Articles – TaxSense

Instant asset write off concession extended

Admin Business, Tax June 9, 2020June 9, 2020immediate tax deduction, instant asset write off, instant asset write off extended

The instant asset write off concession was increased from $30,000 to $150,000 effective from 12 March 2020 and was one of the measures that the government announced to stimulate the economy during the COVID-19 pandemic. This concession was due to

Jobkeeper payments

Admin Accounting, Business April 19, 2020April 19, 2020coronavirus, covid-19, government stimulus, jobkeeper payments

The Jobkeeper wage subsidy was announced on 30 March 2020 and the Coronavirus Economic Response Package (Payments and Benefits) Bill 2020 was passed and received Royal Assent on 9 April 2020. The Jobkeeper scheme broadly provides as follows: The scheme

Cash Flow Boost

Admin Business, Tax April 19, 2020April 19, 2020cash flow boost, coronavirus, covid-19, stimulus plan

The outbreak of the Corona virus has caused significant disruptions globally and the government has unleashed a number of economic packages to support businesses in managing their short to medium term cash flow challenges. The first package was announced on

2019/20 Federal Budget

Admin Tax April 5, 2019April 5, 2019australian budget, federal budget

On Tuesday night the government delivered a clear pre-Election Budget focusing on two key voting blocs. Individuals earning up to $126,000; and SME’s with turnovers under $50 million. The Tax Cut Plan is not new, indeed it was announced last

Do you earn Personal Services Income?

Admin Tax September 18, 2018September 18, 2018personal services income, PSI

DO YOU EARN PERSONAL SERVICES INCOME? This is an important question for many contractors, because if the answer is “Yes”, the contractor can be limited in what deductions they are able to claim and who pays the tax on their

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