Francisca Chew Taxation and Accountants in East Gosford, New South Wales, Australia | Tax lawyer

Francisca Chew Taxation and Accountants

Locality: East Gosford, New South Wales, Australia

Phone: +61 448 556 739

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17.01.2022 Extracted from Australian Taxation office (ATO) Early release of superannuation From 20 April, eligible individuals will be able to apply online through myGov to access up to $10,000 of their superannuation before 1 July 2020 and up to a further $10,000 from 1 July 2020 until 24 September 2020.... Individuals will not need to pay tax on amounts released and the money they withdraw will not be taken into account under any income or means tests. The government has also announced that eligible temporary residents will be able to apply to access up to $10,000 of their super before 1 July 2020. Find out about: https://www.ato.gov.au//Support-for-individuals-and-emplo/

16.01.2022 By Susan Franks, senior tax advocate, Chartered Accountants Australia New Zealand With government debt rapidly increasing there has been speculation that the proposed personal income tax cuts will abandoned. Others have been proposing income tax levies. COVID-19 has shown that a significant amount of Australia’s labour supply can be provided remotely. On-line training sessions is now the norm. Accounting, legal, financial advice and technology support can be delivered from...Continue reading

13.01.2022 Instant asset write-off for eligible businesses Under instant asset write-off eligible businesses can claim an immediate deduction for the business portion of the cost of an asset in the year the asset is first used, or installed ready for use. Instant asset write-off can be used for:... multiple assets as long as the cost of each individual asset is less than the relevant threshold new and second-hand assets. It cannot be used for assets that are excluded from the simplified depreciation rules. The instant asset write-off eligibility criteria and threshold have changed over time. You need to check your business's eligibility and apply the correct threshold amount depending on when the asset was purchased, first used or installed ready for use. Changes from 12 March 2020 From 12 March 2020 until 30 June 2020 the instant asset write-off: threshold amount for each asset is $150,000 (up from $30,000) eligibility has been expanded to cover businesses with an aggregated turnover of less than $500 million (up from $50 million).