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 →
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 →
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 →
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 →
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 →
Businesses experiencing financial difficulty due to COVID-19 may be over-paying their PAYG instalments if their current rate no longer reflects their estimated tax for the year. This can cause further... read more →
Many employees are now being required to work from home to meet social distancing requirements placed on them by COVID-19, and are now faced with meeting some of the costs... read more →
Thousands of small businesses across NSW struggling to cope with the COVID-19 shutdown will receive grants of up to $10,000 under a new assistance scheme announced today by Premier Gladys... read more →
Your business may be eligible for the new JobKeeper Payment which was announced on 30 March 2020 to assist businesses to continue to pay their employees. We are waiting on... read more →
With the country locking down it's borders, empty airports, cafes, bars, restaurants and more changes to come the Commonwealth Government has released the second stage of its plan to cushion... read more →
Details on the second stimulus package announced A summary for individuals The Commonwealth Government yesterday released the second stage of its plan to cushion the economic impact of the coronavirus.... read more →
Businesses that provide benefits to employees during an emergency situation are likely to have assistance costs be exempt from fringe benefits tax (FBT). It is worthwhile to know what kinds... read more →
How often do you give your business finances a tidy-up? As another end-of-financial-year rolls by, now is a good time to undertake a bit of housekeeping. The stresses of running... read more →
Maximise your tax deductions for the 2019-20 financial year by planning and reviewing your records. Here are top tips for businesses and individuals when it comes to year-end tax planning:... read more →
The basic function of a trust is to separate control and ownership. The result of using a trust is that assets are protected and profits are distributed in the most... read more →
What’s on and off the table Now that the Liberal/National Coalition has been returned to Government what are the key tax policies that are now on and off the table?... read more →
Staying on top of record-keeping all year round can save time, reduce stress for small business owners and help to maximise your tax return. Although record-keeping can seem like a... read more →
Single Touch Payroll (STP) is changing the way employers report their workers’ tax and super information to the ATO. Employers are expected to report information on a variety of areas... read more →