Since the start of the Covid-19 Pandemic in March 2020, many businesses have had to adapt to employees working from home. As such, many workers are now working from home full time, which means employees can claim tax deductions for their home office. If you are due to submit your tax return and have been […]
Tax return season, for most businesses operating in Victoria are but part and parcel of the calendar year. Some may find it a more hectic period to manage, especially with how the pandemic has affected different operations in unique ways. While plenty have found reasonable ways to manage despite these effects, other proprietors may have […]
Times are tough, but that doesn’t mean your business has to go out of pocket, needlessly. If you’ve experienced a reduction in turnover of at least 70% due to the COVID-19 pandemic, we can help you claim $10,000 from the Victorian Government’s small business Covid hardship grant. Please see below the program overview of the Victorian […]
While most sole proprietors and businesses tend to look forward to submitting their tax returns, it can’t be blamed that some may miss the ATO deadline. If you think you might not be in time to prepare your tax return documents for this financial year, don’t panic! Tax Purpose is experienced in assisting clients from […]
Package to assist small to medium businesses and sole traders, under the circuit breaker restrictions announced on 27 May 2021. Package overview The Victorian Government has launched the $250.7 million Circuit Breaker Business Support Package to assist small to medium businesses and sole traders, under the circuit breaker restrictions announced on 27 May 2021. The package […]
Cryptocurrency traders who think they’re living in a faceless high-tech world will soon get a letter from the tax office. Australian Taxation Office data has captured a dramatic increase in trading since the beginning of 2020. More than 600,000 taxpayers are now dabbling in crypto-assets, the ATO has found. Taxpayers with crypto will be slugged […]
The Government is providing temporary cash flow support to small and medium businesses and not-for-profit organisations that employ staff during the economic downturn associated with the coronavirus. The Boosting cash flow for employers measure will be done through two sets of cash flow boosts delivered from 28 April 2020 to support employers to retain employees. […]
Under the JobKeeper Payment, businesses impacted by the coronavirus will be able to access a subsidy to continue paying their employees. The Government will provide a fortnightly payment of $1,500 per eligible employee until 27 September 2020. The JobKeeper Payment is a scheme to support businesses significantly affected by the coronavirus to help keep more […]
Income Support for Individuals Economic response to the coronavirus The Government is providing support for individuals to assist them during the next six months. Increased and accelerated income support Summary The Government is temporarily expanding eligibility to income support payments and establishing a new, time-limited Coronavirus supplement to be paid at a rate of $550 […]
Boosting Cash Flow for Employers The Government is enhancing the ‘Boosting Cash Flow for Employers’ measure it announced on 12 March 2020. The Government is providing up to $100,000 to eligible small and medium-sized businesses, and not for-profits (NFPs) that employ people, with a minimum payment of $20,000. These payments will help businesses and NFPs […]