The Government has recently announced that they will ensure COVID-19 testing expenses are tax deductible where an employee is required to take a test to attend a place of work. Employers can expect that Fringe Benefits Tax will not apply if they provide COVID-19 tests to their employees for this purpose. While the measure is [...]
The NSW Government has introduced a $1 billion COVID rescue package for businesses impacted by the past few months' high COVID case numbers and self-imposed lockdowns. Four new measures have been introduced to support businesses affected by restrictions, including financial assistance for the performing arts sector, payroll lump sums, Rapid Antigen Test rebates and commercial tenant and [...]
To be eligible businesses must have: Annual turnover between $75K and $50M Must have experienced a 30% reduction in turnover compared to an equivalent two weeks in June/July 2019 The cash boost will equal 40% of the weekly payroll Payments of between $1,500 and $10,000 per week Payments will commence in Week 4 of the [...]
Changes to Australia’s insolvency framework took effect on 1 January 2021. The new measures represent the most significant insolvency changes made in the last 30 years, and are intended to reduce costs, cut red tape and help more small businesses recover from the pandemic. The reforms introduce a new, simplified debt restructuring process. These measures [...]
The NSW State Budget extends the land tax COVID-19 relief for landowners to 28 March 2021 in a modified form. The land tax relief is up to 50% of the land tax. To be eligible for relief from 1 January 2021 to 28 March 2021: the lease must be a retail lease the annual turnover [...]
August 20, 2020: The Government has amended the JobKeeper rules to allow more employees to qualify for the JobKeeper payment. This is achieved by extending the eligible employee test to also include eligible employees who were employed on 1 July 2020 (in addition to those employed on the original 1 March 2020 employment date), [...]
The business structure implemented when you first started your business may no longer be suitable. Reviewing your business, and possibly restructuring, may result in substantial improvements in the current business environment. Further, if your business value is down due to COVID-19 circumstances, now may be an ideal time to implement changes for the better, which [...]
As 30 June 2020 approaches, now is the time to consider available options to reduce your income tax in the current financial year (2020FY). The 2020FY has been extraordinary, starting with the devastation of the eastern seaboard bushfires which was followed by the significant economic and social upheaval associated with the arrival of the COVID-19 [...]
The Government's two Coronavirus economic stimulus packages deliver relief measures for members of superannuation funds, including SMSFs: Temporarily reduce superannuation minimum drawdown rates Early release of superannuation Reducing social security deeming rates The Government is also expected to issue guidance this week in relation to Rent relief for SMSF tenants. Here's our summary of these [...]
COVID-19 relief measures have been announced by the Federal Government, the NSW State Government, the Australian Tax Office (ATO) and the banking sector. Please view/download our summary of the key measures, eligibility requirements and relevant dates. View/Download COVID-19 Relief Measures  Our summary was also published in the CA ANZ's online magazine Acuity. To [...]
