SMSF Related Party Rental Income Deferrals Due to COVID‑19
The ATO has made a determination to ensure that trustees of SMSFs do not inadvertently breach the "in-house asset rules" where the fund allows a related party to defer the payment of rent under a lease agreement (on arm’s length terms) because of the financial impact of COVID‑19.
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AAT Decision on JobKeeper and Backdated ABNs
On 21 December 2020, the AAT handed down its decision in a case relating to a taxpayer's eligibility for JobKeeper payments, in circumstances where the Registrar of the Australian Business Register decided to reactivate a previously cancelled ABN after 12 March 2020, with a backdated effective date on or before 12 March 2020.
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Shortcut Rate for Claiming Home Office Expenses Extended
The ATO has extended (again) the ability to utilise the "shortcut rate" for claiming home office running expenses to 30 June 2021 (it previously only applied until 31 December 2020).
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New Measures Applying From 1 January 2021
The Government has provided an update of a number of new measures which came into effect from 1 January 2021, including (among others):
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JobMaker Hiring Credit Scheme: Claims open from 1 February 2021
The JobMaker Hiring Credit is being administered by the ATO and provides a wage subsidy payment directly to employers as an incentive to employ additional job seekers aged 16 to 35 years.
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Magic Message Beans
During the Christmas period, we received Magic Message Beans from our clients ShareStory. These magic beans have messages engraved onto the seed and when the bean plant grows, the message appears on the bean!
Last week we decided to put our green thumbs to use. The beans were slowly but surely growing and over the weekend have exploded.
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JobKeeper Extension 2
The second extension period covers the JobKeeper fortnights between 4 January 2021 and 28 March 2021.
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Getting the Margin Scheme Right
If a property owner wants to use the margin scheme when selling property, they must be eligible before the property is offered for sale.
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