LNV Accounting Group | Company

LNV Accounting Group

Phone: +61 408 476 515

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22.01.2022 The end of financial year is just around the corner and the Australian Taxation Office has just announced a stack of changes to tax time 2020. According to the ATO, the COVID-19 pandemic has changed many taxpayers’ circumstances in one way or another, which will be reflected in our tax returns this year. We know many of our clients and their agents will have questions about how different types of income and expenses may affect their obligations this year. We’re helping to ...make sure people know how to get it right, assistant commissioner Karen Foat said. We have published information on our website to help you get it right when lodging this year, including the Tax Time Essentials page which is a one-stop shop for the things that are a little different this year and how they impact your return. If you’ve read through the information on our website and still have a question, search our online forum ATO Community. This forum is available 24 hours a day and we have a great community of expert members who respond to questions. The ATO has also explained the most common ways COVID-19 will impact workers’ tax affairs. WORK-RELATED EXPENSES This year, the ATO is expecting a huge spike in people claiming deductions for working from home or for protective items required for their job. Working from home A temporary, shortcut method which applies to working from home expenses between March 1 and June 30, 2020 was previously announced in a bid to make it easier for the millions of Aussies who suddenly found themselves barred form the office at the peak of the outbreak. The special new arrangement will allow people to claim a rate of 80 cents per hour for all their running expenses, instead of calculating costs for specific running expenses as taxpayers would under normal circumstances. It covers all deductible expenses and can be used by multiple people working from home in the same house. People claiming their working-from-home expenses using the shortcut method should include the amount at the other work-related expenses question in your tax return and include COVID-hourly rate as the description. If you use the shortcut method, all you need to do is keep a record of the hours you worked from home as evidence of your claim. But it is all-inclusive, meaning you can’t claim for any other working-from-home expenses, Ms Foat said. Taxpayers can still choose to use one of the other existing methods to calculate their expenses for working from home if they prefer. Protective clothing Another deduction which is set to be more common due to the coronavirus is protective items such as gloves, face masks or sanitiser needed for work that requires physical proximity with others, including customers and client. These items can only be claimed by taxpayers if they paid for them and were not reimbursed. Industries more likely to claim these expenses include retail, healthcare and hospitality. See more

18.01.2022 The biggest winners and losers of the Federal Budget 2019 APRIL 2, 2019 8:16PM Check out who wins and who loses in Josh Frydenberg's 2019 Budget.! Being an election year, this is a Budget full of goodies, but some will do better than others. Here are the biggest winners and losers this year....Continue reading

16.01.2022 There are number of measures have been taken by the government and ATO to support businesses and individuals in this difficult environment. Pleae find below some of the first stimulus offered so far. Please do not hesitate to contact us for further information on 0408 476 515 or [email protected] Small Business - Instant asset write-off threshold incresed from 30K to $150K from now to 30June 2020 for businesses meets the criteria. ( New and second hand assets include...d) - Tax Free payment upto $25K back to eligible businesses that pay salary and wages - ATO will deliver above payments upon lodgement of BAS and logement time can be amended from quarterly to monthly for eligible businesses Households - One off $750 tax- exempt payment for eligible recipients incluidng $6.5 million lower income earners, those who are on the age pension, new start allowance & carer payment etc

13.01.2022 Happy New Financial Year everyone..! Don’t forget to contact is in order to finalise your annual tax return..!