Reviewing Your Business Budget post Coronavirus: 4 Tips to Get Back On Track

Your business budget puts you in control of your business. It helps you avoid overspending and track your financial goals. But with the coronavirus you may have had to throw your business budget out the window to stay on top of things. To help you get your business budget back on track post-coronavirus, you should …

Instant Asset Write-Off Scheme extended to 31 December 2020

The Government announced on 9 June 2020, that it will extend the Instant Asset Write-Off Scheme (IAWO) from 30 June 2020 to 31 December 2020. The scheme provides those who are eligible, an immediate tax deduction for the cost of a depreciating asset, either new or second-hand costing less than $150k. The deduction can be …

You’ve enrolled for JobKeeper – what do you need to do now to receive the payment?

As part of the JobKeeper Payment obligation, employers are required to identify and report eligible employees on a monthly basis to the ATO. And this must be done every month in order to receive the payment. Employers are also required to report income on a monthly basis (actual income for last month and projected income …

Director Penalty Regime Extended to GST Liabilities

The current director penalty regime allows the Commissioner to recover unpaid superannuation guarantee (SG) charge, PAYG withholding for directors of a company. From 1 April 2020, this regime has been extended to allow the Commissioner to recover from directors unpaid amounts of; a company’s liability to pay net amounts of GST for a tax period …