Here is a further update on the government’s response to the COVID-19 crisis, particularly regarding the rent relief now available to commercial tenants. In summary this announcement is applicable: For small to medium-sized businesses with an annual turnover of up to $50 million To businesses registered and eligible for the Job Keeper program, refer to our previous communication for more details...
By Tracy Miller
|
External CFO | News
Small businesses heavily impacted by COVID-19 restrictions on movement and gatherings will be able to access grants of up to $10,000 within a few weeks. The grants are strictly to cover unavoidable costs such as utilities, overheads, legal costs and financial advice. To be eligible for the grants, your business must be based in NSW and: Have both an ABN...
Yesterday, the Government announced the $130 billion JobKeeper payment. The subsidy of $1,500 per fortnight per employee, administered by the ATO, will be paid to businesses that have experienced a downturn of more than 30% (50% for businesses over $1bn). The subsidy is paid in full to the employee. The payments are made by the ATO in arrears to the...
The Government yesterday released a second, far reaching $66.1 bn stimulus package that boosts income support payments, introduces targeted changes to the superannuation rules, provides cash flow support of up to $100,000 for small business employers, and relaxes corporate insolvency laws. The stimulus measures are not yet legislated. Parliament will reconvene on Monday 23 March. The Prime Minister has warned...
The Stimulus Package: What You Need To Know The Government has announced a $17.6 billion investment package to support the economy as we brace for the impact of the coronavirus. The yet to be legislated four part package focuses on business investment, sustaining employers and driving cash into the economy. For business1. Business investment– Increase and extension of the instant...
By Tracy Miller
|
External CFO | News
Company Directors take note – Director Penalty Regime legislation changes you need to know about.Effective from 1 April 2020, directors will have increased exposure to company debt with outstanding monies owed related to Goods and Services Tax (GST), Wine Equalisation Tax (WET) and Luxury Car Tax (LCT) being applied as personal liabilities to any and all directors of the company....
Legislation introducing the Superannuation Guarantee Amnesty (the amnesty) has been passed in Parliament and is awaiting Royal Assent.The amnesty provides employers with a heavy incentive to disclose and rectify accordingly, any historic non-compliance with their superannuation guarantee (SG) obligations. Now is the time for employers to urgently commence review of their historic SG compliance and not miss the window in...
It’s the festive season, and it’s around this time that clients often ask us if Christmas Parties for staff are tax-deductible. The short answer is that Christmas Parties are generally classified as Entertainment and are therefore not available as a tax deduction. Additionally, GST cannot be claimed on non-deductible items. Christmas parties and other forms of entertainment can only be...
As we approach 30 June, we thought it was timely to give our clients a refresher on some common EOFY tax planning tips, and also point out the key changes for the 2019 tax year that may impact you and/or your business. If you have any questions at all regarding any of the below as you prepare for 30 June,...