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/general/covid-19/support-for-individuals-and-employees/employees-working-from-home/

 

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 Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.

 

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/General/COVID-19/Support-for-individuals-and-employees/

 

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 Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.

INCREASED INSTANT ASSET WRITE-OFF

For the period of 12 March 2020 to 30 June 2020, the instant asset write-off threshold has been increased from $30,000 to $150,000. Furthermore, businesses now earning an annal turnover between $50 and $500 million now have access to this increased instant asset write-off.

To qualify, any assets purchased will need to be used or installed ready for use from 12 March 2020 until 30 June 2020. The increased write-off amount will not apply for any asset purchased or only made ready for use prior or after this date. The asset must also have a direct relationship with the production of assessable income in the business.

For more information on the Increased Instant Asset Write-Off and other Stimulus Package measures please visit:

https://www.ato.gov.au/Business/Business-bulletins-newsroom/Medium-business/Instant-asset-write-off-expansion/

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 Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.