Tax
New Income Tax cuts by 16 November
The Federal Government announced income tax cuts for working Australians in the 2020 Federal Budget. The cuts must be included in any pay runs processed from (no later than) 16 November 2020, giving millions of Australians a few extra dollars in their bank account each week. Employers need to make sure they’re passing it on.…
Read MoreFederal Budget 2020 – What it means for you
Budget night is always full of opinion and commentary, sometimes it can be difficult to identify the facts. We’ve cut through the noise to highlight the items that we think will affect your hip pocket… Individuals: Income tax cuts Low-and middle-income earners who earn below $180,000 will see a tax cut equaling between $500-$2,745…
Read MoreJuly 2020: Changes to tax and pay that you need to know
This new financial year in the age of COVID-19 brings a number of changes to help relieve some pressure for businesses and workers alike… COVID-19 PAYG withholding credits Businesses with turnover below $50 million will be handed a second round of credits, with varying amounts from $10,000 to $50,000 handed to eligible employers based on…
Read MoreThe EOFY like no other
We know this EOFY is a little different. The past months have brought drought, fire, flood and pandemic. It’s the stuff of fiction. We hope you and your family are OK. This date marks an opportunity to start afresh. When projecting and planning, it’s important to be prepared for any number of possible scenarios, and…
Read MoreWorking from home? Know what you can claim!
An estimated 10.5 million Australian workers are experiencing changed employment conditions since the outbreak of COVID-19(1). More than 50% are doing paid work from home. So what and how can you claim? First consider which way you’d like to calculate your expenses: In order to qualify to claim specific expenses under methods 2 & 3,…
Read MoreTax options to help keep business open
The Australian Tax Office (ATO) has issued a statement in recognition of these difficult times for business. The statement included a number of tax relief options to reduce stress and help keep SMEs open for business through projected downturn. Businesses who have no financial stress or concerns may be able to continue to meet their tax…
Read MoreDirectors liable for more tax
Last month, the Government passed legislation to include GST in the Director Penalty Notice (DPN) scheme. This means that individual business directors can be held personally liable for unpaid GST from 1 April 2020. What is the DPN scheme? The DPN was launched by the Government to address underreporting by businesses on mandatory taxes and…
Read MoreTax: MyGovID deadline 27 March
The ATO has announced a termination date for AUSKey of Friday 27 March. This means, the transition to MyGovID for digital interaction with the Australian Tax Office will be compulsory. Here’s what you need to know… What is AUSKey/MyGovID? This is authorisation system that enables digital interaction with the ATO. Tax agents and small business…
Read MoreTax: Tax impacts your cashflow
The End-of-Financial-Year seems ages away, but for small businesses, early tax planning is an important part of managing your cashflow. Tax planning is not difficult. The benefits will cut down the amount of time you spend on tax, and therefore relieve you to do more valuable things for your business growth or personal finance. Calendarise…
Read MoreFBT exemptions under the radar
Providing fringe benefits goes hand-in-hand with the task of retaining good and loyal employees as well as attracting new talent for your business. However, the types of benefits provided can sometimes relieve the compliance headache.
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