Budget 2020 – At a Glance, Overview, Outlook
These three areas cover all you will need to know but the accompanying two articles cover more specific topics and they might help you better understand how the Budget affects you.
Temporary home office expenses shortcut extended again
The 80 cents per hour work-from-home deduction method has now been extended for a further three months to the end of the year.
JobKeeper extension – changes implemented
The legislative instrument implementing the changes to the JobKeeper scheme over the extended period was registered on 15 September 2020.
JobKeeper Participants – are “workers”
Although JobKeeper has been in place for many months and is now scaling back, all eligible participants may not have enrolled. The program is targeted to workers in the broad sense.
Commissioner registers updated JobKeeper alternative tests
The Commissioner of Taxation has now released the updated alternative decline in turnover tests for the JobKeeper extension.
Varying Pay As You Go (PAYG) Instalments
The first instalment of 2021 income tax, due for quarterly taxpayers on 28th October may be varied down.
Reminder of Medicare Levy Surcharge (MLS)
A warning to taxpayers who may be considering cancelling private health insurance because of higher premiums starting for many on 1st October 2020.
ATO JobKeeper 2.0 guidance surfaces
The Tax Office has published preliminary guidance on the extension of JobKeeper as the profession continues to wait on the amended rules to be registered.