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