Oct 21
Oct 13

JOBKEEPER PAYMENT (JKP) SCHEME UPDATE

Legislation was released last week giving effect to the extended JKP Scheme. PAYMENT RATES First extension period - 28 September 2020 to 3 January 2021 ($1,200 or $750) Employees who worked for 80 hours or more in the 28-day period before either 1 March 2020 or 1 July 2020 will receive $1,200 per fortnight.... read more →
Oct 07

Federal Budget 2020-21

We have pleasure in enclosing a summary of the significant announcements from the Federal Government's 2020/21 Budget. Please call your LT accountant to discuss how these changes apply to your individual circumstances. FEDERAL BUDGET 2020-21  2020/21 Federal Budget The Federal Treasurer, Mr Josh Frydenberg, handed down the 2020/21 Federal Budget at... read more →
Sep 30
Sep 23
Sep 17
Sep 10

The Cycle of Investor Emotions

It is human nature to overreact. When things are going well, we feel that nothing can stop us. And when things go bad, we look to take drastic action. Since emotions pose a threat to our financial health, it is important that we are aware of them. When financial markets... read more →
Sep 02

CGT rollover when transferring assets in a divorce

Transferring the ownership of assets from one party to another will typically attract CGT. However, in the event that a change in ownership occurs due to the breakdown of a relationship, you may be eligible for a rollover of the asset. A rollover allows taxpayers to defer or disregard a... read more →
Aug 25

Staying on track

As human beings, we have a natural preference for things to stay as they are. It’s a tendency psychologists refer to as status quo bias. But in a world where change is a daily reality, sticking to the status quo could mean getting left behind. Regularly checking in on your... read more →
Aug 19

Changes to business practices and TPAR

In response to the social distancing and sanitary requirements of COVID-19, it has become common for businesses to provide additional cleaning and courier services to customers. As a result, many businesses have taken on contractors to assist with the extra work. Businesses who have made payments to contractors in the... read more →
Aug 13

Division 7A and private loans

It is not uncommon for businesses to provide loans to shareholders or associates of a company. However, business owners should know the conditions that their loan must satisfy under Division 7A, to avoid the amount being deemed a dividend. Written agreement Division 7A loan agreements need to be made under... read more →
Aug 06
Aug 04
Jul 29
Working from home tax

How COVID-19 may affect your tax return

The ATO has released a range of methods to make tax time easier for businesses and individuals under COVID-19 circumstances. Working from home The ATO has introduced a new ‘shortcut method,’ which applies from 1 March 2020 to 30 September 2020. Under this new method, employees working from home as... read more →
Jul 24
SMSF Strategies

Budget Update News

With the date for the Federal Budget 2020-2021 being delayed until 6 October, the Treasurer Josh Frydenberg today provided an update on Australia's economic and fiscal outlook.Mr Frydenberg revealed the budget will be in deficit by almost $86 billion in the 2020 financial year and is projected to grow to... read more →
Jul 22
car expenses tax return ATO

ATO increases car expense deduction rate

Small businesses with low annual travel distances will benefit from the ATO’s new increased cents per kilometre rate for cars, from 68 cents to 72 cents. The new rate has been effective since 1 July 2020. What is the cents per kilometre method? You can claim car deductions using the... read more →
Jul 15
Business Health

Conducting a business health-check

As our economy heads towards a recession, now is the perfect time to conduct a business ‘health check’ so that you come out the other side improved and ready to go. Analyse your relationships with your business stakeholders so that you can make immediate improvements in preparation for when the... read more →
Jul 03
tax return working from home

What home office expenses are allowed?

If you performed some of your work from your home office during the 2020 financial year, you may be able to claim a deduction for the costs you incur in running your home office, even if the room is not set aside solely for work-related purposes COVID-19 IMPACT - NEW... read more →
Jun 30
Jun 23

Embracing the fear

Sharemarkets are the most volatile they’ve been in the past 20 years. Increased uncertainty, fear, forced and panic selling, as well as reduced liquidity, are all contributing factors to currently elevated levels of volatility. A simple measure using intraday price fluctuations can be used to understand the extent of the... read more →