Did you know that as of 2020, an estimated 41% of Small to Medium Enterprises, don’t use an online accounting software? Further to this, an estimated 24% of SME’s have no computerised accounting solution at all.
Many people and small businesses have experienced financial stress due to the impact of coronavirus in 2020. Accountants have been inundated with questions regarding tax deductions in 2020.
Here’s how to make the most of your financial year 2020 tax return.
80 cents per hour ‘shortcut’ method for home office expenses has been extended
Back in April 2020 the ATO announced that a ‘shortcut’ method was to be made available to use from 1 March 2020 until 30 June 2020 for individuals claiming home office expenses due to COVID-19. The ATO has recently announced an extension of this shortcut method to also include 1 July 2020 to 30 September 2020.
Sadly, many Australian businesses are a long way from trending back to ‘normal’ as we approach 27 September 2020, the original date that JobKeeper was set to end. Thankfully the government has announced an extension of the JobKeeper Payment, with additional turnover qualifications.
Home ownership tips – the current Australian Dream of 2020!
Has the great Australian Dream changed? Research shows that the majority of Australian’s perceive the ultimate dream to be owning a home in a desirable area. There is no longer a yearning for a McMansion on an acre block or penthouse apartment.