Philip Brown Taxation Services | Financial service

Philip Brown Taxation Services

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24.01.2022 Great podcast with Adam Davidson discussing his new book The Passion Economy https://podcasts.apple.com//intelligence-squa/id708371900

18.01.2022 https://www.publicaccountant.com.au//small-business-ombuds

18.01.2022 The Federal Government today announced the stimulus package to deal with the economic impacts of the Covid-19 virus. It’s a large benefit package (total is $17.4 billion) that is mainly focused on the small business sector. Here are the key elements:... one off cash payments of $750 to 6.5 million welfare recipients the instant asset write-off threshold for businesses raised to $150,000 and an extra depreciation discount to encourage investment up to $21,000 for wage subsidies for small businesses to keep apprentices in work cash free payouts of between $2,000 and $25,000 to small businesses with employees to help with cash flow directly affected businesses will have access to a $1 billion relief fund The taxpayer group that is not included are salary and wage earners. As the economic impacts are expected to last a considerable time, the government will likely to add to this package when the May budget is released. Please contact me if you need advice on how these measures may impact your individual or business circumstances.

15.01.2022 Home office expenses Taxtime 2020 If you’ve been working from home as a result of Covid-19, you will likely be entitled to claim a deduction for home office expenses in your 2019/20 income tax return. The simplest method to use to calculate the amount to be deducted will be to use an hourly rate, and the ATO has established a rate of $0.80 per hour for use during the period 1 March to 30 June 2020. However, if you have purchased assets such as office furniture and computer ...equipment to assist with your work from home, you may be able to use another method that enables you to also claim a portion of the cost of those assets. Regardless of which method you use, you will be required to have a record of your hours worked from home such as a diary or a worksheet. If you need assistance with your home office expenses claim or any other matters relating to your 2019/20 tax return, please message me or call on 0427 625833. Phil Brown 24 June 2020.

07.01.2022 A few notes on the Government’s likely response to deal with the economic impacts of the tragic Covid-19 outbreak: When the GFC hit in 2008, interest rates were at 7.25%. The Reserve Bank (RBA) was then able to cut rates by 3% down to 4.25% over 4 months to provide massive stimulus to the economy. Contrast this to the rate cut by the RBA yesterday of only 0.25% to a new low of 0.5%. There isn’t a lot more the RBA can do on the interest rate front. The Government will ...therefore need to provide the bulk of the stimulus and will need to take action before the May budget. The assistance package may include tax credits for individuals and concessions to encourage businesses to buy or replace assets. Direct support for business groups directly affected (e.g. travel and tourism) will also likely be included. The Government is expected to announce an initial assistance package within the next few weeks. See more

03.01.2022 The attached link contains shortcuts to all of the Tax measures and tailored support available in relation to Covid-19 https://www.ato.gov.au/General/COVID-19/