Welcome to our August 2021 Bulletin Contents Lockdown support: Update Are COVID-19 grants and funding tax free? Growing your business value Lockdown support: Update The support available to individuals and business has been constantly evolving and changing. Here’s a summary of where support stands around the country. For individuals From 2 August 2021, the COVID-19…
Why the Government does not want your business accepting cash payments of $10,000 or more From 1 January 2020, the Government intends to restrict the value of cash payments a business makes or accepts to amounts under $10,000. Ignoring the limit will become a criminal offence with penalties of up to 2 years in prison…
ATO scams The refund scam follows a more sinister four phase scam stating there is a warrant out for your arrest for unpaid taxes in prior years. The Australian Taxation Office (ATO) has warned about the emergence of a scam where “…scammers are using an ATO number to send fraudulent SMS messages to taxpayers asking…
Life does not always go to plan While we logically know that, most of us don’t plan for the worst – it’s all a bit morbid and time-consuming. The downside of not planning is the potential for hard-earned assets to be squandered, family fall-outs, and money handed to the Government that could have been distributed…
773M accounts affected by ‘Collection #1’ breach The Australian Cyber Security Centre (ACSC) is aware of a significant data breach affecting 773 million email addresses and usernames. Titled ‘Collection #1’, the data breach was made public by Australian cyber security expert Troy Hunt, who identified that a large number of credential lists had been distributed on…
Defining workers in the gig economy A former Foodora Australia delivery rider, Joshua Klooger, recently won an unfair dismissal claim despite a service agreement that classified him as an independent contractor. We explore the implications of the case. Pivotal to the Fair Work Commission’s decision was the classification by Foodora of Mr Klooger as an…
The new rules for gift cards – what you need to know In Australia, around 34 million gift cards are sold each year with an estimated value of $2.5 billion. On average, an estimated $70 million is lost because of expiry dates. Until recently, there was no national regulation for the minimum length of time…
Crowd Sourced Funding launched 19 October 2018 Crowd Sourced Funding Equity Raising for small proprietary companies is now available in Australia without requiring a proprietary company to convert to an unlisted public company. The UK, Europe, USA, Canada and New Zealand have been allowing their private companies to utilise crowd source funding equity raising for…
Overcoming the biggest problems in business often comes down to simple things Here are a few simple things you can do to capitalise on your opportunities and reduce your risks. “I didn’t get time…” No more excuses Most people simply don’t set aside the time to do the forward planning they know they need to…
$10k limit on cash payments to business One of the interesting approaches to tackling the black economy in the recent 2018-19 Federal Budget was the announcement of a $10,000 limit on cash payments to business. Unrecorded and untaxed transactions that occur in the community are estimated at up to 3% of GDP or around $50…