13/05/2020 by Collins Hume - We Believe in Business | Ballina Byron Bay 02 6686 3000
Many residential rental property owners' rental income affected by COVID-19
As a result, you may ask you about what they can claim this tax time.
The ATO's website provides some frequently asked questions (FAQs) and other information to help you to understand your rental property obligations and what information you need to give to your accountants in order to lodge correctly.
Rental property owners can check the ATO's FAQs to find out:
What expenses are claimable if tenants are not paying their rent under the lease agreement due to COVID-19?
Will deductions for rental property expenses stay the same if the property owner reduces the rent charged?
Must a back payment of rent or an amount of insurance received for lost rent be included as income?
Is a deduction on the interest charged on a rental property loan allowed if the bank defers repayments due to the COVID-19 outbreak?
Is the new instant asset write-off deduction available for residential rental property assets?
More resources available at COVID-19 and residential rental property (2020). Available at: https://www.ato.gov.au/Tax-professionals/Newsroom/Lodgment-and-payment/COVID-19-and-residential-rental-property/
30/04/2020 by Collins Hume - We Believe in Business | Ballina Byron Bay 02 6686 3000
JobKeeper and bookkeeping tips from Chris Atkinson
Today's video message covers JobKeeper, particularly bookkeeping and wages.
Be sure to watch the content and read below for more information about some handy links:
While we have been working tirelessly to help as many clients as possible to enrol in the JobKeeper program, we have also been receiving an enormous number of queries regarding payroll and how to set up and manage your records to comply with JobKeeper requirements.
While each software program is slightly different in its approach, they all share the same fundamental steps. Listed below are the key points for the four major programs. Read more…
28/04/2020 by Collins Hume - We Believe in Business | Ballina Byron Bay 02 6686 3000
ATO announces extension for wage payments
The ATO has just announced that it has extended the time in which employers need to pay employees for JobKeeper fortnights 1 and 2 until 8 May 2020.
One of the key requirements of the JobKeeper Scheme is that employers must first pay their employees before they can apply to receive JobKeeper Payments.
Originally, a concession was available that allowed employers to make the payments for JobKeeper fortnights 1 and 2 by 26 April 2020 (being the end of fortnight 2). The ATO then extended this to 30 April 2020.
However, under this new announcement, a further extension has been granted until 8 May 2020 providing employers with additional time to ensure they have paid each eligible employee $3,000 for JobKeeper fortnights 1 and 2.
As a warning, employers must be aware that, despite the fact they can now pay their employees as late as 8 May 2020 and still be eligible for JobKeeper Payments for fortnights 1 and 2, they are still required to pay their employees a further $1,500 by 10 May 2020 in relation JobKeeper fortnight 3 (which ends on the same date). At the current time, no extension to this date has been announced, and it would be unwise for employers to anticipate that there will be one.
Contact Collins Hume on 02 6686 3000 about any questions you have about the stimulus measures. Also watch our website for further COVID-19 updates.
Source: JobKeeper Payment (2020). Available at: https://www.ato.gov.au/General/JobKeeper-Payment/ (Accessed: 28 April 2020).
20/04/2020 by Collins Hume - We Believe in Business | Ballina Byron Bay 02 6686 3000
The JobKeeper payment
The JobKeeper payment is a subsidy of $1,500 per fortnight per eligible employee paid in arrears to the employer by the ATO.
It's for businesses that have suffered a detrimental decline in business because of COVID-19 to help keep their staff employed.
To receive the JobKeeper payment, there are a series of eligibility criteria and reporting and notification obligations that need to be met. It's important to talk with your accountants and advisers to make sure you get it right.
Here's a summary of what you need to do to claim JobKeeper payments for April: