Property investment: Eco-Upgrades and Depreciation Benefits

The ongoing green revolution sees individuals and businesses adopting environmentally friendly practices to preserve and respect the environment. As a property investor, choosing to build or renovate your home with eco-friendly features is a wise decision. This not only reduces resource consumption and waste production in your daily life, but it also offers long-term benefits such as lower energy expenses and improved indoor air quality. By making sustainable choices in…  Read more

Budget 2023-2024

Please click on this Guide to find out more about the highlights of the recent budget.  Read more

Proposed change to tax concession for super balances exceeding $3m

The Australian Federal Government has proposed changes to the tax concessions for super balances exceeding $3 million. At present, individuals are able to hold up to $1.7 million in superannuation balances without having to pay additional taxes. However, the proposed change will see the tax concession reduced for balances exceeding $3 million. Under the proposed changes, any amount in a super account over $3 million will no longer receive the…  Read more

City of Sydney Grants | Projects that support business sector development and local economies – Opens 7 February 2023

Summary Points:  $50,000 Cash Grants offered for projects that support business sector development and local economies  Project revised to specifically target:  Not-for-profits Local business chambers Industry, sector and precinct-based associations  Member organisations Apply for funding from $10,000 to $50,000 per year up to 3 years, as well as value-in-kind support towards street banners and venue hire, and up to $5,000 towards capital expenditure or equipment purchase.  The applications are open…  Read more

Mobile Telephone Scamming Alert

We take this opportunity to remind our clients to be alert to the increasing number of Scammer text messages. The following is taken from the Australian Government Australian Cyber Security Centre (read more here) and is a good simple summary on how to protect yourself. Don’t fall for scams in two steps First, check if it is a scam Go direct to a source you can trust. Visit the official website,…  Read more

Changes to domain name (website) rules

ACTION required by business owners by 20 September 2022 Australian businesses have until 20 September 2022 to secure their business name for the shortened ‘.au’ domain.  If no priority status is claimed by this date, the ‘.au’ Direct Domain name becomes Business owners should review their current domain registration details. A new system has been introduced by .au Domain Administration (auDA) to allow for access to shorter and simpler website addresses.  Businesses…  Read more

Apply for the Small Business Fees and Charges Rebate | Closing 30 June 2022

Claim up to $3,000 for fees and charges. If you’re a sole trader, the owner of a small business or a not-for-profit organisation in NSW, you may be eligible for a Small Business Fees and Charges Rebate of $3,000. Funds can be used to offset the costs of eligible NSW and local government fees and charges due and paid from 1 March 2021. These include, but are not limited to: food authority licences…  Read more

Newsletter March 2022

The ATO’s Attack on Trusts and Trust Distributions Late last month, the Australian Taxation Office (ATO) released a package of new guidance material that directly targets how trusts distribute income. Many family groups will pay higher taxes (now and potentially retrospectively) as a result of the ATO’s more aggressive approach. Family trust beneficiaries at risk The tax legislation contains an integrity rule, section 100A, which is aimed at situations where…  Read more

Employer Guide to Workers Compensation

WHAT IS WORKERS COMPENSATION? Employers have a legal obligation to maintain a safe workplace and protect employees from injury, whether it’s a physical or mental health injury. According to the work health and safety (WHS) laws, if any work-related accident or injury happens while an employee is at work, employees should have access to first aid and workers compensation, as well as rehabilitation to help them return to work. Workers…  Read more

The ATO’s Attack on Trusts and Trust Distributions

In February 2022, the Australian Taxation Office (ATO) released a package of new guidance material that directly targets how trusts distribute income. Many family groups will pay higher taxes (now and potentially retrospectively) as a result of the ATO’s more aggressive approach. Family trust beneficiaries at risk The tax legislation contains an integrity rule, section 100A, which is aimed at situations where income of a trust is appointed in favour…  Read more

NSW Revenue | Land Tax rebate applications extended to 28 February 2022

Land Tax COVID-19 Relief (1-Jul-2021 to 31-Dec-2021) Applications Closing The deadline for applications for the 2021 land tax COVID-19 relief has been extended. Eligible landlords or their representatives have until 28 February 2022 to complete an application. About the program The NSW Government offers measures to provide relief to commercial and residential landowners, who provide a reduction in rent to a tenant who is experiencing financial distress as a result of COVID-19.…  Read more

NSW Business Support Package

On Sunday 30 January 2022, the NSW Government announced a $1billion business support package including: Up to $5k per week for February 2022 – A lump sum payment of 20% of weekly payroll, up to a maximum of $5,000 per week for the month of February 2022 for eligible businesses (non-employing businesses receive $500 per week). To access the package, businesses must: Have an aggregated annual turnover between $75,000 and $50 million (inclusive)…  Read more

FY2021 | Year End Tax Alert

It’s time for individuals and businesses, to start tax planning for the end of the financial year. We can work together to help you get on track before 30 June 2021. Individuals Superannuation Contributions – consider contributing voluntary after tax contributions to your superannuation account.  You may be eligible to claim a tax deduction and reduce your income tax amount. Keep a motor vehicle logbook – if you use your motor…  Read more

Australian Taxation Office | Changes to Communication Delivery

The ATO have changed the way they communicate. They are now using electronic channels as their preferred means for delivery of ATO correspondence by sending messages directly to clients via the taxpayer’s myGov Inbox. The myGov portal is a way to access and manage Government services online and allows clients to link a range of Australian Government services with one username and password. This means that, without notification to us,…  Read more

JobMaker Hiring Credit

The Federal Government has introduced its latest wage subsidy scheme – the JobMaker Hiring Credit This Federal Government scheme is aimed at supporting employers to create new jobs within their business and to employ additional people, specifically those aged between 16 and 35 years old. This government support payment is paid to employer businesses and it is not required to be on-paid to the employee.  Please read this informative snapshot.…  Read more

JobKeeper 3.0

JobKeeper 3.0 The Government announced adjustments to JobKeeper 2.0 to expand the eligibility criteria for JKP (now referred to as ‘JobKeeper 3.0’). The adjustments contained within JobKeeper 3.0 apply nationwide, and the crucial amendments include the following: • Adjustments to employee eligibility – from 3 August 2020, the relevant date of employment (which is used to determine an employee’s eligibility to JKPs) moved from 1 March 2020 to 1 July…  Read more

NSW Land Tax changes | Foreign Person Beneficiary Exclusion

If you’re a foreign person who owns residential land in NSW, you must pay a land tax surcharge in addition to any land tax you may already pay. The surcharge rate is: 0.75 per cent from the 2017 land tax year, and two per cent from the 2018 land tax year onwards. You must pay the surcharge on the taxable value of all residential land that you own as at 31 December each year.…  Read more

JobKeeper 2.0 – What you need to know

The JobKeeper scheme has now changed and will now operate in two separate periods: Extension 1: 28 September 2020 to 3 January 2021 Extension 2: 4 January 2021 to 28 March 2021 JobKeeper Extension 1 The tier 1 payment rate of $1,200 per fortnight applies to: Employees who worked for 80 hours or more in the four weeks of pay periods before either 1 March 2020 or 1 July 2020…  Read more

COVID-19 and changes to Commercial Tenancy Relief Scheme in Queensland and Victoria

The Victorian and Queensland Governments have announced extensions to COVID-19 Commercial Tenancy Relief Schemes QUEENSLAND The Queensland Government has announced that the moratorium on commercial lease evictions will be extended to 31 December 2020 from 29 September 2020. The Retail Shop Leases and Other Commercial Leases (COVID-19 Emergency Response) Regulation 2020 (the Regulation) came into effect on 28 May 2020. The Regulation implements the National Cabinet mandatory code of conduct…  Read more

COVID-19 Commercial Lease Relief | September Update

  Recently the Australian State and Territory Governments have implemented laws to assist in renegotiating the terms of commercial leases where lessees The decision of Sneakerboy v Georges Properties Pty Ltd (No 2) [2020] NSWSC 1141 (Sneakerboy), in the NSW Supreme Court, provides guidance on applying the Retail and Other Commercial Leases (COVID-19) Regulation 2020 (COVID-19 Leasing Regulation) and the National Cabinet Mandatory Code of Conduct (Code) (together, COVID-19 Leasing…  Read more

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