COVID-19 and residential rental property


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.

rentalThe 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?
  • Impacts on short term rental properties.
Watch our website for further COVID-19 updates or call the team at Collins Hume on 02 6686 3000.

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/

NSW small business COVID-19 support grant


NSW Government has introduced a COVID-19 support grant, worth up to $10,000, for eligible NSW small business owners

This grant supports the operation of businesses highly impacted by the COVID-19 pandemic following the NSW Public Health Order of 31 March 2020.

financial assistanceHighly impacted industries include:

  • retail trade 
  • accommodation and food service 
  • rental, hiring and real estate services 
  • administrative and support services, and
  • arts and recreation services.

The grant may only be used for unavoidable business expenses that are not supported by other government funding.  Read more…

JobKeeper and Bookkeeping Tips


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…

JobKeeper Scheme extension

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.

Related viewing

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).

JobKeeper Payment snapshot

The JobKeeper payment

JobKeeper snapshotThe 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:

JOBKEEPER SNAPSHOT

If these conditions are not met, you might still qualify for JobKeeper payments later in the year.

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.

Please don't act on the basis of this guide. The measures will apply differently and it's important that you understand how your specific circumstances are impacted.

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