The Australian Taxation Office (ATO) have recently released a package of new guidance material that directly targets how the income of Trusts is distributed and how it is taxed. This ATO guidance material is only a draft at this stage with the ATO seeking comments from the profession. Under this guidance material released, the ATO…
Welcome to our March 2022 Bulletin Contents Immediate Deductions Extended Federal Budget 2022 – 23 Are Your Contractors Really Employees? Immediate Deductions Extended Temporary full expensing enables your business to fully expense the cost of: new depreciable assets improvements to existing eligible assets, and second hand assets in the first year of use. Introduced in…
In response to a recommendation by the Productivity Commission in 2020 the Commonwealth Government passed the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020 which is designed to centralise Australian business registers. This Act introduces a new requirement for all current and future directors of Australian corporations to permanently hold their own unique…
Welcome to our October 2021 Bulletin Contents Unwinding COVID-19 Relief SME Recovery Loans What happens to your superannuation when you die? Recruiting new employees? The 1 November superannuation rule changes Unwinding COVID-19 Relief COVID-19 support will roll back as states and territories reach vaccination targets. The National Plan, the road map out of COVID-19, does…
Welcome to our August 2021 Client information Bulletin Contents 6 Member SMSFs – the issues and opportunities Business in a post pandemic environment The National Plan’s impact on business New laws target sharing economy platforms 6 Member SMSFs – the issues and opportunities From 1 July 2021, the maximum number of members a Self Managed…
Support is available if you are impacted by the Victorian lockdowns. Support for Business Top-up support The Victorian Government has announced new cash grants for businesses impacted by the lockdown declared on 15 July 2021. The cash grants will be paid automatically to businesses that successfully received a grant from the Business Costs Assistance Program…
The Victorian Treasurer, Tim Pallas, handed down the State budget on 20 May 2021 that included changes to Payroll Tax, Land Tax and Stamp Duty that will affect a range of Victorian business and investors. The key changes are summarised below. Payroll Tax The key changes for Victorian Payroll Tax; The Tax-free threshold will increase…
There are a few changes and developments coming to Superannuation Guarantee which all employers and employees need to be aware of. Rate of Superannuation Guarantee increases to 10% Effective from 1 July 2021, the minimum rate of Superannuation Guarantee will increase from 9.5% to 10% of an employee’s ordinary time earnings. Superannuation Guarantee does not…
Victorian Government Business Support Package Business Support Fund – Expansion $10,000 – Sep-20 As a reminder, we want to ensure that you have actioned the Victorian Government’s expanded Business Support Fund additional grant that was bought in to support businesses impacted by Stage 4 restrictions in Melbourne and Stage 3 restrictions in Regional Victoria…
The Government this week announced the future of JobKeeper and JobSeeker along with other income support measures. We’ve created a client update to help with the changes. For JobKeeper, current arrangements will generally remain the same until 27 September 2020. From this date onwards, employers seeking to claim JobKeeper payments will need to reassess their…