reasonable basis to calculate this. For full details about eligibility, and what you can and cannot claim, please see...

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JobKeeper Payments for Business Owners

If you process your wages through payroll, then you may be eligible for JobKeeper just like any other employee would be. If that is the case, then the following may not interest you. If your business has suffered a 30% decline in turnover, then the following is for you. As an owner of a business (sole trader, partner, director, or beneficiary), who is not also an employee of the business, you may be considered an “Eligible Business Participant” (EBP) for the purpose of claiming JobKeeper. To be an EBP, you must not have other full-time (FT) or part-time (PT) employment at 01 March 2020. FT or PT employment takes precedence to being an EBP, and you will only be able to receive JobKeeper through your FT or PT employment. This is the case even if your FT or PT employment does not participate in the JobKeper program. If you had FT or PT employment at 01 March 2020 then you cannot be an EBP. You may need to apply for JobSeeker through Centrelink if that employment ended after 01 March 2020. If you have casual employment, you may still receive JobKeeper as an EBP, but you must choose which entity you would like to receive JobKeeper from (ie. from...

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