End of Financial Year Planning 2020

With the end of financial year fast approaching, now is a good time to think about tax opportunities and risks that should be addressed before 30th June 2020.

In our Year-End Planning 2020 we have included some of the key taxation issues that clients should be thinking about prior to year-end.

If you would like to discuss any of these, or other things that are on your radar, don’t hesitate to contact your Hall Chadwick Director or Manager on +61 3 9820 6400.

Calculating your working from home expenses

As a result of the COVID-19 pandemic, the ATO accepts three calculation methods to calculate deductible working from home expenses for the period from 1 March 2020 until 30 June 2020. Under the Shortcut Method, taxpayers can now claim 80 cents per work hour for all additional running expenses. Multiple individuals within the same house can each claim the 80 cents per hour rate and the usual requirement for the dedicated work area has been removed for deductions claimed using this method.

Transition to Retirement Income Stream

If you are receiving this but your circumstances have changed, you may be eligible to convert your pension to a full account based pension. The rules in this area are now quite complex. We’re ready to help.

Employee Bonus Plans

Did you know that deductions are NOT available for accrued bonuses unless all steps have been taken before year-end for employees to legally qualify for payment of the bonus by year-end.