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Perth Tax People, 2/195 Adelaide Tce, Perth (2026)

16/04/2020

Bartering free rent for services

Bartering free rent for services reduces your businesses rent costs to nil. For this transaction to occur, and be beneficial to both parties, it needs to be a fair exchange of value, i.e. the value of the services provided must approximate the value of the rent received.

Implementation process:

1. Calculate the space required to operate your business.

2. Consider what services you could provide a potential landlord in exchange for free rent.

3. Advertise your offer on a bartering website.

4. Get any bartering agreement in writing.

Call Perth Tax People on 1300 751 700.

14/04/2020

ATO announcement to “new working from home rules”

Please note this new method is effective from 1 March 2020 to 30 June 2020. It will then be reviewed.

The ATO has just announced a relaxation to the normal working from home rules and introduced a new 80 cent per hour fixed rate to cover ALL deductions.

There are now three ways you can choose to calculate your additional running expenses:

• shortcut method ─ claim a rate of 80 cents per work hour for all additional running expenses

• fixed rate method ─ claim all of these:

o a rate of 52 cents per work hour for heating, cooling, lighting, cleaning and the decline in value of office furniture,
o the work-related portion of your actual costs of phone and internet expenses, computer consumables, stationery, and
o the work-related portion of the decline in value of a computer, laptop or similar device.

• actual cost method ─ claim the actual work-related portion of all your running expenses, which you need to calculate on a reasonable basis.

Feel free to speak to Perth Tax People on 1300 751 700 to know further regarding the above mentioned rules.

12/04/2020

Commercial leasing principals during COVID-19

The government is introducing a mandatory commercial leasing Code of Conduct (the Code). The Code imposes a set of 13 good faith leasing principles for application to commercial tenancies (retail, office and industrial) between landlords and tenants where the tenant is eligible for the Governments JobKeeper program.

For each tenant receiving the Governments JobKeeper payments, landlords should agree tailored, bespoke and appropriate temporary arrangements, taking into account their unique circumstances on a case-by-case basis.
The six main leasing principles are:

1. Landlords must not terminate leases due to non-payment of rent during the COVID-19 pandemic period (or reasonable subsequent recovery period).

2. Tenants must remain committed to the terms of their lease.

3. Landlords must offer tenants proportionate reductions in rent payable in the form of waivers and deferrals of up to 100% of the amount ordinarily payable. The rent reductions are based on the decline in tenant’s trade during the COVID-19 pandemic period and a subsequent recovery period. For example, if the tenant’s sales drop 50%, the rent payable needs to fall at least 50%.

4. Rental waivers must constitute no less than 50% of the total rent payable under principle three above.

5. Payment of rental deferrals by the tenant are amortised over the balance of the lease term and a period of no less than 24 months (whichever is longer).

6. Landlords must not draw on a tenant’s security for non-payment of rent.

Where landlords and tenants cannot reach agreement on lease arrangements (as a result of the COVID-19 pandemic), the matter must be referred for binding mediation.

Feel free to call us on 1300 751 700 to know more.

05/04/2020

Temporary Early Release of Superannuation

The Government is allowing individuals affected by the Coronavirus to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21. Individuals will not need to pay tax on amounts released, and the money they withdraw will not affect Centrelink or Veteran’s Affairs payments.

For the early release of superannuation, one of the following conditions of release must be satisfied:

1. The individual is unemployed.

2. The individual is eligible to receive the Jobseeker Payment, Youth Allowance for jobseekers, Parenting Payment, Special Benefit or Farm Household Allowance.

3. On or after 1st January 2020:
- The individual was made redundant; or
- The individual’s working hours were reduced by at least 20%; or
- If the individual is a sole trader – their business was suspended, or there was a reduction in the business’s turnover of at least 20%.

The ATO processes the early release of superannuation through the individual’s myGov website.

Feel free to contact Perth Tax People on 1300 751 700 for info regarding the early release of your Superannuation.

02/04/2020

Temporary relief for financially distressed individuals and businesses

On 24th March 2020, the Federal Government’s Coronavirus Economic Response Package Omnibus Act 2020 came into force. This legislation aims to provide temporary relief for financially distressed businesses by lessening the threat of actions that could unnecessarily push them into insolvency and force the winding up of the business.

The changes only apply for the six months from 25th March 2020 to 25th September 2020.

The four main differences are:

1. Changes to statutory demands made by creditors
The minimum amount for which a creditor can make a statutory demand has increased from 21 days to 6 months. Also, the response time for a debtor responding to a statutory demand has increased from 21 days to 6 months.

2. Individual bankruptcy
The minimum debt that allows a creditor to initiate bankruptcy proceedings against an individual debtor has increased from $5,000 to $20,000. Also, an individual now has six months, instead of 21 days, to respond upon receipt of a bankruptcy notice.

3. Protection for director’s liability for trading while insolvent
Directors have temporary relief from any personal liability for trading while insolvent.

4. Treasurer’s temporary flexibility to amend the Corporations Act

Contact Perth Tax People on 1300 751 700 to get more information.

31/03/2020

Eligible employers

Employers will be eligible for the subsidy if:

1. Their business has a turnover of less than $1 billion, and their turnover will be reduced by more than 30 per cent relative to a comparable period a year ago (of at least a month), or their business has a turnover of $1 billion or more, and their turnover will be reduced by more than 50 per cent relative to a comparable period a year ago (of at least a month), and the business is not subject to the Major Bank Levy.

2. The employer must have been in an employment relationship with eligible employees as at 1 March 2020,

3. Confirm that each eligible employee is currently engaged in order to receive JobKeeper Payments.

Eligible employees

Eligible employees are employees who:

•Are currently employed by the eligible employer (including those stood down or rehired);
•Were employed by the employer at 1 March 2020;
•Are full-time, part-time, or long-term casuals (a casual employed on a regular basis for longer than 12 months as at 1 March 2020);’
•Are at least 16 years of age;
•Are an Australian citizen, the holder of a permanent visa, a Protected Special Category Visa Holder, a non-protected Special Category Visa Holder who has been residing continually in Australia for 10 years or more, or a Special Category (Subclass 444) Visa Holder; and are not in receipt of a JobKeeper Payment from another employer.

Feel Free to contact Perth Tax People on 1300 751 700 for application of Jobkeeper payments for your business.

30/03/2020

JobKeeper payments:

Today the federal government have announced a new wage subsidy package.

The key points include:

$130 billion committed over the next six months to support jobs of an anticipated 6 million Australians

A JobKeeper allowance of $1,500 job fortnight (which is a flat payment per employee).

Available to full and part-time workers, sole traders and casuals who have been with their employer for 12 months or more. Any employee who has been stood down since 1 March will still be eligible for the payment.

From today, employers and sole traders can apply to ATO, and money will flow from 1 May and be backdated to today

Business turnover has to have fallen by 30% to be eligible. For the largest firms, it has to be a 50% drop.

The JobKeeper portal has been set up on the ATO website now, where businesses can register their interest immediately.

Feel free to contact Perth Tax People on 1300 751 700

23/03/2020

If you are a sole trader without employees (amid COVID-19 outbreak):

The increased instant asset write-off

Under normal circumstances, individual assets less than $30,000 are eligible for the instant asset write off. The Government has lifted this threshold to $150,000 for assets that are either installed or ready for first use by 30 June 2020.

Backing Business Investment (BBI)

A time limited 15 month investment incentive (through to 30 June 2021) to support business investment and economic growth over the short term, by accelerating depreciation deductions. Businesses with a turnover of less than $500 million will be able to deduct 50 per cent of the cost of an eligible asset on installation, with existing depreciation rules applying to the balance of the asset’s cost.

Increased and accelerated income support

The Government is temporarily expanding eligibility to income support payments and establishing a new, time-limited Coronavirus supplement to be paid at a rate of $550 per fortnight. This supplement will be paid to both existing and new recipients of the eligible payment categories. These changes will apply for the next six months.

Assistance for affected regions, communities and industries

The Government has created an initial $1 billion support fund to provide assistance to industries and regions severely affected by the economic impacts of Coronavirus.
Read more about the assistance for affected regions, communities and industries.

SME Guarantee Scheme

This will provide businesses with funding to meet immediate cash flow needs, by further enhancing lenders’ willingness and ability to provide credit. Businesses with a turnover of up to $50 million will be eligible to receive these loans.

Early access to superannuation

You can access up to $10,000 of your superannuation in 2019-20 and a further $10,000 in 2020-21. You will be able to apply for early release of your superannuation from mid-April 2020.

Tax support

The Australian Tax Office (ATO) is providing relief for some tax obligations for businesses affected by the outbreak, on a case-by-case basis.

23/03/2020

The Australian Tax Office (ATO) expects over 3 million Australians to lodge their 2020 tax returns through MyTax for free.

You should do away with an accountant and lodge your own tax return if:

•Your tax situation is simple or unchanged – If you only have one job.
•You’re a numbers kind of person – You enjoy keeping track of all the numbers, paperwork and receipts.
•You don’t own share or property investments.
•You can understand tax laws and are happy to stay up to date (MyTax is easy to use with lots of helpful information. In addition, you can browse the ATO website).

22/03/2020

Nurses Rated Most Trusted Profession

The Roy Morgan Image of Professions Survey found that nurses topped the list of the most highly regarded professions. Over 94% of Australians rate nurses highly for their ethics and honesty. Nurses have topped the annual survey for 23 years running.

Accountants are rated the most admired financial-related profession with 50%. Accountants have now been the preferred financial-related profession since 1991.

Further down the line on the ethics and honesty scale we have financial planners. Only 25% of Australians rate financial planners as ‘very high’ or ‘high’ for their ethics and honesty. This will no doubt plummet to new lows as revelations of widespread fraudulent financial planners have come to light from the Banking Royal Commission.

The least trust worthy profession in the eyes of the public is no surprise really – used car salesmen with 7%.

22/03/2020

A short video on Tax Incentives amid Covid-19 outbreak.

19/03/2020

Negotiate lease incentives to cut costs:

Leasing incentives are financial concessions or upfront capital payments that landlords make to prospective tenants to entice them to commit to a binding lease agreement.

Typically, these incentives are rent-free periods at the commencement of the lease, cash payments, payments of the tenant’s fit-out costs, or monthly rental reductions for a fixed period.

Lease incentives are generally available under the following circumstances:

•Where a building is new.
•Where a shop has been vacated by a tenant due to receivership.
•When the economic environment is difficult and there is a lot of vacant space.

Implementation process:

1.Research the lease incentives provided for similar space – this is difficult as leasing incentives are not set out in the lease agreements and are therefore not ‘discoverable’ in a legal search registered lease agreements. They are normally included in an incentive deed which is confidential between the landlord and tenant.

2.Negotiate a lease incentive with your proposed landlord – also possible if your current lease is expiring and you wish to sign up for a new lease with your current landlord.

3.Consider that contributions to fit-outs usually have conditions attached to them, such as claw-backs, where a tenant does not stay for the full length of the lease.

Perth Tax People

16/04/2020

14/04/2020

12/04/2020

05/04/2020

02/04/2020

31/03/2020

30/03/2020

23/03/2020

23/03/2020

22/03/2020

22/03/2020

19/03/2020

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