Recent Posts

Archive

Tags

Update Friday 26 June


Check if your business can take advantage of these small business tax concessions before 30 June, including:

  • Immediate deductions for prepaid expenses – if your turnover is less than $10 million and you've paid for expenses (such as rent, registration fees, insurance or advertising) before June 30 and these end in next financial year, you can claim them as deductions in this year’s tax return.

  • Instant asset write-off – you can claim an immediate deduction for the business portion of the cost of an asset in the year it's first used or installed ready for use.

  • Accelerated depreciation for primary producers – if you're a primary producer, you can claim deductions for fodder storage assets, and fencing and water facilities.

  • Simplified rules for trading stock – if the estimated difference between your 2019–20 opening and closing trading stock is $5,000 or less, you don’t need to do a stocktake. Just report the same amount for your opening and closing stock in your tax return.

  • Deductions for professional expenses for start-ups – if your turnover is less than $10 million, you may be able to claim certain start-up expenses (such as professional, legal and accounting advice, and government fees and charges) as deductions in this year’s tax return.

Source and credit : ATO.gov.au

Under the new Small Business Recovery Grant, small businesses will be able to apply for funding up to $3000.

The grants can be used to cover marketing and advertising expenses, make fit-out changes and train staff in how to work safely under the current COVID-19 health conditions. The funds are available from the existing $750 million Small Business Support Fund, which closes on Tuesday 30 June 2020.

Applications will open on the Service NSW website from Wednesday 1 July 2020 until Sunday 16 August 2020.

Click the link below for the application which closes 30 June 2020.

Source and credit: NSW.gov.au

Business Events Program Boost to aid domestic recovery

This is a new program which aims to support the Australian business events industry in the wake of the COVID-19 crisis by providing the opportunity to leverage funding and Tourism Australia's expertise to deliver marketing and distribution projects which help drive demand for domestic business events.

Find Business Events Boost Program Factsheet or register your interest and view the Business Events Boost Program Prospectus.

Applications open 1 July 2020 and close 30 September 2020. You can also register for the Business Events Boost Program Information Webinar taking place on Tuesday 30 June 2020 at 2.00pm.

Source and credit: Businessevents.australia.com

JobKeeper payment enrolments are still open

If you’ve experienced a fall in turnover and you meet the eligibility criteria, you can still enrol for JobKeeper Payment.

To apply you need to:

  • enrol in the month you want to start claiming for

  • identify your eligible employees

  • make a business monthly declaration.

You need to enrol and add your eligible employees online using one of the following:

  • the Business Portal using myGovID

  • ATO online services, if you're a sole trader

  • your registered tax or BAS agent.

With COVID-19 restrictions easing and businesses reopening, you may be wondering if an increase in your turnover will affect your JobKeeper Payment eligibility. You'll continue to receive payments if you:

  • met the criteria when you first applied

  • continue to pay your eligible staff a minimum of $1,500 per fortnight (before tax

  • lodge business monthly declarations.

You need to make a business monthly declaration between the 1st to the14th day of each month. This will ensure you receive payments made to your employees for the previous month.

Next step:

  • For instructions and videos that will help you complete each step to enrol, go to JobKeeper payment.

Source and credit: ATO.gov.au

Upcoming dates

Send us an Email

WD Nicholls  ABN 46 168 062 833 ​

FIND US: 109 Dalley Street

PO Box 111 Mullumbimby NSW 2482

CALL US: 02 6684 2502 

FAX US: 02 6684 1311

©2017 WD Nicholls | Privacy Policy | Disclaimer