News/Blog

JobMaker hiring credit scheme

Employing more staff?
Find out about your eligibility for the JobMaker Hiring Credit scheme.

The JobMaker hiring credit scheme has been backdated to start from 7 October 2020 to 6 January 2021 (and has now been extended, so read on!).

The scheme provides eligible employers with payments for new jobs created for young workers:

-  $200 per week for hiring a worker aged 16 to 29 years, for at least 20hrs per week

-  $100 per week for hiring those aged 30 to 35 years.

Conditions apply such as:

-  Employer must have an ABN

-  Employer is registered for PAYGW

-  Employer is reporting through STP

-  Employer is up to date with lodgements

-  Employer must have hired additional eligible employees (i.e. employee head count +1 at least)

-  Employer demonstrates increased payroll for the reporting period, compared with the 3 months to 30 September 2020.

GREAT NEWS! The JobMaker hiring credit scheme has been extended and now continues until 6 October 2022!

 

For more information or assistance with registering for the JobMaker scheme CONTACT US now!

Working from home shortcut claim has been extended

Working from home still? Good news! You can still use the shortcut claim method.

The shortcut method of claiming deductions for working from home has been extended to 30 June 2021 and is therefore available for the period 1 March 2020 to 30 June 2020 and for the full 2020/2021 financial year.

The new arrangement will allow people to claim a rate of 80 cents per hour for all their running expenses, rather than needing to calculate costs for specific running expenses.  The shortcut method covers all your working from home expenses, such as:

phone expenses

internet expenses

the decline in value of equipment and furniture

electricity and gas for heating, cooling and lighting

Taxpayers must have spent the money themselves and not have been reimbursed, and the claim must be directly related to earning income.

Taxpayers wishing to utilise this simple and straightforward method of claim are required to maintain a record of hours and days worked at home over the period.

 

 

Pensions (SMSF) – what happens when I’m gone?

Pensions (SMSF) – here’s what you need to know…

The fund assets that support pensions in your SMSF and the income earned from those assets, enjoy concessional tax treatment only while a member is receiving the pension or income stream!

Generally, when an SMSF pension ceases, for example, on the death of a member, the exemption of pension assets from capital gains tax also ceases, as does the deceased member’s pension exemption from income tax.

However, if the fund trust deed and other documentation provides for auto-reversionary pensions, then the payment of  the pension may continue after death, to the surviving spouse!

If you have any queries or need advice then CONTACT US now at BSN & Co!

 

Lodgement deadline for tax returns

Lodgement deadline for tax returns is looming!

In the coming weeks there will be publicity regarding your income tax return lodgement for 2019/2020 by the 31st October 2020 deadline.

However, the good news is… this doesn’t apply to those who use a registered tax agent!

If you are on a tax agent’s list prior to 31 October, generally you will have an extended deadline to lodge your 2019/2020 tax return by 15 May 2021.

Could you benefit from the extended tax return lodgement deadline?  Then don’t delay!   CONTACT US before the 31st October 2020 deadline.

We can add you to our tax list and prepare your income tax return ready for lodgement by the tax agent deadline of 15 May 2021.

Remember, you must be on our tax list before the 31st October deadline to get the tax agent extension!