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Tax News
JobKeeper comes to an end   The ATO has advised that the final JobKeeper payment will be processed in April 2021.
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If you are undertaking R&D that is eligible under the R&D Tax Incentive (R&DTI) program, you can claim a refund from the Australian Government. But how do you know if you have eligible R&D? This is actually trickier than it sounds because you need to recognise that you have a potentially eligible piece of R&D…
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With the rise of cloud products and services, there has been a shift in how businesses handle their processes, especially accounting. Modern cloud-based accounting software can easily be installed and used by SMEs and their accounting firm servicing them. What is Cloud Based Accounting Software Cloud accounting is like traditional accounting but all your business…
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Changes to STP reporting concessions from 1 July 2021   Small employers (19 or fewer employees) are  currently exempt from reporting ‘closely held’ payees through Single Touch Payroll (‘STP’).  Also, a quarterly STP reporting option applies to micro employers (four or fewer employees).  These concessions will end on 30 June 2021.
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What is it? The R&D Tax Incentive (R&DTI) is a self-assessed Australian Government assistance program aimed at encouraging companies to undertake R&D in Australia that might otherwise have been considered too risky to do without the financial support provided by the program. The R&DTI is jointly administered by AusIndustry and by the Australian Taxation Office…
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New measures applying from 1 January 2021   The Government has provided an update of a number of new measures which came into effect from 1 January 2021, including (among others):
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Improvements to be made to full expensing measure   The government will expand eligibility for the temporary ‘full expensing measure’, which temporarily allows certain businesses to deduct the full cost of eligible depreciable assets in the year they are first used or installed. Editor: The government initially announced in the 2020/21 Budget that businesses with…
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      The NSW Govt. has announced a $1 billion Working for NSW Fund to support businesses, generate cashflow and retain employees within government and non-government businesses. The budget also includes $6 billion towards waiving and deferring taxes, fees and levies, including payroll tax and licencing and registration fees to support businesses. As part…
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Tax cuts pass Parliament The Government announced various tax measures in the 2020 Budget on 6 October 2020, and it was able to secure passage of legislation containing some of the important measures very shortly afterwards, as summarised below.   Tax relief for individuals The Government brought forward ‘Stage two’ of their Personal Income Tax…
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1. Personal income tax changes 1.1 Changes to personal income tax rates The Government has announced that it will bring forward changes to the personal income tax rates that were due to apply from 1 July 2022, so that these changes now apply from 1 July 2020 (i.e., from the 2021 income year). These changes…
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