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

Understanding Australia’s Director Identification Number

In its 2020 Budget Digital Business Plan, the Australian government announced the full implementation of the Modernising Business Registers (MBR) program. The program is designed to both establish the new Australian Business Registry Services (ABRS), and enhance how businesses register and manage their information with the government. Although the ABRS rolls out progressively between 2021 and 2024, one of the immediate changes is that business directors must obtain a director…  Read more

NSW and Federal Government Combined COVID-19 Support Package

This week the NSW state and Australian Federal Governments announced a combined support package to help households and businesses during the ongoing COVID-19 lockdown. The COVID-19 Disaster Payment will be expanded and increased under this agreement. The payment will increase to $600 if a person has lost 20 or more hours of work a week or $375 if a person has lost between 8 and less than 20 hours of…  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

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

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