D’Omkara Knowledge November 2020
Dear Valued Clients and Partners,
No doubt, 2020 has been a challenging year for many. However, in the recent Federal Budget, the Government announced several incentives designed to continue helping Australian businesses and individuals get back 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 and 2020–21 personal income tax cuts
- Early release of superannuation
Contact our office on (03) 9579 4450 or email us at team@domkara.com.au if you have any questions.
D’Omkara Knowledge: Extended December JobKeeper Deadline
The ATO extended the JobKeeper monthly business declaration deadline for December until 28 January 2021, from the original deadline of 14 January 2021.
This applied 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 was extended to Monday, 4 January 2021.
D’Omkara Knowledge: Extended December JobKeeper Deadline
The ATO extended the JobKeeper monthly business declaration deadline for December until 28 January 2021, from the original deadline of 14 January 2021.
This applied 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 was 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 was high on the Government’s agenda. To encourage spending, the 2020–21 Budget introduced a measure allowing businesses with turnover below $5 billion to immediately deduct the cost of new depreciable assets and 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 and Superannuation Early Release
Stimulating investment was high on the Government’s agenda. To encourage spending, the 2020–21 Budget introduced a measure allowing businesses with turnover below $5 billion to immediately deduct the cost of new depreciable assets and improvements to existing assets in the first year of use.
