In This Edition:
The loss carry back measure introduced in the 2020 Federal Budget can be a very helpful COVID-recovery option. We run over the details. But if the COVID wash-up means you need to call time-out on your business, there are some important facts to know here as well.
We also look at interest deductions available for rental properties, a development in the CGT rules around active assets and vacant land, and a tightening of compliance in regard to SMSF audits.
Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.
Click here to view our December 2020 Newsletter
Individuals Working From Home During COVID-19
The ATO have introduced a new shortcut method for individuals working from home during the period 1/3/2020 to 30/6/2020.
The shortcut method, is where you can claim 80 cents per hour covering all expenses, such as:
- phone expenses
- internet expenses
- the decline in value of equipment and furniture
- electricity and gas for heating, cooling and lighting
ATO advice for working from home during COVID-19
Should you require more information regarding any topic covered in our newsletter, please contact GJB on 02 9686 3130 for advice on #yourself, #yourbusiness or #yoursuper.
Disclaimer: All information provided in this newsletter is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information.