The Australian Tax Office has addressed uncertainty from small businesses concerned around how it will treat loans that have been put on hold during the coronavirus crisis.
This week has seen a very high percentage of businesses face a forced six-week shutdown, or at the least a forced drop in staff numbers/production on Victorian operations.
Changes to JobKeeper and JobSeeker were announced yesterday, 21 July 2020. Our team has worked through the finer details of these changes to provide a clear summary in the below two Fact Sheets.
Often when you call, you may not need an Accountant to handle your query… our trained administration team can help with a broad range of enquiries. Which means you won’t need to wait for an Accountant to call you back!
Australia is facing a health crisis and an economic crisis due to COVID-19. Individuals and businesses will struggle to pay their debts causing ripple effects on other businesses.
The ATO has been flooded with complaints linked to the abuse of the JobKeeper program, with employers found guilty of deliberately rorting the system, facing penalties of up to $126,000 or up to 10 years in prison.
Businesses will be able to claim accelerated depreciation on new assets for the remainder of the year under the latest extension to the $150,000 instant asset write-off program.
Leading into tax time online scammers are ramping up their criminal activity often impersonating the ATO however this year they are using the spread of COVID-19 to take advantage of people across Australia.
The Committee for Mornington Peninsula has been proactive in providing local businesses support & advice during COVID-19. With restrictions beginning to lift, now is a great time to focus on the future and stay positive.
