As we approach the end of another financial year, now is the time to consider the tax planning strategies that will help you optimise your cashflow and avoid paying more tax than you should. Each year, we assist a diverse range of clients – including business owners, family groups and individuals – to make the [...]
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 [...]
George Clooney and Julia Roberts’ recent arrival on Hamilton Island is one of the latest and greatest results of the Australian federal government's Location Incentive Program. ‘Ticket to Paradise’, which reportedly received a $6.4 million grant, is expected to generate $47 million for the Australian economy and create more than 270 jobs. In July 2020, [...]
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. […]
The ATO has signalled that cryptocurrency gains and working from home expenses will be among its prime targets in this year’s review of tax returns. The ATO will be taking steps to clarify tax obligations to Australians with cryptocurrency assets over the coming months. This is aimed at addressing the incorrect assumption by many taxpayers [...]
Now is the time to finalise and implement your 2020-21 end of financial year tax plan. With so much financial disruption over the past 12 months, it’s important to make the most of the tax saving measures available to you. Here we consider a range of matters that can be actioned prior to 30 June [...]
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 [...]
On 2 November 2020, the Australian Government released details of the JobMaker Hiring Credit Program, a new incentive for businesses to employ young job seekers aged 16 to 35 years. To be eligible for the incentive, employers will need to: Register with the scheme (from 6Â December 2020). Find out how here. Hire eligible new employees [...]
Changes to personal income tax thresholds announced in the Federal Budget have now been incorporated into the withholding schedules and tax tables. […]
