D’Omkara Knowledge November 2020
Dear Valued Client & Partners,
No doubt 2020 has been a challenging year for many! However, in the recent Federal Budget, the government has announced different incentives that would continue helping Australian businesses & individuals get back up on their feet.
- The topics included in this month’s newsletter are: JobMaker Hiring Credits
- Tax deductions for investing in your business
- Refunds for Tax Losses
- JobKeeper clawbacks
- Updated Tax Tables – 2020-21 personal income tax cuts Superannuation Early Release
Contact our office at (03) 9579 4450 or email us at team@domkara.com.au for any questions you may have!”
D’Omkara Knowledge – Extended December JobKeeper deadline
The ATO has extended the JobKeeper monthly business declaration deadline for the month of December until 28 January 2021 (from 14 Jan 2021).
This applies to the JobKeeper fortnights ending on 6 December 2020 and 20 December 2020.
The deadline for meeting the minimum wage condition for the JobKeeper fortnight ending on 3 January 2021 has been extended to Monday, 4 January 2021.
D’Omkara Knowledge – Extended December JobKeeper deadline
The ATO has extended the JobKeeper monthly business declaration deadline for the month of December until 28 January 2021 (from 14 Jan 2021).
This applies to the JobKeeper fortnights ending on 6 December 2020 and 20 December 2020.
The deadline for meeting the minimum wage condition for the JobKeeper fortnight ending on 3 January 2021 has been extended to Monday, 4 January 2021.
D’Omkara Knowledge – Refunds For Tax Losses
If your company has made a loss, you may be able to claim a tax refund for tax previously paid on profits.
D’Omkara Knowledge – Tax deductions for investing in your business
Stimulating investment is high on the Government’s agenda. To encourage spending, the 2020-21 Budget introduced a measure that allows businesses with turnover under $5bn to immediately deduct the cost of new depreciable assets and the cost of improvements to existing assets in the first year of use.
D’Omkara Knowledge – JobKeeper clawbacks
If your company has made a loss, you may be able to claim a tax refund for tax previously paid on profits.
D’Omkara Knowledge – Updated Tax Tables – 2020-21 personal income tax cuts
Superannuation Early Release
Stimulating investment is high on the Government’s agenda. To encourage spending, the 2020-21 Budget introduced a measure that allows businesses with turnover under $5bn to immediately deduct the cost of new depreciable assets and the cost of improvements to existing assets in the first year of use.
