While planning of any kind has been challenging over the past 12 months, tax time remains a certainty for all businesses. As we move toward the final quarter of the financial year, now is an ideal time to review tax planning opportunities and consider where you might stand to benefit. Tax planning should be a…
If you have hired new staff members from 7 October 2020 onwards, you may be eligible for JobMaker Hiring Credit.
From January 1, 2021 major reforms to Australia’s foreign investment framework take effect, with new requirements for foreign investors.
From 1 January, 2021 changes came into effect that extend Super Choice to allow employees covered by a current enterprise bargaining agreement to choose their own super fund.
Changes to insolvency laws from January 2021 include reforms that introduce a new, simplified debt restructuring process. These measures apply to incorporated businesses with liabilities of less than $1 million – full details in this Treasury factsheet, please click to learn more. To ask any questions and discuss this matter further, please call us on…
In good news for Queensland small businesses, changes to stamp duty laws enable mum and dad type businesses to restructure with a full or partial duty exemption when transferring assets.
Following the recent Budget announcements, personal income tax thresholds have changed. Additionally, steps must be taken to be eligible for JobKeeper 2.0.
The 2020-21 Federal Budget was deferred from May to 6 October 2020 due to the extraordinary circumstances brought about by the COVID-19 pandemic. The Budget announcements were wide-ranging and much of the detail has not yet been released. Announcements include: Small business tax concessions extended to medium sized businesses Outright capital assets deduction until 30…
JobKeeper 2.0 The ATO has released updated information regarding JobKeeper 2.0. Please click below to view/download JobKeeper 2.0 JobKeeper 2.0 COVID-19 Stimulus Package We have updated our Guide to all other COVID-19 Stimulus Package and Economic Response measures to date. Please click below to view the guide. COVID-19 Stimulus Package and Economic Response As always,…
JobKeeper 2.0 The ATO has released updated information regarding JobKeeper 2.0. Please click below to view/download JobKeeper 2.0 Extension of Fair Work Amendments If employers are currently using JobKeeper enabled stand-down directions, they will expire 28 September 2020. The Fair Work amendments have been extended to allow JobKeeper enabled stand-down directions to continue beyond 28…
Now and beyond COVID While there is no denying that COVID-19 has resulted in extreme ups and downs for businesses, it’s important to know that proactive and informed business management is, and will always be, the driving force behind surviving and thriving. As we move into the so-called ‘new normal’ we explore the business practices that…
On Friday 14 August 2020, the Treasurer released the updated JobKeeper Rules dealing with eligible employees which apply from 3 August 2020 onwards.
We explain JobKeeper 2.0 and provide updates for all other COVID-19 Stimulus Package measures to 21 July 2020. Please click below to view/download. JobKeeper 2.0 Updates to COVID-19 Stimulus Package and Economic Response (at 21 July 2020) As always, to ask any questions and discuss this matter further, please call us on (07) 3217 5700…
Round 2 applications open 1 July 2020 The Queensland Government is extending the Small Business COVID-19 Adaption Grant Program. Round 2 offers a grant amount between $2,000 and $10,000 per eligible small or micro business. Grant program objective To provide funding support for small businesses highly impacted by the COVID-19 shutdown restrictions so they may adapt and sustain their…
While careful tax planning preparation is important, the fact is, most tax saving mechanisms need to be implemented before 30 June. The earlier we identify the issues, the more time you have to explore the options, arrange your cashflow and implement a plan for reducing or avoiding paying unnecessary tax. We have created the P+Y Tax…
In this article we highlight the 10 tax planning measures we feel are the most relevant for 2019-20. Although these items apply to all businesses, those clients with businesses operating via a company structure, with a group turnover of less than $50 million, will have extra incentive to review their tax planning this year: The company…
The 2019/20 financial year is drawing to a close. Although business restrictions are beginning to ease, many of our clients continue to face difficult circumstances. Looking ahead, P+Y can support business recovery through tax planning, cash flow forecasting and business monitoring. Now is the time to consider the first step: tax planning. As you are…
Coronavirus (COVID-19) Business Continuity Plan As a business owner, there’s one key thing you need to totally focus on now – keeping your business alive during these difficult times. It’s not all doom and gloom either – doing the right things now can lead to your business being in the right place to bounce back…
The ATO has announced a series of administrative measures to assist Australians experiencing financial difficulties as a result of the COVID-19 outbreak.
How does a company with a solid turnover achieve a permanent cash flow injection without paying a cent? We’ve written before that a business owner who doesn’t understand their numbers is likely to struggle with cash flow. In our experience, the specific reason for a cash flow problem comes to light when your accountant asks questions about your numbers that you don’t know…
Changes to Fair Work rules, coming into effect this week, will impact most, if not all, employers. Fair Work’s annualised wages arrangements impose new record-keeping obligations on employers, including the requirement to keep a daily record of start times, breaks and finish times for all employees. All P+Y clients who employ staff are requested to review the new…
In late 2019, legislative changes were made that exclude non-residents from accessing the main residence exemption. The retrospective changes directly impact foreigners and expats whose main residence is in Australia or overseas. KEY POINTS Non-residents for tax purposes excluded from the main residence exemption from 9 May 2017 Transitional rules allow non-residents to sell their…
The ATO offers a range of support for taxpayers affected by natural disasters. To find out more about relief for those affected by bushfires, including an automatic lodgement extension in identified impacted postcodes, please click here To find out more about relief for drought-stricken farmers, including instant asset write-off, immediate deductions for fodder storage assets…
Throughout 2020, SMSF auditors are expected to focus on specific details and evidence around a fund’s investment strategy. It is important for SMSF Trustees to review their investment strategy to ensure that it meets requirements. To read a useful summary by The SMSF Advisor, please click here. For assistance in reviewing your investment strategy or…
With the RBA widely tipped to reduce interest rates again to historic lows, we share an interesting article by Easton Wealth economist Emmanuel Calligeris. Australia and World Volatility The ongoing trade war between the US and China has dominated financial market movements recently. The last two trading months have seen increased market volatility. In July,…
Do you have any amounts of offshore income you haven’t declared to the ATO – perhaps interest from a foreign bank account? Even if it seems like a small amount, you must declare it. International data-sharing arrangements are making your overseas financial affairs increasingly transparent, so don’t get caught out. The ATO is reminding taxpayers…
Woolworths is the latest company to facing a fallout from the underpayment of staff. In what is believed to be the largest remediation of its kind, Woolworths have stated that they have underpaid 5,700 salaried team members with remediation expected to be in the range of $200m to $300m (before tax). We cannot overstate the…
In our experience, the most common issue for a business owner who doesn’t understand their numbers is a problematic cash flow. For example, if a business is making profit, why is it sometimes a struggle to pay the BAS on time? The answers to this and other key questions are found in your balance sheet.…
Does your business send employees/directors on domestic and international travel? Or are you an employee sent on travel and you receive an allowance? If either of these applies to you then the ATO provide a concession that may give you tax advantages. The concession relates to the substantiation requirements for travel expenses. The ATO allow you…
From 1 July 2019, the Single Touch Payroll (STP) reporting system has extended to all employers. The ATO has announced it will soon write to small employers (those with up to 19 employees) who have not yet started reporting or applied for a deferral, to remind them of their STP obligations. Small employers have until…
The new Minimum Financial Requirements (MFR) laws commenced on 1 January 2019 with the aim of ensuring that licensees in the building and construction industry are operating financially sustainable businesses. These new laws require that licensees who hold a contractor grade licence must provide annual financial information. What does this mean for you? The financial…
Advanced tax planning is the cornerstone of effective tax management. Here’s why… For the most effective tax outcomes concerning tax deductions and concessions, you need to start tax planning well before the end of the financial year, so you will have plenty of time to take a more proactive or ‘big picture’ approach to the…
As you are aware, P+Y offers a number of tax planning solutions designed to cater for your varying needs. Now is the time to put your tax planning strategy in place to ensure you achieve the best outcome possible. Contact us now to arrange your tax planning solution on (07) 3217 5700 or [email protected] …
Single Touch Payroll applies to ALL employers from 1 July 2019 Single Touch Payroll (STP) requires employers to report wages, taxes withheld and super information to the ATO at each pay run, rather than monthly or quarterly as previously. blank Urgent Action Required: Employers with 20+ employees (large employers) STP became mandatory on 1 July…
The 2019-20 Federal Budget announcements were wide-ranging and much of the detail has not yet been released. Announcements include: Instant asset write-off extended to medium sized businesses Threshold for instant asset write-off increased Personal tax cuts and further rate changes from 2022 For further details, please refer to our concise and helpful Federal Budget 2019-20…
New laws passed by parliament last month directly target the behaviour of taxpayers that don’t meet their obligations. If taxpayers do not meet their PAYG withholding tax obligations, from 1 July 2019 they will not be able to claim a tax deduction for payments: of salary, wages, commissions, bonuses or allowances to an employee; of…
In January 2019, security interests which were originally registered on the Personal Property Securities Register upon the commencement of the Personal Property Securities Act 2009 (Cth) (PPSA) for a period of seven years will expire. If your business registered seven year security interests on the commencement of the PPSA in January 2012 and the security…
Although tax time 2018 is over, the ATO has warned taxpayers and their agents to remain on high alert for tax scams. Assistant Commissioner Kath Anderson has said scammers are growing increasingly sophisticated and hope to exploit vulnerable people, often using aggressive tactics to swindle people out of their money or personal information. The ATO…
The Australian Tax Office (ATO) is utilising data provided by the Australian Investments and Security Commission (ASIC) to data match share trades. The ATO is accessing more than 500 million records detailing price, quantity and time of individual trades dating back to 2014. The information complements information that the ATO already holds from brokers, share…
From 1 July 2017, new rules came into effect that prevent taxpayers claiming a deduction for expenses they incur travelling to and from their residential investment property. The Government has restricted travel deductions to curb “widespread abuse around excessive travel expense claims relating to residential investment properties… This will stop residential property investors from using…
For a while now, the Australian Taxation Office (ATO) has been concerned about the tax deductions individuals have been claiming for a whole host of expenses. The latest on their ‘hit list’ are home office expenses. We guide you through what you can and can’t claim if you work from home. Last financial year, 6.7…
The Treasury Laws Amendment (Accelerated Depreciation for Small Business Entities) Bill 2018 has now passed through both houses of Parliament without amendment. The Bill makes changes to the tax law to extend by 12 months the period during which small businesses can access expanded accelerated depreciation rules for assets that cost less than $20,000. The…
Whatever your definition of business success may be, there’s no getting away from the importance of having a firm grasp of your numbers. As simple as it may sound, understanding your numbers generates significant benefits for a business owner, including the ability for you to make the type of strong and well-informed decisions that underpin…
When someone inherits a dwelling there are some special rules contained within the main residence exemption provisions that can provide a full exemption if certain conditions are met. If the conditions are not met, the beneficiary might face a nasty capital gains tax (CGT) bill for their good fortune. In some cases, these conditions require…
Legislation passed by Parliament late last month introduces a new test that will restrict some companies from accessing the lower company tax rate from the 2017-18 financial year. Across a three-year period, the company tax and franking rate changed, then the definition of what is a small business entity changed (from a $2 million to…
The Australian Taxation Office (ATO) has announced a new data-matching program targeting taxpayers earning income from the exploding popularity of short-term rentals available on platforms like Airbnb and Stayz. Utilising information from online platform sharing sites matched to information from financial institutions, the ATO is targeting 190,000 individuals to make sure they have not failed…
Navigating the complexities of business, regulation and legislation is extremely challenging without qualified advice, and this can make a huge difference to how you feel about being in business. If #1 is to understand your numbers and #2 is to develop strategy, #3 is to access qualified business advisory services for the support you need…
The new Labour Licensing Act 2017 (QLD) deadline is 15 June 2018. This broad legislation introduces a mandatory licence scheme: All labour hire providers in Queensland who carry on a business of supplying workers to work for any other person must have applied for a licence before 15 June 2018; and All users of labour…
The 2018-19 Federal Budget announcements were wide-ranging and much of the detail has not yet been released. Announcements include: $20K accelerated depreciation extended until 30 June 2019 for SMEs Introduction of a three-year cycle for SMSF audits for compliant funds Seven year personal tax cut plan For further details, please refer to our concise and…
P+Y offers a number of tax planning solutions designed to cater for your varying needs. As discussed in our earlier article on tax planning, now is the time to put your tax planning strategy in place to ensure you achieve the best outcome possible. Contact us now to arrange your tax planning strategy on (07)…
P+Y offers a number of tax planning solutions designed to cater for your varying needs. As discussed in our earlier article on tax planning, now is the time to put your tax planning strategy in place to ensure you achieve the best outcome possible. Option 1: Trust Basic – Resolution Preparation Each trustee must document…
Let’s be frank, paying more tax than you need to will never make anyone happy. The happiest business owners begin their tax planning in July… at the very beginning of the financial year. However, if that ship has sailed, your next best opportunity is now, at the end of April. With two months left until…
Single Touch Payroll (STP) is a reporting change for employers. Employers will report payments such as salaries and wages, PAYG withholding and super information directly to the ATO from their payroll solution at the time they pay their employees. STP will become mandatory on 1 July 2018 for employers with 20 or more employees. If…
Being happy in business has 3 foundations. Having understood #1 the numbers, you next need the insights necessary for developing #2 strategy for achieving your business and personal goals. Business ownership can be multi-faceted and complex, so #3 accessing qualified business advisory services will deliver the support you need for achieving your business and personal goals. #2 Strategy &…
On 26 February 2018, the Small Business Superannuation Clearing House (SBSCH) service will join the ATO’s online services Business Portal. If you use the SBSCH, important action must be taken prior to 3pm AEDT Monday, 19 February 2018. Read more from the ATO’s News service. We help professionals and enterprising business owners by getting the numbers right, adding strategy and insights to maximise business growth,…
As a business owner, having confidence in your numbers delivers the sense of control and clarity you need for achieving business as well as personal goals. Being happy in business has 3 foundations: #1 is to clearly understanding the numbers, #2 is developing a strategy for achieving your business and personal goals, and #3 is accessing qualified business…
At P+Y Accountants and Business Advisors, we are known for expanding the possibilities for professionals and enterprising business owners. We do this by getting the numbers right, adding strategy and insights to maximise business growth, and consider our clients’ diverse business interests and financial goals to provide specialist advice. We make the positive difference that…
