The Latest News

MAJOR PANDEMIC RELATED CONCESSIONS FOR PERMANENT RESIDENCE PATHWAYS FOR CERTAIN TEMPORARY WORKERS   The Department Home Affairs has announced that from 24th November 2020, temporary workers whose employment has been adversely affected as a result of the Covid-19 pandemic, may still qualify for permanent residence if the changes to their employment were: Changed as a…
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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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Updates in relation relaxation of Travel Exemptions   The Federal government has recently updated its travel advice in relation to the COVID pandemic and the following do not need a travel exemption to enter Australia: An individual who has resided in New Zealand for at least 14 days immediately before travelling to Australia; A person…
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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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  The Federal Budget, set to be released on October 6, will introduce new rules allowing small businesses at the risk of collapse to trade whilst insolvent. The insolvency measures will constitute one of the non-spending structural reforms to be contained in the October 6 Budget and will borrow from items contained in the United…
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Interim Allocations   The government has recently announced interim allocations for the below visas, prior to the Federal Budget on 6th October 2020. To date however, NSW for example, is still not accepting nominations for the s190 or 491 visa. State or Territory subclass 190 subclass 491 & 489 Business And Investment visas  ACT 250…
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SUPERANNUATION GUARANTEE RATE INCREASE UPDATE   Recently, arguments both for and against increasing the rate of compulsory superannuation guarantee (‘SG’) have continued to be tossed around! The SG is the compulsory amount of superannuation an employer must pay into an eligible employee’s chosen super fund. The rate of SG has been frozen at 9.5% of an employee’s…
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On 21 July 2020, the Government announced that the JobKeeper Payment (‘JKP’) would be extended until 28 March 2021 (i.e., for a further six months beyond its original end date of 27 September 2020). As a result, JKPs would now be made over two separate extension periods, being: Extension period 1 – which covers the…
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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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