The Federal Budget was released on Tuesday 6th October. This article has a good summary of the “Winners and Losers” of the Budget. You’ll also find a recap of the key points below. Key Points: Tax cuts for workers – more money in pockets for more Australians. JobMaker Hiring Credit scheme – businesses supported for hiring employees aged 16-35 who were on JobSeeker. Asset write off – businesses that make… Read more
$10,000 grants for eligible NSW businesses New South Wales small businesses will soon be able to receive up to $10,000 to visit their accountant and pay for overheads as the State Government throws out an additional financial lifeline – 3 April 2020. The NSW government has now pledged $750 million to help small businesses across the state deal with the economic impact caused by the coronavirus pandemic. To be eligible,… Read more
The Department of Treasury refines eligibility for COVID-19 JobKeeper Payment – 2 April 2020. For businesses to qualify for the JobKeeper Payment, they must be able to demonstrate either the 30% or 50% fall in turnover as compared to the year before. This is based on turnover in a one-month or three-month period, depending on the usual activity statement reporting period of the business. The Tax Commissioner will have the… Read more
Hiring an accountant is widely considered best practice for small business owners. But delegating financial analysis and reporting doesn’t mean completely checking out of the process each month or quarter. On the contrary, it’s recommended that business owners work closely with their accountants throughout the year to better understand their financial position, and make smart plans for future growth. Want to increase your accounting knowledge so you can have more… Read more
Video supplied courtesy of Dimensional Fund Advisers https://au.dimensional.com/ Read more
The Fringe Benefits Tax (FBT) year ends on 31 March and the FBT Return is due 21 May 2018. We’ve outlined a few key hot spots for employers and employees to be aware of for the 2018 FBT year. Motor vehicles – using the company car outside of work New safe harbour for utes and commercial vehicles Car parking – are you really declaring the true cost of parking? The… Read more