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

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

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

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

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

6 Essential Accounting Terms for Small Businesses

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

Fringe Benefits Tax 2018

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

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