Update Friday, 3 July
The new Small Business Recovery Grant for up to $3,000 is now open for applications to help you rebuild your business.
You can use it to cover:
marketing and advertising expenses
fit-out changes
staff training expenses to work in a COVID Safe way
If you’re a small business owner in an industry that’s been highly impacted by COVID-19 you may be eligible for this grant. Applications close 16 August 2020.
Click the link below to apply.
Source and credit : NSW.gov.au
Tax Time Toolkits
The ATO’s small business tax time toolkit has now been released, with new fact sheets focusing on the tax implications of COVID-19.
Designed to help small businesses, the latest tax time toolkit contains a series of easy-to-understand fact sheets.
The fact sheets include guides on pausing or permanently closing a business, using the company’s money or assets, home-based business expenses, motor vehicle expenses and travel expenses.
For more information click the link below.
Source and credit: ATO.gov.au & Accountants Daily
If you’re a commercial or residential landlord who has reduced your tenants’ rent due to COVID-19, you may be eligible for land tax relief.
Relief is available to landlords:
whose tenants can prove financial distress due to COVID-19, and
who have reduced their tenants’ rent for any period between 1 April 2020 and 30 September 2020.
If eligible, the relief available may:
reduce up to 25% of your 2020 land tax liability
defer your land tax payments by up to 3 months
provide a refund on the amount of rent reduction you’ve given a tenant, or
reduce the amount of 2020 land tax payable if you have not yet completed payment.
For more information click the link below.
Source and credit: Service.NSW.gov.au
Upcoming dates
14 July 2020 Issue PAYG withholding payment summaries or income statements
21 July 2020 June monthly BAS due
28 July 2020 June quarter SG due
28 July 2020 June quarterly BAS due