For You Personal income tax cuts Date of effect 1 July 2020 As widely predicted, the Government has brought forward stage 2 of its planned income tax cuts by two years. Originally intended to apply from 1 July 2022, the tax cuts will come into effect from 1 July 2020 (subject to the passage of…
From 28 September 2020, the eligibility tests to access JobKeeper for employers changed, along with the amount of the JobKeeper payment for employees and business participants. To receive JobKeeper from 4 January 2021, employers will need to assess their eligibility again. Eligibility for one JobKeeper period does not entitle you to, or exclude you from,…
Mitchell Partners are aiming to do everything we can to provide you with all the resources, tools and support you need to navigate the Covid-19 Health Crisis as business owners and as individuals. With this in mind, we have prepared two COVID-19 Checklists (Business and Personal) which outline various actions you can take to ensure you and your business…
Further to the Federal Government’s Part 1 Business Stimulus Package ($17.6B) the Government yesterday announced a further stimulus package referred to here as Business Stimulus Package Part 2 ($66B). These business measures announced yesterday by the Government have been provided to support Australian businesses to manage the cash flow challenges and retain employees as result…
In addition to the recent Federal Government announcements, the State Governments have announced a range of tax relief measures in relation to COVID-19. A summary of these measures is outlined below Payroll Tax Victoria Waiver for entire 2019-20 financial year for all businesses with annual taxable wages of up to $3 million Refunds of payroll…
The Federal Government will today announce an economic stimulus package in response to the coronavirus outbreak to hopefully help stimulate the economy. The measures will include incentives to fast track investment, apprentice wage subsidies and cash payments of up to $25,000 for small and medium businesses to save jobs and help businesses battle supply disruptions.…
The Government has resurrected Superannuation Guarantee (SG) amnesty giving employers that have fallen behind with their SG obligations the ability to “self-correct.” This time, however, the incentive of the amnesty is strengthened by harsh penalties for those that fail to take action.
The ATO’s recently released interpretation of the tax treatment of capital gains distributed by an Australian discretionary trust to non-resident beneficiaries will have a significant negative impact for some.
Read why the investment strategies of Self Managed Superannuation Funds (SMSFs) are under scrutiny with the ATO contacting 17,700 trustees about a lack of asset diversity.
There needs to be a relationship between the money you make and the deductions you claim. Here are a few common problem areas.