Tax and Accounting

Migration Planning Levels for 20/21 Financial Year as a result of COVID – 19 pandemic   As a result of the COVID-19 pandemic, the Federal Budget has been deferred until 4 October 2020. This has significant implications for all government departments dependent on the financial allocations made as part of the Budget decisions, including the…
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A new round of applications for the NSW government’s Small Business Recovery Grants are now open to help businesses safely relaunch their operations. The grant is designed to help fund businesses’ marketing and advertising expenses as well as any interior changes and staff training to ensure a Covid-19 preventative work environment. Roughly $260,000 worth of…
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In the past year, the Federal Government has introduced legislation to minimise illegal phoenixing activities by company directors. As part of the Government’s new legislation, all company directors, including foreign and alternate directors, are required to obtain and hold a Director Identification Number (DIN). The introduction of DINs has been on the Government’s agenda since…
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The Federal Government has announced that it will extend the $150,000 instant asset write-off, for a further 6 months until 31 December 2020. This is following the expansion of the programme from assets worth $30,000 to $150,000 in response to the March COVID-19 pandemic. The $150,000 write-off had previously been due to expire at 30…
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Many of our business clients like to review their tax position at the end of the income year and evaluate any year-end strategies that may be available to legitimately reduce their tax.   Traditionally, year-end tax planning for small businesses is based around two simple concepts (i.e., Accelerating business deductions and deferring income).  This year, consideration…
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Tax saving strategies prior to 1 July 2020 A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year, which will reduce overall taxable income in the current year.  Despite this, for the 2020 tax season, tax planning may require consideration of an individual’s potentially reduced…
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The Federal Government has announced a $25,000 HomeBuilder tax-free stimulus grant. The stimulus is targeted at home owners to build new houses or renovate their existing ones. The grant is available where a contract is signed between 4 June 2020 and 31 December 2020. The Federal Government hopes this new HomeBuilder scheme will encourage home…
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JobKeeper declaration due 14 June Businesses that have enrolled in the JobKeeper Scheme and identified their eligible employees are reminded that they will need to make a monthly declaration to the ATO to ensure they continue to receive JobKeeper payments. The monthly declaration must be made by the 14th day of each month to claim…
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Applications are drawing to a close for the Service NSW Covid-19 support grant of $10,000 for small business’s highly impacted from COVID-19 pandemic following the NSW Public Health Order on 30 March 2020. The grant is part of the NSW Government Small Business Support Fund. Applications are open until 11.59 pm Tuesday 30 June 2020. Eligibility…
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Amazon is growing at an exponential rate and has been expanding worldwide. There is no denying the opportunities of the US Amazon market reaching millions of American shoppers every day. The good news is selling on Amazon US is not just limited to US residents. The Benefit of Selling on Amazon US The major benefit…
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Super guarantee opt-out for high income earners now law From 1 January 2020, eligible individuals with multiple employers can apply to opt out of receiving super guarantee (‘SG’) from some of their employers, to help them avoid unintentionally going over the concessional contributions cap.
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$30,000 instant asset write-off The ATO is reminding businesses that are looking to expand or improve their business and thinking of buying new or second hand assets, that medium sized businesses with a turnover up to $50 million (but at least $10 million) are eligible for the instant asset write-off.
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“Outrageous” deductions rejected The ATO has published some of the most unusual claims that they disallowed last financial year.
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Tax cuts become law The Government has announced that more than 10 million Australians will receive immediate tax relief following the passage of legislation through the Parliament, which increases the top threshold for the 19% tax rate from $41,000 to $45,000 and increases the low income tax offset from $645 to $700 in 2022/23.
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‘Cash in hand’ payments to workers no longer tax deductible The ATO has reminded employers that any ‘cash in hand’ payments made to workers from 1 July 2019 will not be tax deductible. ‘Cash in hand’ refers to cash payments to employees that do not comply with pay as you go (‘PAYG’) withholding obligations.
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Many of our business clients like to review their tax position at the end of the income year and evaluate any year-end strategies that may be available to legitimately reduce their tax.   Traditionally, year-end tax planning for small businesses is based around two simple concepts – i.e., accelerating business deductions and deferring income.
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Tax saving strategies prior to 1 July 2019 A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year, which will reduce overall taxable income in the current year. The tax rates for resident (adult) individual taxpayers for the 2018/19 income year are as follows:
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Single Touch Payroll Update Employers with 19 or fewer employees are required to start reporting through Single Touch Payroll (‘STP’) from 1 July 2019. The ATO will be working with employers to support them as they transition to STP, including allowing small employers to start reporting any time from 1 July to 30 September (and…
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Federal Election called! The Federal Election has been called for Saturday 18 May 2019, and the Governor-General has ‘prorogued’ the Parliament from 11 April 2019 until 18 May 2019, and dissolved the House of Representatives.
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