Bonsella February 2021 Newsletter

February 21

Our latest eNewsletter includes information on the following topics:

ATO warning: watch out for tax avoidance schemes – Tax minimisation schemes that are outside the spirit of the law are referred to as tax avoidance, and could attract the ATO’s attention.

COVID-19 Supplement extension to 31 March 2021 – The Federal Minister for Families and Social Services has now registered the legal instrument that ensures the COVID-19 Supplement will continue to be paid.

Working from home deductions: “shortcut” rate until 30 June 2021 – The ATO advises that the “shortcut” rate for claiming work-from-home running expenses has been extended again, in recognition that many employees and business owners are still required to work from home due to COVID-19.

JobMaker Hiring Credit rules and reporting – Businesses that are seeking to employ additional workers but still need a bit of help can now apply for the JobMaker Hiring Credit Scheme.

Small businesses: don’t forget your FBT concessions – Concessions include exemptions for car parking in some instances, and work-related portable electronic devices.

New insolvency rules commence – The Federal Government has called these the most important changes to Australia’s insolvency framework in 30 yea