VDL Taxation & Bookkeeping | Finance

VDL Taxation & Bookkeeping

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21.01.2022 Remember the three golden rules for work-related expense claims: 1) You must have spent the money yourself and not have been reimbursed 2) It must be directly related to earning your income ... 3) You must have a record to substantiate the claim

20.01.2022 WORKING FROM HOME DURING COVID The ATO has announced special arrangements this year due to COVID-19, to make it easier for people to claim deductions for working from home. The new arrangement will allow people to claim a rate of 80 cents per hour for all their running expenses, from 1 March to 30 June 2020.... If you choose to use this shortcut method, all you need to do is keep a record of the hours you worked from home as evidence of your claim. For more information... https://www.ato.gov.au//Me/New-working-from-home-shortcut/

15.01.2022 JOBKEEPER ELIGIBILITY EASED The recently announced tougher eligibility rules for the second phase of the JobKeeper, will now be eased. You will now only have to demonstrate a reduction in turnover in the quarters ending in September and December 2020. ... Also, the test date of employment will now be the 1 July 2020.

02.01.2022 DO YOU PAY CONTRACTORS FOR CONSTRUCTION, CLEANING OR COURIER SERVICES? The ATO is reminding businesses that pay contractors for certain services that they may need to lodge a taxable payments annual report (TPAR) with the ATO by 28 August 2020. This is the first year businesses that pay contractors to provide road freight, information technology, security, investigation, or surveillance services may need to lodge a TPAR with the ATO. ... This is in addition to those businesses providing building and construction, cleaning, or courier services that are already required to report. Here at VDL, we can assess if you need to lodge a TPAR and to make sure it is lodged with the ATO by 28 August 2020.

01.01.2022 COVID-19 EARLY RELEASE OF SUPER If you have suffered financially by COVID-19, you may be able to access some of your superannuation early. Eligible citizens and permanent residents of Australia or New Zealand can apply to access up to $10,000 of their super in the 202021 financial year.... Submit your application online through myGov between 1 July 2020 and 31 December 2020. You will not need to pay tax on amounts released under COVID-19 early release of super and will not need to include these amounts in your tax return.