Latest news
Refunds for Tax Losses
If your company has made a loss, you may be able to claim a tax refund for tax previously paid on profits. In the 2020-21 Federal Budget, the Government announced that businesses with turnover under $5bn* will be able to offset any losses made between 2019-20 and...
Tax deductions for investing in your business
Stimulating investment is high on the Government’s agenda. To encourage spending, the 2020-21 Budget introduced a measure that allows businesses with turnover under $5bn* to immediately deduct the cost of new depreciable assets and the cost of improvements to existing...
JobMaker Hiring Credits: What We Know So Far
We’ve had quite a few questions about the JobMaker hiring credit announced in the 2020-21 Federal Budget. The legislation enabling the JobMaker scheme has not passed Parliament as yet and until this occurs, the JobMaker rules are not certain and may change. More...
Increased flexibility for Parental Leave Pay for self-employed
From 1 July 2020, parents accessing the Government’s parental leave pay (PPL) scheme will have greater flexibility and options. Targeting the self-employed and small business owners, the changes introduce a new flexible paid parental leave pay period of 30 days....
The ATO on COVID-19 fraud warpath
We always knew that a Government scheme swiftly distributing cash during a crisis was going to come with equally swift compliance and review measures, particularly when eligibility was self-assessed. Two major Australian Taxation Office (ATO) initiatives are searching...
Funding for the arts: what’s available and how can you get it
Will the Prime Minister’s targeted $250 million package of funding to support cultural and creative projects and initiatives save the industry? The arts funding is aimed at kick-starting the sector with funding preferencing commercial initiatives that generate jobs...
Minimum wage increases by 1.75%
An increase to the minimum wage of 1.75% will start rolling out for the first full pay period from 1 July 2020. The increase applies to minimum rates in awards in 3 stages: Group 1 Awards – from 1 July 2020 Frontline Health Care & Social Assistance Workers...
1 July company tax rate reduction
1 July company tax rate reduction Despite the current economic environment, the company tax rate will reduce to 26% for small and medium businesses from 1 July 2020. The 1 July change is part of a larger progressive plan to reduce the company tax rate to 25% from 1...
Have casual workers been granted annual leave?
News headlines recently stated that casual workers have won the right to paid leave following a decision in the Federal Court. As usual, the devil is in the detail. At present, there is no global change granting Australian casual workers paid leave. The case however,...
Top 10 tips to be ‘super’ ready for EOFY
With end-of-financial-year around the corner – it is time to review your superannuation and take advantage of planning opportunities. The below list will guide you through the key issues you need to consider to ensure you are ‘super’ ready by June 30. 1. Maximise...
The ATO’s JobKeeper audit targets
The ATO’s JobKeeper audit targets “…while it is all very well to talk of 'turning points', one can surely only recognise such moments in retrospect.” Kazuo Ishiguro, The Remains of the Day The JobKeeper subsidy has progressed beyond the rush for eligibility and...
COVID 19 Stimulus: HomeBuilder Grants
HomeBuilder: What is it and how do you access it? The Government has announced grants of $25,000 to encourage people to build a new home or substantially renovate their existing home. The HomeBuilder scheme targets the residential construction market by providing...
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