COVID-19

 

The health and wellbeing of our clients and staff is paramount during the Covid-19 pandemic, and we have put measures in place to minimise disruption to the operation of A Grade Tax. There may be some disruption to our normal services and we thank you for your co-operation at this difficult time.

In accordance with this, there is no public access to our office. All tax return appointments are currently being undertaken on either a phone, email or Zoom meeting basis. In order for us to assist you, please call or email us to allocate a convenient phone appointment time.

As the situation around COVID-19 continues to develop, the following links and resources may be useful in terms of the available government assistance packages:
 

 

Businesses and Employers

JobKeeper Payments

The JobKeeper payment is intended to provide wage subsidies to businesses that are significantly affected by COVID-19. Enrolment is now open for the JobKeeper Payment Scheme.

 

The JobKeeper payment is open to eligible employers, sole traders and other entities to enable them to pay their eligible employee’s salary or wages of at least $1,500 (before tax) per fortnight. To be eligible for the JobKeeper Payment, you and your employees must meet a range of criteria, including having experienced a 30% fall in turnover. This can be calculated using either of the following methods:

 

You can enrol for the JobKeeper payment through the ATO prior to the 31 May 2020, or alternatively A Grade Tax can process this application on your behalf. Please contact us to discuss your eligibility and the associated costs of the application.

 

 

Sole Traders: For further information click here

Companies: For further information click here

 

Boosting Cash Flow for Employers

The ATO will provide tax-free cash flow boosts of between $20,000 and $100,000 to eligible businesses, delivered through credits in the activity statement system, when eligible businesses lodge their activity statements.

For further information click here

 

Small Business COVID-19 Support Grant NSW

The NSW Government is providing financial support to small businesses.

If your small business has experienced a significant decline in revenue as a result of COVID-19, you may be eligible for the small business support grant of up to $10,000.

For further information and eligibility criteria, please click here.

 

Individuals and Employees

JobKeeper Payments
The JobKeeper payment is intended to provide wage subsidies to businesses that are significantly affected by COVID-19. Your employer will notify you if they intend to claim the JobKeeper fortnightly payment of $1,500 on your behalf.

For further information click here.


Temporary Early Release of Superannuation

The government is allowing eligible individuals to apply online through myGov to access up to $10,000 of their superannuation before 1 July 2020 and up to a further $10,000 from 1 July 2020 until 24 September 2020.

For further information and eligibility criteria, please click here 


Reducing Superannuation Minimum Drawdown Rates

The minimum drawdown requirements for account-based pensions and similar products have been reduced by 50% for 2019/20 and 2020/21.

For further information click here.


Employees working from home

If your employer now requires you to work from home, you may incur expenses that you can claim at tax time. Click here for further information on what you can and can’t claim and the records you must keep in order to claim home office expenses.

 

 

 

 

 A GRADE TAX

 TAXATION ACCOUNTANTS

 

Post | P.O. Box 402, Penrith. NSW 2751 

Phone | (02) 8328 0568

Email | allana@agradetax.com.au    

 

 

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