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...

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...

To assist you in ensuring your business understands and meets it’s payroll tax obligations, this blog highlights some of the common errors and misunderstandings that are to be avoided. Contractors Contractors vs employees You must consider the full relationship when deciding if your contractor is really an employee. This includes the following factors: The degree of control that the business...

The 2019/2020 Federal Budget sees the Government predicting a return to a surplus of $7.1 billion. Driven by the politics of a looming election, the Government is lowering taxes and increasing spending with a focus on low/middle income earners, small business, senior Australians and transport infrastructure.   Here is a summary the key measures announced: Surplus Budget – a Budget...

At some point, every organisation provides meals or refreshments to its employees, clients and other persons alike but there is often doubt about how to account accurately for these expenses.  In this blog, we will discuss what constitutes entertainment and its correct tax treatment. Generally speaking, there is no tax deduction available for entertainment expenses except for “meal entertainment” expenses...