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Changes to claiming work from home expenses

Jobsaver and Micro business grant >> 2021 Small and medium business Payment (JobSaver Payment) The Commonwealth and NSW Governments will jointly fund a new Small to Medium Business Support payment to eligible (non-employing and employing) entities in NSW, including not-for-profits. Eligibility Entities will be eligible if they meet all of the following criteria: Have an ABN registered in NSW or can demonstrate they are physically located and primarily operating in NSW as at 1 June 2021. Only one grant is available for each ABN Had an aggregated annual turnover of between $75,000 and $50 million for the year ended 30 June 2020 Have experienced a decline in turnover of 30% or more due to the Public Health Order over a minimum 2-week period within the Greater Sydney lockdown (commenced 26 June) compared to the same period in 2019 Have not applied for, or received, the Hospitality and Tourism COVID-19 Support Grant For employing businesses, maintain their full time, part time and long-term casual staffing levels as of 13 July 2021 while continuing to receive JobSaver payments For non-employing businesses, such as sole traders, they need to show that the business is the primary income source for the associated person. Incurred Eligible Expenses such as utilities, wages, rent, cost of perishable goods, financial, legal advice, marketing and communications expenses etc., for which there was or is no other government support available. Payment Amount Eligible employing entities will receive 40% of their NSW payroll payments, at a minimum of $1,500 and a maximum of $10,000 per week For non-employing businesses, such as sole traders, the payment will be set at $1,000 per week The payments will cover the period from week four of the lockdown (i.e. week commencing Sunday 18 July) until the current lockdown restrictions are eased or when the Commonwealth hotspot declaration is removed. They will be paid fortnightly to eligible entities in arrears. How to Apply for the Grant Applications for the Grant can be made through the Service NSW website from 26 July 2021 until 18 October 2021. >> 2021 Micro Business Grant The Grant is designed to provide cashflow support to micro–businesses. Entities will be eligible if they meet all of the following criteria: Have an ABN registered in NSW or can demonstrate they are physically located and primarily operating in NSW as at 1 June 2021. Only one grant is available for a single ABN Have had aggregated annual turnover between $30,000 and $75,000 for the year ended 30 June 2020 Have experienced a decline in turnover of 30% or more due to the public health orders over a minimum 2-week period within the Greater Sydney lockdown (commenced 26 June 2021 and due to end 30 July 2021), compared to the same period in 2019 Incurred Eligible Expenses such as utilities, wages, rent, cost of perishable goods, financial, legal advice, marketing and communications expenses etc.., for which there was or is no other government support available Have not applied for either the 2021 COVID-19 business support grant or the JobSaver payment For employing businesses, they maintain their full time, part time and long-term casual staffing level as of 13 July 2021 while continuing to receive JobSaver payments For non-employing businesses, such as sole traders, show that the business is the primary income source for the associated person. Grant Amount Eligible businesses will receive $1500 per fortnight for the duration of the Great Sydney lockdown. How to Apply for the Grant Applications for the Grant can be made through the Service NSW website from 26 July 2021 until 18 October 2021.

NSW Government COVID-19 Lockdown support packages The NSW Government has announced various support packages to help businesses and individuals across the state impacted by the current COVID-19 lockdown. Summary of the packages are as follows: Support for Business >> Small Business COVID-19 Support Grant Small businesses (including sole traders) and not-for-profits will be eligible for the 2021 Small Business COVID-19 Support Grant if they meet the criteria below. Eligibility Entities will be eligible if they meet all of the following criteria: have an ABN registered in NSW or can demonstrate they are physically located and primarily operating in NSW as at 1 June 2021. Only one grant is available for a single ABN, have total Australian annual wages below $10,000,000 as at 1 July 2020, had an aggregated annual turnover of between $75,000 and $50 million for the year ended 30 June 2020, have not applied for, or received, the Hospitality and Tourism COVID-19 Support Grant (see below), maintain their employee headcount as at 13 July 2021 for the period of the Public Health Order (i.e. commenced on 26 June 2021) and incurred Eligible Expenses such as utilities, wages, rent, cost of perishable goods, financial, legal advice, marketing and communications expenses etc.., for which there was or is no other government support available. Grant Amount Eligible businesses receiving either the Small Business Grant or the Hospitality and Tourism Grant can receive: $15,000 for a decline in turnover of 70%, or more $10,500 for a decline in turnover of 50%, or more $7,500 for a decline in turnover of 30%, or more The decline in turnover is calculated by comparing the business's turnover over a minimum two-week period from 26 June 2021 to 17 July 2021 compared to the same period in June and/or July 2019*. In the case that the business's turnover in June/July 2019 was not representative of their usual or average turnover (e.g. due to drought or bushfires) and they can demonstrate they have been significantly impacted by the 2021 Public Health Orders, the business may still be to apply. How to Apply for the Grant Applications for the Grant can be made through the Service NSW website from 19 July 2021 until 13 September 2021 with payments expected to be made to eligible businesses in four days from application. >> 2021 Small and medium business Payment (JobSaver) The Commonwealth and NSW Governments will jointly fund a new Small to Medium Business Support payment to eligible (non-employing and employing) entities in NSW, including not-for-profits. Eligibility Entities will be eligible if they meet all of the following criteria: Their turnover is 30 per cent lower than an equivalent two-week period in 2019 Their annual turnover is between $75,000 and $50 million for the year ended 30 June 2020. They maintain their full time, part time and long-term casual staffing level as of 13 July 2021 Payment Amount Eligible entities will receive 40% of their NSW payroll payments, at a minimum of $1,500 and a maximum of $10,000 per week For non-employing businesses, such as sole traders, the payment will be set at $1,000 per week The payments will cover the period from week four of the lockdown (i.e. week commencing Sunday 18 July) until the current lockdown restrictions are eased or when the Commonwealth hotspot declaration is removed. It is expected the payments will be paid fortnightly to eligible entities. How to Apply Businesses can register their interest from 14 July 2021 on the Service NSW website with applications open on 26 July 2021. *Detailed information regarding the eligible employees and eligibility of businesses is not yet available. We will update this information as soon as details are released. >> 2021 Micro business Payment Eligibility Entities will be eligible if they meet all of the following criteria: Have annual turnover of between $30,000 to $75,000, Can show a decline in turnover of at least 30% Are the businesses that provide the primary income source for a person associated with the business. Grant Amount Eligible businesses will receive up to $1500 per fortnight. How to Apply for the Grant Applications for the Grant can be made through the Service NSW website from 26 July 2021. Detailed information regarding business eligibility is not yet available. We will update this information as soon as details are released. >> Payroll Tax Deferral and Relief Businesses subject to payroll tax in NSW will be able to defer payment of their liability. Payments due in the 2020-21 annual return may be deferred until 7 October 2021. Payments due on July and August monthly wages may also be deferred until 7 October 2021 Interest free repayment plans for up to 12 months may also be negotiated. More information on how to establish these payment arrangements will be provided by Revenue NSW by the end of August 2021. Payroll Tax Relief Businesses with annual payrolls between $1.2m and $10m will be eligible for a payroll tax relief of 25% of the business' annual liability. Eligibility Entities will be eligible if they: Can show a decline in turnover of 30% – calculation method to be confirmed but assumed to be linked to eligibility under the Small and Medium Business Support Payments set out above, and Receive a payment under the Small and Medium Business Support Payments or NSW business support grants set out above. How to apply Payment deferrals will be automatically applied. More information on the 25 per cent reduction will be provided by Revenue NSW before the end of August. Support for Individuals >> Covid Disaster Payment Eligibility Individuals will be eligible if they are: Australian resident or eligible working visa, 17 years of age or older, Not in receipt of income support payments, ABSTUDY Living Allowance, Dad and Partner Pay or Parental Leave Pay and Pandemic Leave Disaster Payment, Live in, work from or visited a Commonwealth COVID-19 hotspot, Have liquid assets of less than $10,000 if you're claiming for the period 1 to 7 July 2021, Cannot attend work on or after day 8 of the lockdown* and Lost income on or after day 8 of the lockdown and don't have any appropriate paid leave entitlements Payment Amount Depending on eligibility dates, lockdown period and loss of hours, payments can range between the following per week: Loss of 20 hours or more: $500-600 Loss of between 8 and 20 hours: $325-375 *Day 8 of lockdown changes depending on your area in NSW. For most of Greater Sydney it is 4 July 2021. How to apply If you are an Australian resident Australian residents must claim online. To claim online you need a myGov account linked to a Centrelink online account . If you don't have a myGov account, you can create one . If you're an eligible working visa holder Eligible working visa holders need to call NSW Services on the Emergency information line where they can take your claim. Support for Landlords >> Land Tax Relief Land Tax relief of up to 100% of the land tax liability will be available to residential and commercial landlords that reduce rents for their tenants. Eligibility Landlords will be eligible is they provide relief by way of reduced lease/rent to 'financially distressed' tenants. To be eligible, the reduction must not be required to be paid back at a later date. A landowner providing a reduction in rent to a tenant between 1 July 2021 and 31 December 2021 can receive a reduction in land tax payable for the relevant parcel of land. The land tax reduction will be the lesser of: the amount of rent reduction provided to an eligible tenant for any period between 1 July 2021 and 31 December 2021, or 100 per cent of the land tax attributable to the parcel of land leased to that tenant. Qualifying criteria for a 'financially distressed' tenant' are: Commercial tenants – who has an annual turnover of up to $50 million and is eligible to be approved for the Micro-business COVID-19 Support Grant, the 2021 COVID-19 NSW Business Grant and/or the JobSaver scheme. Residential tenants – who have had a reduction in household income of 25 per cent (or more) as a result of COVID-19 and in respect of which are not claiming the Residential Tenancy Support Payment. How to apply Details not yet available. >> Grants For residential landlords that reduce the rent for COVID-19 impacted tenants from 14 July 2021 and not liable to land tax, a grant of up to $1,500 may be available on application if qualifying criteria are met. The amount available to each landlord will be capped at the reduction that is passed onto the tenants, or $1500, whichever is the lower. Landlords cannot ask tenants to repay the reduced amount of rent. How to apply A landlord can claim either this payment or the COVID-19 land tax benefit (which is an offset of the land tax liability equal to the rent reduction granted), but not both. Applications will need to be made online, details are not yet available.

Prime Minister Scott Morrison and Treasurer Josh Frydenberg announced an additional $66b in COVID-19 economic support. In announcing these measures, the PM stated that the priority for this stimulus remains support for small businesses, with wage subsidies of up to $100,000, and access to a further $20b in government guaranteed unsecured loans (capped at $250,000) on offer.

ATO COVID-19 Relief Announced As part of the government's coronavirus response package, it has provided for the ATO to give administrative relief for some tax obligations for people affected by the coronavirus outbreak, on a case-by-case basis. Business operatives affected by the coronavirus should contact the ATO to discuss relief options. Options include: deferring by up to four months the payment date of amounts due through BAS (including PAYG instalments), income tax and FBT assessments and excise; allowing businesses on a quarterly reporting cycle to opt into monthly GST reporting in order to get quicker access to GST refunds they may be entitled to; allowing businesses to vary PAYG instalment amounts to zero for the April 2020 quarter; businesses that vary their PAYG instalment to zero can also claim a refund for any instalments made for the September 2019 and December 2019 quarters; remitting any interest and penalties, incurred on or after 23 January 2020, that have been applied to tax liabilities; and working with affected businesses to help them pay their existing and ongoing tax liabilities by allowing them to enter into low-interest payment plans. Employers will still need to meet their ongoing SG obligations for their employees.

On 12 March 2020, the Australian Government released its economic response to the coronavirus (COVID-19). The ATO also released a series of administrative concessions for taxpayers.

Remember you don't invest for today, or even tomorrow ...it's really for a lifetime.  So what has happened in the last 20 years ..... this year's ASX/Russell report into long term investments returns shows how five major threats to long-term wealth creation could potentially play out for millions of Australians. Rear-view mirror investing Lack of portfolio diversification Reliance on residential property Investing in over-priced traditional assets Setting and forgetting. All the signs point to a future where savvy investors will increasingly use diversified multi-asset strategies, designed to efficiently capture new sources of return opportunities to help build their long-term wealth. Download the report from our downloads page.

31 October Deadline... ... but only for employers with 20 or more employees You need to be using SuperStream no later than 31 October 2015. There's not much on the employer checklist - but you need to start! 1. Choose an option  To be SuperStream compliant  you need to pay super electronically.  Choose the option that suits your business and check that it's SuperStream-ready. 1. Super fund services Large super funds have online payment services you can use. Check with your fund. 2. Super clearing house A clearing house pays super to your employees' funds for you. You make a single payment to the clearing house and they do the rest. You can also choose from several commercial options. Your super fund may have a clearing house you can use. Talk to your fund to see what they offer. 3. Payroll system If you use a payroll system, check with your system provider that it is SuperStream ready. You may need to update your system.  Accountant or bookkeeper services You can also ask your bookkeeper to handle your super payments, using one of the options above. Remember: Even though others may pay super for your employees, you're still responsible to ensure they pay it correctly. 2. Collect information  You'll need to collect some information from your employees. Once you've got the information, enter it into your system and you're ready to start using SuperStream. 3. Use SuperStream Start using SuperStream well before the deadline. This will allow you to enjoy the benefits sooner and ensure everything is running smoothly.

Under its new penalty powers, the ATO has also handed out approximately 54 education directions and 27 rectification directions, Ms Simmons said.