Client Alert - March 2021

 

Welcome to 2021

It has almost been a year since the COVID-19 pandemic hit the world. While the majority of the Australian federal economic stimulus packages is gradually winding down towards the end of the March 2021 quarter, apart from the JobKeeper Payment wages subsidy, here is a reminder of some of the measures still available that may benefit you or your businesses.

In addition, as the Australian economy is recovering from the pandemic,  don’t forget about the importance of tax planning in the long run (as opposed to tax avoidance schemes).

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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.

 
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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.

 
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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.

 
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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.