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
Category Archives: Tax
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
JobKeeper Payment: Eligibility Tests Clarified!
This week, the ATO published information about the JobKeeper payment, the eligibility criteria, and the process for claiming this payment. This has provided clarity to some of the common questions many businesses have been asking. We detail below these questions and the answers to them. How do you calculate a business’s reduction in turnover? We… Continue Reading
NSW Government’s Economic Stimulus Package
Further to the various economic stimulus measurers announced by the Australian Government, the NSW Government has announced the following measures that will support businesses during this difficult time. Payroll Tax Businesses with wages over $10 million Businesses whose total grouped Australian wages for the 2019/20 financial year are over $10 million, will have the option… Continue Reading
JobKeeker Payment – Government Clarifies Employer Eligibility
Since the new JobKeeper payment was announced by the Australian Government yesterday, there has been some confusion as to how businesses determine if they have had more than a 30 or 50 percent reduction in revenue in order to be eligible to register for this payment. The Government clarified this today as follows: Most businesses… Continue Reading
JobKeeper Payment – The Next Round of Government Support!
This afternoon, Prime Minister Scott Morrison and Treasurer Josh Frydenberg announced a third round of support for businesses in the form of a JobKeeper payment. The Treasurer acknowledged that the past few weeks have been tough but the weeks ahead will be tougher and stated that the Australian Government has all Australians’ backs and that… Continue Reading
Second Government Coronavirus Rescue Package
This morning, Prime Minister Scott Morrison and Treasurer Josh Frydenberg released another $66 billion in spending to support the Australian economy through the Coronavirus pandemic. This is in addition to the first economic stimulus announced by the government on 12 March 2020. The Prime Minister said that we cannot prevent all the hardships and sacrifices… Continue Reading
Government’s Response to Coronavirus Outbreak
Yesterday, Prime Minister Scott Morrison announced the federal government’s economic response to the coronavirus (COVID-19). The economic response includes tax-related measures and administrative relief, designed to support businesses during this period of uncertainty and economic downturn. Tax Measures to Support Business Investment The government will support business investment with the following tax measures: Tax-free payment… Continue Reading
The Super Guarantee Opt-out is In!
If you’re a high-income earner with multiple employers, you may unintentionally exceed the super concessional contributions cap in any year, causing you to be liable for tax on your excess concessional contributions. To remedy this, laws have recently been passed to allow you to opt-out of super guarantee from some of your employers. The reason… Continue Reading
Going, going, gone! Main Residence Exemption removed for Foreign Residents
The Capital Gain Tax (CGT) exemption we all love and know has been abolished for most individuals who are non-residents for tax purposes at the time they sell their home. The bill effecting the change received royal assent in December 2019, meaning the changes are now law. Importantly, the changes have been applied retrospectively, with… Continue Reading
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- Changes to deductibility of ATO interest charges
- 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!
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