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1 Sep 2020

With many having received a cash flow boost and JobKeeper payments, some unique issues can arise where these amounts are received within a trust or company.

The cash flow boost and JobKeeper payment have been flowing to eligible businesses for some time now. These stimulus payments have differing tax treatments, which are:-

  • the cash flow boost is paid as a credit and is non-assessable non-exempt income, and also free from GST (because it does not represent consideration for a supply)

  • the JobKeeper payment...

3 Aug 2020

The JobKeeper payment, which was originally due to end after 27 September, will now continue to be available to eligible businesses (including the self-employed) until 28 March 2021. However there are some changes to consider.

The JobKeeper payment rate of $1,500 per fortnight for eligible employees and business participants will be reduced to $1,200 from 28 September 2020 and to $1,000 per fortnight from 4 January 2021. Also, from 28 September, lower payment rates will apply for employees and business participant...

1 Jul 2020

Despite the current COVID-19 world in which we live, the procedures for completing and lodging tax returns remains pretty much the same.

Before we talk with you to go over your tax return, certain information will be needed. Of course these days pre-filling takes care of a lot of the "paperwork", and if you wait until late-July or mid-August the ATO's systems will most likely be able to provide most of the information from employers, banks, government agencies and other third parties.

We will then be able to double...

1 Jun 2020

This financial year is almost over, but there are still effective strategies you may be able to employ to make sure you pay the right amount of tax for the 2019-2020 year and maximise any refund entitlement. This is still, if not more so, the case in the current COVID-19 environment.

While the best strategies are adopted as early as possible in a financial year and not at the end, it's worth remembering proper tax planning is more than just sourcing bigger and better deductions. The best tips involve assessing you...

1 May 2020

There are many questions being asked lately about claiming expenses when being asked to work from home over the COVID-19 period, plus a lot of concern about any consequent capital gain issues when later selling a property from which people have been coerced to work from during this time.

CAPITAL GAINS:  First of all, the CGT issue is fairly straight forward. The ATO says that in most cases, if you are working from home as an employee, regardless of whether or not you have a separate work area, there will be n...

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02 4088 8008

0414 729 436

2/50 Regent Street, New Lambton, NSW 2305

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