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

Federal Budget 2021: What it means for you

Treasurer Josh Frydenberg has released the 2021 Federal Budget and confirmed Australia’s economy is performing more strongly than was expected six months ago. This article has a summary of the “Winners and Losers” of the Budget and we’ve compiled a recap of the key points below. Get in touch with us if you have any questions. A Quick Overview This budget assumes our international borders won’t reopen until mid-2022. $1.9…  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

Federal Budget 2020: What it means for you

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

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

JobKeeper 1.1 and 2.0 Update

Here is the latest JobKeeper 1.1 and 2.0 Update  JobKeeper 1.0 will continue until 27 September 2020, however there are some key changes to assessing staff eligibility for the August and September JobKeeper 1.1 payments as follows: Employees eligibility for JobKeeper Payments can now be assessed from 1 July 2020, rather than 1 March 2020: Full-time and part time employees hired between 1 March and 1 July 2020 are now eligible…  Read more

Superannuation Guarantee Amnesty ends on 7 September 2020

Hello Employer!   A reminder to all Employers that the Super Guarantee Amnesty is an opportunity to catch up on any unpaid super without the normal penalties applying.  The Amnesty ends on 7 September 2020. If you have paid the right amount of super for your employees, you don’t need to do anything further.   What you need to do If you are worried you have not paid all your…  Read more

Are you eligible for a $3,000 Small Business Recovery Grant?

Small business recovery grant A small business recovery grant of up to $3000 is available to help NSW small businesses and not-for-profits in industries highly impacted by COVID-19 to safely relaunch their operations. The grant can be used to cover expenses that will allow businesses and not-for-profits to safely re-launch, such as marketing and advertising expenses, making fit-out changes, training staff to work safely under the current health conditions, and to get financial advice. To be eligible, businesses will need to: have an annual turnover of…  Read more

JobKeeper extension

Key summary for you of the changes to JobKeeper & JobSeeker announced 21 July 2020. NB:  There are no changes before the end of September, including the current eligibility criteria. JobKeeper Extension to 28 March 2021 with a Two–Tiered Payment System From 28 September 2020 to 3 January 2021, JobKeeper Payment rates will be: $1,200 per fortnight for all eligible employees and business participants who, in the four weeks before 1…  Read more

Tax Planning 30 June 2020

The 2020 financial year has been an unusual year.  This year, more than ever, we want to ensure that we help you reduce your tax exposure and minimise the risk of an audit by the regulators. Therefore we are highlighting some key issues and opportunities for managing your tax reporting obligations before 30 June 2020. The below considerations for pre 30 June 2020 end of financial year update outlines some suggested…  Read more

Support for immediate cash flow needs for SMEs

Many otherwise viable small and medium sized businesses are facing significant challenges due to disrupted cash flow. At the same time, businesses retain fixed obligations including rent, utilities, and employee expenses. The Coronavirus SME Guarantee Scheme will provide support for these businesses. Under the Scheme, the Government will provide a guarantee of 50 per cent to SME lenders for new unsecured loans to be used for working capital. This will…  Read more

ATO reveals new working from home expenses rules

The Australian Taxation Office (“ATO”) has announced special arrangements this year for everyone working from home due to the coronavirus crisis. The ATO has announced a temporary simplified short cut method to make it easier for individual taxpayers to claim deductions for additional running expenses incurred (ie. additional heating, cooling and lighting costs), as a result of working from home due to the Coronavirus pandemic. Based on the announcement, the…  Read more

JobKeeper payment passed in Parliament

On Wednesday 8 April 2020, Parliament passed the Coronavirus Economic Response Package (Payments and Benefits) Bill 2020 and the Coronavirus Economic Response Package Omnibus (Measures No. 2) Bill 2020 The first of these measures authorises the introduction of the “JobKeeper” scheme, which will provide wage subsidies of $1500 per fortnight for workers whose jobs and income have been affected by COVID-19 and the measures taken to contain its spread. The…  Read more

The long awaited Government announcement on leasing arrangements

We have reviewed the long-awaited details on the SME Commercial Leasing Principles Code of Conduct which was announced by Prime Minister Scott Morrison to be implemented between landlords and tenants throughout the COVID-19 crisis. The SME Commercial Leasing Principles During COVID-19 appears to be very supportive of tenants (usually the business) throughout the period of the pandemic and includes a reasonable recovery period. The term ‘reasonable recovery period’ is prominent…  Read more

Eligible NSW businesses set for $10k grant

$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

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