Welcome to our September monthly newsletter!

The Government has expanded the SME Recovery Loan Scheme to now include businesses that didn’t receive JobKeeper payments. Previously to be eligible to apply for the scheme, a business needed to receive JobKeeper payments but now any small or medium business with a turnover of less than $250 million can apply as long as they can show that they are facing sustained economic impact as a result of the pandemic. If eligible, a business could receive a loan of up to $5 million over a 10-year term.
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Monthly tax tip:

Laundry is an expense that most of us don’t even notice but it can be claimed as a clothing deduction. To be eligible, a tax-payer has to be laundering clothes that can be claimed as a deduction. Examples of this are protective clothing (e.g. hi-vis shirts), uniforms that have a logo/business name displayed or occupation specific clothing (e.g. medical scrubs). Unfortunately, plain clothing cannot be claimed and laundering of this clothing is also considered of a personal nature even if you have been asked to wear a certain type of clothing for work (e.g. black clothing only required, gym clothes). If you are eligible to claim the laundering of your work clothes then you can claim 50 cents per mixed load (mixed with personal clothing) or 1 dollar per full load of clothes up to a total limit of $150 without receipts. If you work in an industry that requires a large amount of laundry then it may be helpful to keep receipts for the laundry items you purchase specifically for your work clothing to claim more than $150.

If you would like to schedule a consultation with us then please jump onto our website where you can see our availabilities and book a time that suits you.

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Important Dates!

21 September:

  • Lodge and pay August 2021 monthly business/instalment activity statement

30 September:

  • Lodge Annual TFN withholding report if a trustee of a closely held trust has been required to withhold amounts from payments to beneficiaries
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