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
Category Archives: Tax
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
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
2020 Federal Government Budget
At 7:30pm tonight, Josh Frydenberg delivered his second budget announcing that “in 2020 Australians have been tested like never before… flood, fires, drought, and a global pandemic. So many Australians through no fault of their own are doing it tough. Lives have been lost, businesses have closed, jobs have gone. Our cherished way of life… Continue Reading
Jobkeeper – Nominate Additional Employees
On 14 August 2020, the Government announced an extension to the Jobkeeper Payment scheme which allows employers to nominate additional employees who were previously not eligible to be nominated for the scheme. These changes are detailed below. Changes to Eligible Employees When the Jobkeeper Payment scheme commenced, eligible employees were employees who: were employed by… Continue Reading
New options for claiming home office expenses during COVID-19
There is no doubt that COVID-19 has had a huge impact on just about every aspect of our lives. Many Australians have found themselves donning the newest fashion in work-attire and setting up instant home-offices. While there are already two existing methods for calculating the cost of working from home, the ATO has introduced an… Continue Reading
COVID-19 effects on rental property owners
Rental property owners along with the rest of the economy have taken a hit to their bottom line as a result of the COVID-19 pandemic. In this uncertain time, the ATO has provided some guidance on the deductibility of rental property expenses in various situations. What can be claimed if your tenant is not paying… Continue Reading
Risks involved in consolidating super
By some estimates, there is around $20.8 billion in lost and unclaimed super in Australia. The last financial year saw $4.38 billion worth of lost super reunited with their owners across 537,000 accounts. While consolidating super is one of the easiest ways to reduce fees and increase the money available for retirement, recent analysis by… Continue Reading
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- 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
- 2019 Federal Government Budget
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