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ATO tax debt procedures could damage your credit rating

Does your business owe ATO tax? If your operation owes the tax office $100,000 or more, details of your debt could be passed on to credit reporting agencies by ATO. A debt of this size showing up on your credit report might seriously affect your ability to borrow, potentially putting your future business plans in…

Instant Asset Tax Write-off concessions extended to December 2020

In response to the damage which businesses have suffered due to the effects of the Covid-19 pandemic, the government has introduced a suite of measures designed to provide an economic stimulus, promoting growth and recovery. One of these measures related to a temporary increase in the instant asset tax write-off value. Intended to enable businesses…

EOFY 19 / 20 Tax Advice with the Best in Business Accounting

The year is going so quickly that June 30th will be here before you know it. And, June 30th means one thing – end of the financial year (EOFY). To ensure you meet the deadline, it’s time to get your personal and business finances in order. Thankfully, by following some simple tips, preparing for tax…

JobKeeper payment extension – What it means for your business

What the extension of JobKeeper payments means for you In June 2020, the Australian Government announced they will be extending the JobKeeper payment for eligible businesses and not-for-profits until the 28 March 2021. Originally, the payment was set to run until the 27 September 2020. Priority for this extended support will be given to not-for-profits…

Cash in on recovery incentives for SMEs

With the Covid-19 pandemic having wreaked havoc on the national economy, the government has responded proactively, putting in place a series of economic stimulus measures. Initial measures concentrated on providing businesses with the short-term tax relief and income they needed to pay employees and essential overheads during the time when lockdown measures were most stringent.…

Have you made your JobKeeper payments? Don’t Get Caught Out!

As part of a stimulus package to deal with COVID-19, the ATO has introduced the JobKeeper payment scheme. If you are a business owner, then the team here at Pherrus can help you through this crisis and provide all the crucial accounting advice to help you survive and thrive. Already signed up for the JobKeeper…

Accessing the government’s cash flow boost

With businesses suffering hardship due to the effects of the Covid-19 pandemic, the government has put in place a number of different measures to provide them with a financial helping hand until they can start trading at more usual levels. One of the financial stimulus measures which have been put in place is the cash…

Payment Plans and the ATO

The necessary government restrictions on economic activity which have been put in place in an attempt to reduce the spread of COVID-19 have had a devastating effect on many businesses. For some, corona virus has meant an immediate cessation of trading; for others, the impact of the virus has been more subtle, but potentially as…

Deferral of the 2020/2021 Federal Budget – how will it affect businesses?

Governments across the globe are putting in place a variety of different measures in an attempt to halt the spread of COVID-19. Inevitably, some of these measures have a significant impact on the economy but are necessary in order to slow the spread of the coronavirus. In addition to the effects social distancing and other…

How your business can benefit from the COVID-19 financial stimulus

The Australian Government has announced a $17.6 billion stimulus package on the 12 March 2020 in order to prevent Australia falling into a recession. Further, announced on the 22 March 2020 an additional $66 billion stimulus package on top of the previously announced $17.6 billion stimulus was announced. This is due to the economic impact…