The Government wants to change super laws that could see workers new to the industry stapled to a fund that doesn’t provide insurance cover for dangerous occupations.
With tax time just around the corner, the ATO have provided some timely information to help you navigate the Jobkeeper payment, instant asset write-off expansion and employees working from home.
If you’ve enrolled for the JobKeeper Payment it’s now time to identify yourself or your eligible employees. If you are a sole trader with no employees you still need to take this step. To find out more watch the video, Step two - Identify and maintain.
- Guides – JobKeeper guides
- Article – Identify your eligible employees for JobKeeper
- Web Content - ato.gov.au/jobkeeper
- Video - JobKeeper payment for sole traders
- Video - A simple guide for employers
- Podcast - JobKeeper payment for employers, Not-for-profits and charities
- FAQ’s – Most commonly asked questions about COVID-19
If you’re looking for more information, you can also visit ATO Community, which is available 24/7 with questions, answers and regular updates. Check it out and join the discussion at https://community.ato.gov.au/t5/COVID-19/ct-p/COVID
Small business webinars
Currently ATO is holding a webinar on Tax support for small business. Is your small business affected by COVID-19? Come to this free 60-minute webinar to find out how the Government’s stimulus package can help your small business. Find out more at ato.gov.au/sbwebinars
Need help with an employment law issue?
The Workplace Advice Service is an initiative of the Fair Work Commission to help eligible small businesses navigate employment laws such as dismissals and bullying in the workplace. The service connects you to lawyers who provide up to one hour free and independent legal advice. Find out more here.
If you know or suspect another business taking part in illegal activity or behaviour of concern, you can make a tip off to the Tax Integrity Centre ato.gov.au/tipoff
Tax time 2020
Instant asset write-off expansion
Planning to purchase a new or second‑hand asset for your business? Take advantage of the expanded instant asset write-off. From 12 March 2020 until 30 June 2020 the instant asset write-off:
- threshold amount is $150,000 (up from $30,000)
- eligibility has been expanded to businesses with an aggregated turnover of less than $500 million (up from $50 million).
Businesses can claim an immediate deduction (business portion only) for multiple assets, new or second‑hand, provided each asset costs less than $150,000.
Different eligibility criteria and thresholds apply to assets used or installed ready for use prior to 12 March 2020.
For more information visit ato.gov.au/instantassetwriteoff
Employee’s working from home
If your employee’s are working from home, remind them that they need to keep a record of their hours for when they claim deductions at tax time. We’ve released a quick simple method your staff can use to calculate home office expenses when working from home due to COVID-19.
For more information visit https://www.ato.gov.au/General/COVID-19/Support-for-individuals-and-employees/Employees-working-from-home/