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Welcome to the Small Business Treasure Chest. I have looked inside our chest again and found some amazing jewels to share with you. Join me over the next few weeks to view these very helpful tips that will help you reduce your Income Tax for 2020. The third jewel I have found is all about Superannuation Contributions. The maximum amount a person can contribute to their superfund for 2020 without…

Welcome to the Small Business Treasure Chest. I have looked again  inside the chest and found some amazing jewels to share with you. Join me over the next few days to view these very helpful tips that will help you reduce your Income Tax for 2020. The second  jewel I have found is very relatable to those who live in WA. I call it  the WaitAwhile benefit. Usually this phrase…

Welcome to the Small Business Treasure Chest. I have had a look inside and found some amazing jewels to share with you. Join me over the next few days to view these very helpful tips that will help you reduce your Income Tax for 2020. The first jewel I have found is the Instant Asset Write-off. This enables you to claim an immediate deduction for the full value of a…

Many of my  clients and business owners have been asking me about how the  Jobkeeper Payment scheme will actually operate. Below are some of the most relevant questions that apply to small  businesses.   Question 1 Can a sole trader who has employees also qualify for the JobKeeper Payment? Answer is Yes. On the basis that the sole trader’s business has satisfied all the requirements to qualify for the JobKeeper…

Easier Home Office Expense Claim The Australian Taxation Office (‘ATO’) has announced a temporary simplified short cut method to make it easier for individual taxpayers to claim deductions for additional running expenses incurred (e.g.,additional heating, cooling and lighting costs), as a result of working from home due to the Coronavirus pandemic. Refer to the ATO’s Media Release of 7 April 2020. The ATO will allow individuals to claim a deduction…