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.
It’s time to take charge of your financial future!
Take charge of your financial future in 2020 and set yourself up for a comfortable retirement. It can be difficult to find the time to set financial goals, especially when their perceived outcome seems so far away. But by reducing your spending now, you can successfully grow assets for your future and pay off debt faster. Imagine living mortgage free in 15 years! Your future self says thank you!
The ATO has announced some limited relief for private companies that have loans to their shareholders or related parties that are governed by what are referred to as “complying loan agreements”.
A complying loan agreement is entered into to avoid triggering an assessable deemed dividend that could potentially be equal to the amount of the loan from the private company.