The government recognises that despite support to get through the COVID-19 outbreak, not all businesses are going to remain viable. Many small businesses will have significantly increased levels of debt... read more →
A question that I often get asked is "what type of business structure should I have?" It's an important decision to make before you start a business. This will reflect... read more →
Sustaining your business during an economic downturn comes with financial and managerial pressures you may never have had to deal with before. The following are four key measures you can... read more →
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... read more →
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... read more →
Business activity statements (BAS) may require adjustments from time to time if their net GST liability changes or is incorrect. An adjustment needs to be made in the event that... read more →
Getting the balance right between a safe spending rate and having enough income to enjoy retirement takes some careful planning. Investing for a reasonable return is one approach to helping... read more →
An increasing number of investors are now looking to invest sustainably. With multiple sustainable investment strategies it’s not always easy to immediately distinguish the differences between them. It is up... read more →
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... read more →
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... read more →
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... read more →
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... read more →
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... read more →
A super guarantee amnesty was introduced on 6 March 2020. Employers participating in the amnesty need to apply by 7 September 2020. The ATO's ability to identify underpaid Super Guarantee... read more →
The small business income tax offset can be used to reduce the tax you pay by up to $1,000 a year. Also known as the unincorporated small business tax discount,... read more →
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... read more →
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... read more →
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... read more →
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... read more →
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... read more →