Newsletter – November 2020

Posted On November 9, 2020

Although the Jobkeeper scheme has been tweaked, and many have stopped receiving this benefit. The government have introduced a number of other grants and benefits to help stimulate the economy. To find out which of these are applicable to your circumstances please call our team.

In this newsletter we cover a couple of the benefits that might be applicable to you. Introduced with the Federal Budget, the “full expensing” 100% write-off of eligible business assets is a welcome measure that many business owners may want to take advantage of. Also, with the extension to the JobKeeper scheme, a set of alternative decline in turnover tests are now available, should a business not fit the general patterns of business activity.
We also look at property transactions and the payment of GST on settlement, and remind taxpayers that although the ATO’s auditing activity had taken a back seat during the worst of the COVID-19 crisis, there is reason to expect that this will be taken up again very soon.
Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter. To read the full newsletter please click here.