Wednesday 17 June 2020

DEDUCTIBLE SUPER CONTRIBUTIONS 2020 FINANCIAL YEAR




Are you making an after-tax superannuation contribution in the 2020 financial year?


To be eligible to claim a personal super contribution as a deduction, you must:

  • Make contribution and have your contribution received and processed by your superannuation fund by 30 June 2020
  • Provide your Super fund valid ‘Notice of intent’. This can be done with the completion of the ‘Notice of Intent form to claim a deduction for personal super contributions’ as available on your superannuation fund’s website.
  • Receive from the Super fund an acknowledgement letter in response to your ‘Notice of Intent -’ form. Please provide this to your accountant at tax time!
  • Claim the deduction in your 2020 Tax Return after receiving the acknowledgement letter.
For any personal Super deduction claimed in your Tax Return, those personal contributions in your Super Fund will be taxed at 15%.

To read more on claiming deductions for personal super contributions please visit: 


https://www.ato.gov.au/Individuals/Super/In-detail/Growing-your-super/Claiming-deductions-for-personal-super-contributions/

Please contact our office to speak to one of our accountants if you would like to discuss further. Langley McKimmie Chartered Accountants (03) 5427 8100. 

We provide accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.
  

Wednesday 10 June 2020

SIMPLIFIED WORKING FROM HOME



The Australian Taxation Office (ATO) has introduced a shortcut method for the claiming of home office running expenses for individuals who have worked from home during the period 1 March 2020 to 30 June 2020.

Under this shortcut method, an individual may claim a rate of $0.80 per hour worked at home. This rate is expected to cover all additional running expenses such as electricity, gas, phone, internet and the decline in value of assets so the individual does not have to record the cost and work related portion of each specific home office running cost.

Alternatively, individuals are still able to apply the ATO’s previous fixed rate method and actual cost method for calculating home office expenses if preferable.

For more information on calculating working from home deductions visit:


 
https://www.ato.gov.au/Individuals/Income-and-deductions/Deductions-you-can-claim/Home-office-expenses/

Please contact our office to speak to one of our accountants if you would like to discuss further. Langley McKimmie Chartered Accountants (03) 5427 8100. 

We provide accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.
 

Wednesday 3 June 2020

EARLY RELEASE OF SUPERANNUATION FOR INDIVIDUALS



Until 30 June 2020, eligible citizens and permanent residents of Australia or New Zealand can apply to access up to $10,000 of their Superannuation with an additional $10,000 available from 1 July 2020 up until 24 September 2020. These withdrawals are tax free and don’t have any effect on Centrelink payments.

To be eligible, a citizen or permanent resident of Australia and New Zealand must be in one of the following circumstances: 


  • Unemployed
  • Eligible for job seeker payments, youth allowance, parenting payment etc.
  • Were made redundant on or after 1 January 2020
  • Had their hours cut by 20% or more on or after 1 January 2020
  • Were a sole trader and your business was suspended or had a reduction in your turnover by at least 20%.
For more information of the early release of superannuation please visit:

 
https://www.ato.gov.au/Individuals/Super/In-detail/Withdrawing-and-using-your-super/COVID-19-early-release-of-super/

Please contact our office to speak to one of our accountants if you would like to discuss further. Langley McKimmie Chartered Accountants (03) 5427 8100. 

We provide accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.