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…

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…

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…

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…

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…

Not Meeting Your ATO Arrangements Makes it Difficult to Borrow the Funds You Need Have you entered into an arrangement with the Australian Taxation Office (ATO)? Were you unable to pay your tax debt on time and have opted for a pay-by-instalment plan? Have you missed a payment? Unfortunately, ATO arrangements, if not met, can…

The Australia Taxation Office (ATO) has committed to protecting honest businesses by tracking down deceitful or illegal activities in towns and cities across the country. In early November 2019, the ATO will visit Bankstown. Here’s a bit more information regarding the ATO’s pledge to protect honest businesses and what their visit to Bankstown means for…

At the beginning of each financial year, the Australian Taxation Office (ATO) announces a Tax Ruling. This outlines any changes made to the effective lives of assets – typically plant, equipment, and commercial property assets. This year, however, in tax ruling (TR) 2019/5, the ATO detailed several changes to residential property assets. These changes are…

ASIC has updated its annual review fee and late payment fees. These changes have been effective since 1 July 2019. It’s worth taking a closer look at these updates, so you’re not stung with higher-than-expected fees when the time comes to pay. Let’s get started. The ASIC’s annual review To ensure your company remains registered,…

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