Last month, the New South Wales government proposed changes to stamp duty in their budget outlines. The aim is an economic boost for the state, with home buyers being given the choice of paying upfront for stamp duty or opting to pay a fixed amount. This will be a lower property tax paid annually that…
Although some of the restrictions imposed due to the pandemic have now eased, many businesses are continuing to face significant financial hardship. For some, this means there are difficult decisions to be made regarding taking on new staff and/or retaining existing staff members. Apprentices and trainees are particularly vulnerable: not only are employers reluctantly considering…
We often see the abbreviation Pty Ltd tacked on the end of the names of many companies. We can probably say with some confidence that most people don’t give those six little letters a second thought, if they ever notice them at all. As a business owner, however, this small collection of letters can have…
The super guarantee amnesty ends in September – make sure you’re prepared The amnesty on companies paying backdated super guarantees comes to an end on 7th September. This amnesty was designed to help companies pay back years of payments that may have gone missing, but without any penalties from the government. If you haven’t yet…
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…
Tax Brackets Australia – The Definitive Guide to Tax Brackets & Tax Strategies [2020 update] Are you paying the right amount of income tax? In a surprising number of cases, businesses and individuals are paying more tax than they need to! Here we take a look at the current Australian tax rates, as well as…
Tax depreciation schedules are one of the most significant yet under-utilised tools available for property investors to maximise their returns. However, a large proportion of people still fail to realise the benefits of ordering a tax depreciation schedule. It is now estimated that through depreciation landlords could claim back between ten and forty per cent…
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…
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…
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….