A lot has changed over the past two years. As business owners take stock, many are questioning whether the business structure they established years ago remains appropriate for their needs, particularly in regard to tax benefits and asset protection. As the business environment and your personal situation evolve, it is wise to review your business [...]
As NSW and the rest of the country begins to reopen, business leaders are focusing on the proactive steps they can take now to operate with greater confidence. Here, we reflect on key lessons learned over the past two years, and consider the focus areas that will help deliver efficiencies, growth and success through the [...]
As part of the response to the COVID-19 crisis, The Tax Practitioner Stewardship Group and the BAS Agent Association Group have extended the Single Touch Payroll (STP) exemption deadline for small employers (those with 19 or fewer employees) needing to report their closely-held payees through STP enabled software from 1 July 2020 to 1 July [...]
The recent sell-off on global share markets due to the economic impact of COVID-19 has highlighted the risks of depending too heavily on a single asset class. Even before the current crisis, the ATO was concerned about a minority of self-managed superannuation funds (SMSFs) with up to 90 per cent of their money in a [...]
The National COVID-19 Coordination Commission (NCCC) has developed a 14-page COVIDSafe plan to assist businesses to keep their staff, clients and community safe as their business operations recommence. The guide includes advice on ensuring people’s safety, how to adapt your business now and in the future and how to access support and assistance. Please click [...]
HomeBuilder is a temporary measure intended to help the residential construction market recover from the COVID-19 crisis. The program will provide eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home. The eligibility criteria and conditions include that the contract is signed between [...]
For the 2019/20 and 2020/21 financial years, the ATO has announced that for commercial property owned by a SMSF, the trustee as the landlord may in certain circumstances be able to offer a tenant rent relief because of the financial impacts of COVID-19. This relief measure is also applicable for business owners who rent their [...]
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 [...]
