Superannuation Guarantee (SG) plays an important role in the retirement plan of all Australians. It was first introduced on 1 July 1992 to increase the financial security of Australians once they retire with forced savings over a lifetime of working. Currently, employers are required to pay a minimum of 9.5% on each eligible employee’s gross… Continue Reading
Category Archives: Business
The COVID-19 tax relief measures and support available for your 2021 tax returns!
It is the end of the financial year, and the tax season is beginning again. The COVID-19 pandemic has significantly impacted all of us including businesses, families, and the economy. The Australian Government has released various tax relief measures and support to help business and individual taxpayers. We discuss some of the various tax measures… Continue Reading
Government Grants Currently Available!
The Federal and NSW Governments are providing support to keep businesses afloat during the COVID-19 crisis. Announcements of grants are made regularly so it is important as a business to keep on top of current grants that are still available. For your ease of reference, we have identified the below grants that are still active… Continue Reading
2021 Federal Government Budget
At 7:30pm tonight, Josh Frydenberg delivered his third budget announcing that “Australia is coming back! In the face of a once in a century pandemic, the Australian spirit has shone through. Doctors and nurses in the frontline, teachers in virtual classrooms, and businesses big and small keeping the economy moving. Team Australia at its best…… Continue Reading
Utilising taxable losses against prior year profits!
In October 2020, the Government introduced the loss carry-back regime. It will allow companies that have previously incurred an income tax liability in a relevant year to claim current year losses against the prior year’s tax liability. The refund of prior year’s tax will be received in the form of a refundable tax offset when… Continue Reading
The Benefits of Annual Tax Planning
Tax planning is the process of understanding your current and near future tax position. It presents a taxpayer or group of taxpayers the opportunity to implement tax effective strategies to minimize their tax liability for a given period within the constrains of the law. Benefits of tax planning Tax planning has multiple benefits which include:… Continue Reading
Xero Updates – March 2021
Xero accounting software is always changing and updating to provide their partners and users with a better experience. Last month, Xero held their annual roadshow through Zoom where they provided updates on what they have done and what they are going to do to improve the Xero platform. Here are some of the updates that… Continue Reading
Setting sales targets in uncertain times
Setting sales targets for your business is standard practice for any aspirational, growing company. If you’re going to stretch the sales and marketing teams, it’s important to have clear, unambiguous targets for them to aim for. But what happens when a crisis looms? In uncertain times it’s more than likely that your pre-crisis sales targets… Continue Reading
New wages subsidy for employers of apprentices and trainees
The Australian Government has announced the Boosting Apprenticeship Commencements wage subsidy to support employers and Group Training Organisations to take on new apprentices and trainees. Is my business eligible? Your business or Group Training Organisation may be eligible if: you engage an Australian Apprentice between 5 October 2020 and 30 September 2021; and your Australian… Continue Reading
Is your SMSF breaching NALI rules unknowingly?
We all know SMSF rules and compliance requirements can be complex and onerous, with potentially dire consequences, so it’s absolutely critical to be aware of unexpected areas that may cause your SMSF to breach these rules. “Non-arm’s length income” (NALI) is one of the many areas of SMSF compliance that can catch out unsuspecting and… Continue Reading
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- 2025 Federal Government Budget
- 2024 Federal Government Budget
- 2023 Federal Government Budget
- Revised method for claiming working from home expenses
- October 2022 Federal Budget
- 2022 Federal Government Budget
- Professional firms – ATO compliance approach to allocation of profits
- NSW 2022 COVID-19 Business support
- NSW 2021 COVID-19 Micro-Business Grant
- NSW 2021 COVID-19 JobSaver Payment
- NSW 2021 COVID-19 Business Grant
- Greater Sydney COVID-19 Lockdown – What Government Support is Available?
- Be aware and get ready for the upcoming increases to superannuation guarantee payments!
- The COVID-19 tax relief measures and support available for your 2021 tax returns!
- Government Grants Currently Available!
- 2021 Federal Government Budget
- Utilising taxable losses against prior year profits!
- The Benefits of Annual Tax Planning
- Xero Updates – March 2021
- Setting sales targets in uncertain times
- New wages subsidy for employers of apprentices and trainees
- Is your SMSF breaching NALI rules unknowingly?
- 2020 Federal Government Budget
- Jobkeeper – Nominate Additional Employees
- New options for claiming home office expenses during COVID-19
- COVID-19 effects on rental property owners
- Risks involved in consolidating super
- JobKeeper Payment: Eligibility Tests Clarified!
- NSW Government’s Economic Stimulus Package
- Rent relief for Businesses: The Commercial Tenancies Code of Conduct
- JobKeeker Payment – Government Clarifies Employer Eligibility
- JobKeeper Payment – The Next Round of Government Support!
- Second Government Coronavirus Rescue Package
- Government’s Response to Coronavirus Outbreak
- The Super Guarantee Opt-out is In!
- Going, going, gone! Main Residence Exemption removed for Foreign Residents
- The Crowdfunding Craze – Implications for Promoters and Contributors
- An Update from the 2020 Xero Roadshow
- Tis the Season! Tax implications of Christmas festivities
- Land Tax or Land mine? Changes to NSW stamp duty and land tax for discretionary trusts
- $10,000 cash payment limit expected to take effect from 1 January 2020
- Superannuation Guarantee Amnesty legislation re-introduced
- GST on Imports – Are you optimising your Cash Flow?
- ForPurposeCo. – The epitome of social enterprise!
- “Where’s my refund?” and other questions about your 2019 Tax Return
- ABN registrations under scrutiny: does yours stack up?
- To SMSF, or not to SMSF?
- Traps of the CGT Main Residence Exemption
- Division 293 Shock!
- ATO benchmarks – A handy business check-up
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