2020-12-02T14:24:40+10:002nd December 2020|Accounting, News, Taxation|
If your company has made a loss, you may be able to claim a tax refund for tax previously paid on profits.
In the 2020-21 Federal Budget, the Government announced that businesses with turnover under $5bn* will be able to offset any losses made between 2019-20 and 2021-22 against previously taxed profits between
2020-12-02T14:24:35+10:002nd December 2020|Accounting, News, Taxation|
Stimulating investment is high on the Government’s agenda. To encourage spending, the 2020-21 Budget introduced a measure that allows businesses with turnover under $5 billion* to immediately deduct the cost of new depreciable assets and the cost of improvements to existing assets in the first year of use. This means that an
2020-09-29T10:08:38+10:0029th September 2020|Accounting, News, Taxation|
FBT liabilities can trap unwary businesses, some of whom don’t recognise that there can be a tax consequence from providing benefits to staff such as entertainment.
It is essential to understand there can be implications from seemingly straight-forward business activities across income tax and GST, as well as FBT.
For some smaller businesses, it
2020-12-01T15:47:10+10:0029th September 2020|Accounting, COVID-19, News, Taxation|
The JobKeeper subsidy has progressed beyond the rush for eligibility into the second round. Along with the new eligibility thresholds that will carry through until March next year, the ATO is beginning to focus attention on compliance. Late last month, the Australian Taxation Office (ATO) released guidance highlighting where the regulator will
2020-09-23T09:20:37+10:0016th June 2020|Accounting, News, Taxation|
The new financial year is just around the corner – and it’s going to be a little different this time around.
A raft of new changes is due to kick in which will affect almost everyone, including individuals, families, workers, business owners and even retirees.
Here is the list of changes that will affect
2020-09-23T10:11:00+10:0016th June 2020|Accounting, News, Superannuation, Taxation|
The Government has resurrected the Superannuation Guarantee (SG) amnesty giving employers that have fallen behind with their SG obligations the ability to “self-correct.” This time, however, the incentive of the amnesty is strengthened by harsh penalties for those that fail to take action.
The super guarantee amnesty is a one-off opportunity to correct
2020-04-30T18:35:45+10:0030th April 2020|COVID-19, Human Resources, News|
In light of the current COVID-19 outbreak, we have seen Fair Work Australia implement 20 years’ worth of changes in a few short weeks which has resulted in large scale changes to the employment landscape.
We have summarised the details for you below.
Changes to Fair Work Act
With the introduction of JobKeeper there have
