Good news – the government has extended the $150K instant asset write-off until 31 December 2020!
Remembering that the asset must be acquired and installed ready for use by 31 December 2020, for businesses with turnover less than $50m.
Don’t forget that we have just a few weeks remaining to undertake tax planning for you and/or your business for the 2020 financial year, to ensure you’re in the best position you can be and with all your ducks lined up and ready to go!
This is a reminder that today is the last day you can pay your eligible employees their JobKeeper payments for the April fortnights ($1,500 per fortnight before tax).
The April fortnights were 30 March – 12 April, and 13 – 26 April.
Remember that unless an employee has opted out of the payment scheme, all eligible employees must be paid in order for their employer to receive any JobKeeper subsidy.
Please ring us if you need any last minute help or to assess your eligibility for subsequent months.
Now is the perfect time to start analysing and planning for your 2020 tax year!
You may have already done a quick analysis when considering what COVID-19 related stimuli you might be able to access, but don’t forget that the normal tax processes are still trundling along and it’s important to think about any possible changes you need to make BEFORE the end of the financial year.
We love helping our clients plan on both a business and personal level no matter how simple or complex your situation, so please let us know if we can be of assistance.
