Federal Budget Summary 2022-23
The Federal Budget delivered last night announced various measures to drive digitisation – both to encourage innovation and to streamline compliance and reporting.
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Business: Succession plans brought forward
Operating a business can be all-consuming at the best of times. During a pandemic it’s next-level pressure even for solid businesses and it’s causing many business owners to bring forward their succession plans. Succession is a fundamental stage in the business lifecycle. Generally considered to be ‘in the distant future’, it’s often relegated to a…
Business: A time of opportunity
Over the past few months, we’ve looked closely at the behaviour of business owners through the Coronavirus pandemic and the approaches they’ve taken to maintain viability through this particularly disruptive time. In our last article, we discussed ‘flight to safety’ and here we explore how other businesses are embracing a ‘time of opportunity’ approach in…
Casual employment conversion provisions now in effect
Major changes to casual employment laws mean that there are now casual conversion provisions under the National Employment Standards (NES) which came into effect from 27 September 2021. In addition employers must also ensure each casual employee has been given the Casual Employment Information Statement as soon as is practicable. What is ‘casual conversion’? The NES now…
New ID requirement for directors
From November 2021, company directors will need to verify their identity as part of a new director identification number (director ID) requirement. A director ID is a unique identifier that a director will apply for once and keep forever. This applies to directors if their organisation is a company, registered foreign company, registered Australian body or…
Stapled super changes coming for employers
Employers get ready – there’ll soon be an extra step involved when it comes to hiring new employees. From 1 November 2021, employers will need to determine if a new employee has a “stapled” super fund and request the details from the ATO where a new employee has not nominated a super fund. A stapled super…
Business Lockdown Support Update
As at 16th August, 2021 Applications opened today for the $5,000 Queensland Business Support Grant for those impacted by the recent Lockdown.
Queensland Lockdown Support
As at 2 August, 2021 Support is available if you are impacted by the Queensland lockdowns. Eleven Queensland local Government areas were declared a Commonwealth hotspot on 31 July 2021.
Business: Flight to safety, time of opportunity or succession?
The last 18 months has been disruptive to say the least. Business owners who initially considered doing nothing in the belief Coronavirus would blow over quickly soon realised that approach wasn’t an option. Following the initial pause of the nation-wide lockdown in April 2020, businesses regrouped and what we have seen since is three distinct…
Important Update for Employers
URGENT needs action now: Super Contributions for the year ended 30 June 2021 For Super contributions to be deductible in this financial year, they will need to be received by your, or your employees, super fund by 30 June 2021. If you use a clearing house to distribute super contributions, you will need to allow…
Federal Budget 2021-22
The Federal Budget delivered last night announced various measures aimed at assisting businesses and regions to recover.
Job Maker Hiring Credit
If you have hired new staff members from 7 October 2020 onwards, you may be eligible for JobMaker Hiring Credit.
Changes to Foreign Investment
From January 1, 2021 major reforms to Australia’s foreign investment framework take effect, with new requirements for foreign investors.
“Your Super Your Choice”
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
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…
Tax Table Update and JobKeeper 2.0 Eligibility Steps
Following the recent Budget announcements, personal income tax thresholds have changed. Additionally, steps must be taken to be eligible for JobKeeper 2.0.
Federal Budget 2020/21
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 Updates to September 28th 2020
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,…
Update to JobKeeper 2.0 and Extension of Fair Work Amendments
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…
Update to existing JobKeeper
On Friday 14 August 2020, the Treasurer released the updated JobKeeper Rules dealing with eligible employees which apply from 3 August 2020 onwards.
JobKeeper 2.0 & Updates to COVID-19 Stimulus Package and Economic Response at 21 July 2020
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…
QLD Small Business COVID-19 Adaption Grant Program Round 2
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…
Coronavirus (COVID-19) Business Continuity Plan
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…
Coronavirus ATO Support Measures
The ATO has announced a series of administrative measures to assist Australians experiencing financial difficulties as a result of the COVID-19 outbreak.
Urgent Action for Employers: Annualised wages arrangements
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…
CGT and the family home: expats and foreigners excluded from tax exemption
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…
ATO natural disaster relief
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…
SMSF investment strategy – action required
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…
Towards zero interest rates (and what it means for you)
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,…
ATO sets its sights on undisclosed foreign income
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…
Are you underpaying your staff?
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…
How to get the most out of your travel costs
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…
Single Touch Payroll (STP) for small business – REMINDER
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…
Do you hold a QBCC licence?
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…
Your Tax Planning Solution
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] …
Urgent Action for Employers: Single Touch Payroll applies to all employers from 1 July 2019
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…
Federal Budget 2019-20: Highlights & Summary
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…
No tax deductions if you don’t meet your tax obligations
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…
Get Your Priorities in Order: PPSR Registrations Expiring on 30 January 2019
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…
ATO scam alert: fake demands for tax payments
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…
Tax on shares: ATO extends data matching program
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…
Travelling to and from your investment property
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…
Working from home: What deductions can you claim?
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…
12-month extension of $20,000 instant asset write-off
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…
Tax ‘safe harbour’ for inherited property
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…
Last minute changes to company tax and franking rate passed by Parliament
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…
190,000 taxpayers ‘examined’ in ATO online rental blitz
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…
Do you use labour hire services? New licensing regime requires your action.
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…
Federal Budget 2018-19: Highlights & Summary
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…
Your Tax Planning Solution
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…
Single Touch Payroll commences 1 July 2018
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…
Changes to the ATO Small Business Superannuation Clearing House in February 2018
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,…