Newsletter - August 2020 Edition 1

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Cents & Sensibility | Tax News | Views | Clues 

 

14 August

WorkSafe regulations - requirement to report COVID cases in the workplace

 

Effective 29th of July 2020, Worksafe Victoria announced new regulations requiring employers to notify WorkSafe immediately (within 48hrs) of being aware that an employee or contractor has visited the workplace during the infectious period following a positive testing of COVID-19.

 

WorkSafe have defined the infectious period as “the date 14 days prior to the onset of symptoms or a confirmed diagnosis (whichever comes first), until the day on which the person receives a clearance from isolation from the Department of Health and Human Services.”

 

Given the potential impact of non-compliance, the penalties are severe. Fines can be up to $39,652 for an individual or $198,264 for a body corporate.

 

WorkSafe have said "the new Regulations, made under the Occupational Health and Safety Act, will assist WorkSafe to reduce the risks to health and safety in the workplace arising from coronavirus (COVID-19). Timely notification of potential workplace transmission of coronavirus (COVID 19) is critical for effective management of related health and safety risks and the prompt investigation of potential breaches of employer duties.”

 

WorkSafe have developed an online tool to assist in reporting an incident which is available HERE

 

Alternatively, to notify WorkSafe of a positive coronavirus (COVID-19) diagnosis, employers (or self-employed persons) can call the WorkSafe advisory service on 13 23 60.

 

For further information you are encouraged to contact WorkSafe directly on 13 23 60 or visit the dedicated COVID-19 information page available HERE

 

If your knp team can assist with this or any other matter, please do not hesitate to contact us.

Making sense of it all by Ali Roshan - The need to constantly monitor spending

 

Aside from the challenges brought about by a soon to be (so it would seem) cashless society, there are other challenges for the everyday individual seeking to make the family budget go further in this tech-driven economy. New research has shown that three in five Australians (62%) are wasting money on subscription services they either don’t use or have forgotten about, with estimates in the order of $3.9 billion being wasted on unnecessary subscriptions, apps and services.

 

In a recent study undertaken by REST Super over half (62%) of those surveyed said they keep paying for subscriptions they don't use, while 42% actively avoid paying attention to their finances to pick up on unwanted fees such as these. The race to a fully “cashless society” remains on track, and it is in everyone’s best interest to understand what is coming, and what may inevitably be taken away.

 

To allow you to be at your best in the now flourishing tap-and-go economy, make the time to better understand what technology can do for you and how best to use it.  Just like subscription media services, there are a variety of budgeting applications that can make light work of an otherwise daunting task. A couple of good options are MoneyBrilliant, Pocketbook & Pocketsmith.

 

Many banks also offer inbuilt functionality (albeit limited) into their online banking offering. This can be an easy introduction to budgeting.

 

If you want to get more serious about your budgeting, there are a variety of strategies that can be implemented to assist.  This is a service that we can offer to help you get on track.

 

If you would like our assistance with this, please do not hesitate to contact me.

 

Ali Roshan is an Authorised Representative (ASIC No. 000378611) of Lifespan Financial Planning

 

ABN 23 005 921 735 AFSL Number 229892

 

No Advice Warning / General Advice

 

The purpose of this article is to provide general information only and the contents of this website do not purport to provide personal financial advice. KNP Solutions strongly recommends that investors consult a financial adviser prior to making any investment decision.

 

The contents of this knp Solutions article does not take into account the investment objectives, financial situation or particular needs of any person and should not be used as the basis for making any financial or other decisions.

 

The information is selective and may not be complete or accurate for your purposes and should not be construed as a recommendation to invest in any particular product, investment or security. The information provided on this website is given in good faith and is believed to be accurate at the time of compilation.

80 cents per hour 'shortcut' method for home office expenses has been extended

 

Back in April 2020 the ATO announced that a 'shortcut' method was to be made available to use from 1 March 2020 until 30 June 2020 for individuals claiming home office expenses due to COVID-19.   The ATO has recently announced an extension of this shortcut method to also include 1 July 2020 to 30 September 2020.

 

In summary, a taxpayer can claim a deduction of 80 cents for each hour they work from home due to COVID-19 as long as the individual is:

  • working from home to fulfil their employment duties and not just carrying out minimal tasks such as occasionally checking emails or taking calls; and
  • incurring additional deductible running expenses as a result of working from home.

 

A taxpayer does not have to have a separate or dedicated area of their home set aside for working, such as a private study.

 

The shortcut method rate covers all deductible running expenses such as: electricity and gas used for heating/cooling and running electronic items used for

work purposes; depreciation and repair of assets used for work purposes; work-related phone and internet costs.

 

Note: If you are working from home due to COVID-19 and have queries about what deductions you can claim, contact our office.