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Tax News
The NSW government is offering businesses support grants to help alleviate cash flow constraints while trading is restricted. The grants can be used to cover business related expenses such as rent, utilities and wages, for which no other government support is available.
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Super guarantee contribution due date for June 2021 quarter   The due date for employers to make super guarantee contributions for their employees for the June 2021 quarter is 28 July 2021.
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Many of our business clients like to review their tax position before the end of the income year and evaluate any strategies that may be available to legitimately reduce their tax.  Traditionally, year-end tax planning for small businesses is based around accelerating deductions and deferring income.  However, this year, consideration will also need to be…
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Tax saving strategies prior to 1 July 2021   A strategy often used to reduce taxable income (and, in turn, tax payable) in an income year is to bring forward any expected or planned deductible expenditure from a later income year.  However, in light of the continued impact of the COVID-19 pandemic, any tax planning…
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  The Australian Federal government has officially chosen to support the videogame industry in the new 2021 budget. They have officially confirmed a refundable, national tax break for video game development in Australia. The Federal Budget contains a tax offset for videogame creation. This will mark the first time the Federal Government has created a financial…
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Cryptocurrency under the microscope this tax time   The ATO is concerned that many taxpayers believe their cryptocurrency gains are tax-free, or only taxable when the holdings are cashed back into Australian dollars.
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  Introduction AusIndustry is in the process of rolling out a new online R&D Tax Incentive application portal which will be used to submit all FY2021 R&D Tax Incentive applications.
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Government proposal to modernise business communications   The Government has committed to modernising certain laws so that they are ‘technology neutral’, to enable easier communication between businesses, individuals and regulators.
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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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