The JobKeeper payment is intended to provide wage subsidies to businesses that are significantly affected by COVID-19.
Working from home
you cannot claim a deduction for items provided by your employer or if you have been reimbursed for the expense. However, instead receive an allowance from them to cover your expenses when you work from home, you:
Must include this allowance as income in your tax return.
Can claim a deduction.
To claim a deduction for working from home, all of the following must apply:
You must have spent the money.
The expense must be directly related to earning your income.
You must have a record to prove it.
Early release of superannuation
Eligible individuals will be able to access up to $10,000 of their superannuation before 1 July 2020. They will also be able to access up to a further $10,000 from 1 July 2020 until 24 September 2020.
On or after 1 January 2020, you are eligible to access your superannuation if you meet any of the following criteria:
You were made redundant.
Your working hours were reduced by 20% or more.
Your business was suspended or there was a reduction in your turnover of 20% or more, if you are a sole trader.
Reducing superannuation minimum draw-down rates
Minimum draw-down requirements for account-based pensions and similar products have been reduced by 50% for 2019–20 and 2020–21.
Tax on employment payments
There are different tax consequences for payments you may receive from your employer:
If you take leave or are temporarily stood down, your employer may pay you regular payments or make a one-off payment such as stand-down payment, COVID-19 payment or pandemic allowance.
If your employment is terminated you may receive payments from your employer and these payments can have up to three parts:
Concessional taxed (taxed at a lower rate than your marginal tax rate)
Taxed at your usual marginal tax rates.
For the latest advice, information and resources, go to https://www.ato.gov.au/
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