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…
The National Cabinet (comprising Federal Government & State Governments leaders) have introduced a Mandatory National Code of Conduct for Tenants and Landlords that mandates Landlords to grant small and medium business enterprises rental waivers and rental deferrals effective from the 3 April 2020 where they are suffering Financial Distress and Hardship as a direct result…
The Federal Government’s “JobKeeper” package was introduced to parliament and the legislation was passed on the 8 April 2020. Under the JobKeeper payment package, eligible employers will receive a subsidy of $1,500 for each eligible employee for up to six months. The “Coronavirus Economic Response Package (Payments & Benefits) Bill 2020” provides for the making…
JobKeeper Support Package Q&A The economic impact of the pandemic has been felt widely across Australia with hundreds of thousands of individuals being made redundant, stood down or experiencing reduced work. To support affected businesses and their employees through the COVID-19 pandemic the Government recently announced the “JobKeeper” payment package to help support businesses .…