Further changes have been made to the JobKeeper Payment which extends the JobKeeper Payment until 28 March 2021 for those businesses that continue to be significantly impacted by the Coronavirus. The changes are the following; The eligibility for the JobKeeper Payment extension will be based on actual turnover in the September 2020 quarter only, instead …
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 …
Continue reading “Reviewing Your Business Budget post Coronavirus: 4 Tips to Get Back On Track”
The Government is extending the JobKeeper Payment by a further six months to March 2021. Support will be targeted to businesses and not-for-profits that continue to be significantly impacted by the Coronavirus. The payment rate will be reduced and a lower payment rate will be introduced for those who work fewer hours. Other eligibility rules …
30 June 2020 is fast approaching so it’s time to consider how to best manage your tax affairs for the 2020 income tax year. It’s been an extraordinary end to the 2020 financial year with many businesses being forced into hibernation due to COVID-19. The number one priority for most business owners right now is …
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 …
Continue reading “Instant Asset Write-Off Scheme extended to 31 December 2020”
Year-end Tax Planning to help manage your cash flow during COVID-19 This year it’s more important than ever to undertake tax planning. The benefits of undertaking a review of your tax position before 30 June include Manage cash flow so that you can keep as much cash in the business in these uncertain times Understand …
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 …
Coronavirus has changed the way we work and many of us are adjusting to Zoom calls from home and skipping the morning commute into work. While we are saving time and money on travel, it also means an increase in running expenses at home. Here’s what you need to know if you are going to …
Continue reading “What working from home means for your Tax Return”
Full time students aged 16 and 17 years old The rules will be amended so that full time students who are 17 years old and younger, and who are not financially independent, are not eligible for JobKeeper payments. This clarification will apply prospectively, so that eligible employers that have already met the wage condition of …
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 …
Continue reading “Director Penalty Regime Extended to GST Liabilities”
Good planning is a hallmark of all successful businesses.
But before planning comes the “Chemistry Test”… is the business right for you?
The greatest trap many of us fall for is to set too many goals for the new financial year!
We have found that the most successful planning years tend to be when we have a smaller number of strategies, but with targeted plans towards their achievement.
read more...
