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MNY-MAY-2020

In May we have included Topics including:

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

Alternative turnover test for JobKeeper released
Alternative decline in turnover tests for the JobKeeper payment scheme has been registered by the ATO. The ATO says the alternative tests will only kick in if an entity cannot satisfy the basic decline in turnover test.

Here’s what attracts the ATO’s attention about luxury car tax
The ATO has announced that it has identified some common errors regarding luxury car tax (LCT) claims, but also says there are issues it has identified with LCT that are more associated with actively trying to pay less tax than required.

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