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 2020-21. 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…
If you have hired new staff members from 7 October 2020 onwards, you may be eligible for JobMaker Hiring Credit.
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…