Covid-19 induced downturn has impacted many small businesses across the country. There are a number of FBT concessions that can be taken advantage of to lower the amount of FBT that you need to pay.
With economic support such as JobKeeper and JobSeeker winding down within the next few months, businesses are now seeking to employ additional workers with the help of the JobMaker Hiring Credit Scheme. There are a number of basic conditions that need to be satisfied in order to be eligible.
As Covid-19 continues to affect the current business climate and employees continue to work from home as a result, the Australian Taxation Office (ATO) has advised that the “shortcut” rate for claiming work from home running expenses has been extended again.