The ATO is providing additional support to taxpayers who may be experiencing difficulty meeting their tax and Superannuation Guarantee charge obligations for employees because of COVID-19. […]
Since 27 September 2021, the National Employment Standard (NES) introduced ‘casual conversion’ which has provided casual employees with a pathway to becoming permanent employee. However, employer obligations differ for businesses that employe 14 or fewer employees. […]
If retirement is looming large or perhaps you are considering your options after a year of disruption and uncertainty, and may be thinking of selling your business. It’s important to know, that businesses that are well prepared for sale, sell faster and usually at a higher price, than those that are less prepared. […]
For well-advised and prepared businesses, business resilience strategies are in-built. It should always be assumed that at some stage during business life, circumstances will serve up challenges that cause set-backs from which the business will need to recover. Here we outline the business basics that bolster business resilience and enable businesses to bounce back following adversity. [...]
Changes to personal income tax thresholds announced in the Federal Budget have now been incorporated into the withholding schedules and tax tables. […]
From January 1, 2021 employers must give employees the right to choose their own superannuation fund. Employers must then pay employees’ compulsory super to their nominated fund. […]
If your business is eligible to claim the instant asset write-off you will need to consider the car limit. The car limit is the maximum depreciation expense you can claim for a car. The car limit applies to the cost of some passenger vehicles i.e. passenger vehicles designed to carry a load less than one [...]
Last night Treasurer Josh Frydenberg handed down the much anticipated 2020/21 budget. Here we provide a summary that outlines tax cuts and offsets for individuals and details of business incentives and tax measures. These proposals include an extension of the Instant Asset write off, a JobMaker Hiring Credit scheme and extended apprenticeship wage subsidy [...]
Q: Does my Business pay tax on Government Cash Flow Boosts? A: No. Cash flow boost amounts are non-assessable non-exempt income. However, you may still need to report the amounts in your tax return for other purposes. Q: Am I entitled to a deduction for the payments made to workers. A: Yes, provided you have [...]
In your position as a business owner or director, your personal and business assets could be at considerable financial risk if you fail to put strategies in place to protect your personal assets. As a director you can be subjected to personal liability that includes exposing your personal assets even if you have a company [...]
