Do you have more questions this tax time?
What a year!
We don’t need to tell you that this year has been “unprecedented”. With so many stimulus packages, support programs, tax changes and business shutdowns this financial year is set to be like we’ve never seen before.
Oddly enough, amongst all the upheaval, rarely have we felt so enthusiastic about the opportunities for people and businesses who are open to new ideas and who are looking for guidance on how they can thrive in the new normal.
First and foremost we appreciate your support and patience as we continue to wade through those programs and what they mean for business owners and individuals. These changes in tax laws are new for everyone – we have invested the time and training with our team so that we are ready to help you succeed.
Have a question?
We also understand that most people have more questions than normal this year and we want to let you know that we’re here to help. Some of the questions we’ve been getting recently include:
- Do I have to pay tax on JobKeeper (yes – it is ordinary income for the business receiving it from the government and for the employee being paid)
- Do I have to pay tax on CashFlow Boost (no – it is non-assessable, non-exempt income with no income tax and no GST. However if it is received in a company, there may be tax to pay on withdrawal of funds)
- What can I claim when I’m working from home (good question, the ATO has some guidance)
- Do I qualify for the instant asset write off (maybe, individuals don’t qualify and there are rules for businesses as which are explained in our blog)
- For further clarification see our numerous covid resources
If you have any questions at all this financial year (or down the track), please don’t hesitate to get in touch. Don’t assume or die wondering, pick up the phone or send us an email…
Wishing you all the best in the coming months.