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…
We have updated this document to incorporate the latest JobKeeper announcements and updates for all other COVID-19 Stimulus Package measures. Please click below to view/download. JobKeeper and Updates to COVID-19 Stimulus Package and Economic Response (at 14 April 2020) As always, to ask any questions and discuss this matter further, please call us on (07)…
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…
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…