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Capital Loss from Shares to Reduce a Capital Gain – Another Jewel from our Treasure Chest

Welcome to the Small Business Treasure Chest. I have opened the lid of the chest and found another amazing jewel once again to share with you. If you have missed our previous Jewels , check them out HERE.   This  jewel I have found, is all about Capital Gains Tax and Shares. If  you have a Capital Gain in 2020, you can reduce this Gain with a capital loss. Now…

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Jewel #3 from our Treasure Chest to Reduce your tax bill for 2020

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…

Jobkeeper Payment Rules – 10 Key Questions

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…

The Easter Bunny brings us an Easier Home Office Expense Claim

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…