The March 2022 budget introduced a bonus extra 20% deduction for technology expenditure for small businesses. In simple terms this means that if you spend $100 on eligible items you get to deduct $120 from your profits and therefore pay less tax. It will be capped at $100,000 of expenditure. Due to the slow process… Read More 120% Tax Deduction for Technology Expenditure
There has been much in the press recently about the government proposal to introduce a new $3m cap for super balances. The reasoning behind this is to reduce the tax advantages of the very wealthy who are lucky enough to have more than $3m in their superfund in the first place. There are estimated to… Read More Proposed Max Super Cap
Commonwealth Seniors Health Card holders may receive benefits such as cheaper medicine, refunded medical costs and discounts on rates, electricity, gas, dental, eye care and public transport. In order to access a card you need to have reached age pension age and pass an income test which has recently been substantially increased. The income limit… Read More Commonwealth Seniors Health Card
The start of a new tax year results in PAYG instalments being automatically reset for the September quarter, even if they have been varied down previously. The ATO calculate instalments based on the last tax return lodged, which at this point in time is probably 2021 for most people. Therefore if your income in 2022/23… Read More Varying your PAYG Instalments
Although a common strategy, it appears the ATO have recently decided that distributing trust income to adult children (but not giving them the cash) is no more than tax avoidance. This is such a shame as it was one of the few, fun tax planning strategies we had left in the tool box. Not to… Read More Trust Distributions to Adult Kids
For those of you paying employees (and/or yourselves) via STP payroll there is a finalisation process that needs to be done by 31th July. (14th July if you have more than 20 employees) You no longer have to provide PAYG summaries, but you do need to send a final year end report to the ATO using… Read More Payroll Year End Action
If you are a small business in NSW that has suffered a drop in turnover due Covid-19, you may be eligible for a small business grant of up to $10,000 Applications can be done on line. Check out this link for eligibility criteria and how to apply. https://www.service.nsw.gov.au/transaction/apply-small-business-covid-19-support-grant Lindsay 0413 952180
A few more details have been issued by the ATO in relation to the mechanics of the JobKeeper allowance. Sole traders and those running their business through trusts can also apply for one person. In the meantime this is a quick wrap up of what all businesses (including sole traders and trusts) need to do.… Read More JobKeeper How To ….
Another day, another support package. This time the JobKeeper Payment. Not yet legislated but soon will be, this is a great boost for casual workers & the self employed who may now be eligible for some $ – in some lucky cases more than they originally earned. However, this will increase administration for companies who… Read More JobKeeper Payment
If you are in the unfortunate position of needing to stand down employees due to Covid-19 make sure you comply with Australian work place laws. Workplace Australia have a useful page detailing what employers can and can’t do in these difficult times. Click the link for further details. https://coronavirus.fairwork.gov.au/#stand-down Lindsay 0413 952180
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