General News

GST Grouping – Is it a Creditable Decision?

As a business grows new entities are frequently created to perform functions in the business group.  In most cases, these new entities will have associated compliance requirements, which will generally include GST obligations.  The additional compliance requirement for new entities generates administration costs to ensure amounts are correctly reported and remitted to the Australian [...]

GST Grouping – Is it a Creditable Decision?2020-10-27T09:25:18+10:00

Incentives for Hiring JobSeekers

As part of the Federal Budget, the government released measures designed to encourage businesses to employ additional job seekers.  One measure was called JobMaker, which is aimed at getting young job seekers back in the work force.  Below we summarise the initial outline of the JobMaker program.  What do you get under JobMaker if [...]

Incentives for Hiring JobSeekers2020-10-23T16:42:04+10:00

Budget Update October 2020

The 2020 budget was delivered on Tuesday.  The scope of the budget was huge, and so were the dollar amounts involved.  We have put together this guide to assist our clients with what we believe are the most relevant measures (however there are many other measures not included due to the sheer number involved). [...]

Budget Update October 20202020-10-09T10:14:08+10:00

JobKeeper 2.0 Guide

The first round of JobKeeper ends on 27 September, and JobKeeper 2.0 commences on 28 September.   The second round has different eligibility requirements for employers, different eligible employees , and different rates of payments than the original scheme. If you are an employer who wishes to continue receiving JobKeeper payments you need to: [...]

JobKeeper 2.0 Guide2020-09-25T11:03:29+10:00

Breakeven Point

The implications of COVID-19 for businesses are severe, far reaching and currently still ongoing. Many business owners have been forced into the unenviable position of deciding between staying open and potentially making a loss, or closing the doors and reducing turnover to nil, with knock-on effects such as losing staff or breaking leases. How [...]

Breakeven Point2020-09-14T12:04:11+10:00

Further changes to JobKeeper

On 6 August 2020, Josh Frydenberg announced additional changes to the JobKeeper 2.0 program to 28 March 2021, easing some of the eligibility criteria for staff and amending some of the reduction in turnover requirements for businesses. The treasurer cited the stage 4 restrictions in Melbourne as the reason for these amendments. Under the [...]

Further changes to JobKeeper2020-09-16T12:02:35+10:00

The future of JobKeeper

On 21 July 2020, the Government announced an extension of the JobKeeper program to 28 March 2021 but with tighter access and reduced rates. From 28 September 2020, employers seeking to claim JobKeeper payments will need to reassess their eligibility and prove an actual decline in turnover. If your business currently receives JobKeeper, your [...]

The future of JobKeeper2020-07-23T10:39:25+10:00

Back to Basics: Capital or Revenue

If you are making plans in relation to a property venture then it is crucial to understand what the taxation implications are for your project. One of the keys to the taxation consequences will be whether the project is on revenue account or capital account. Capital Account If the property is purchased (or a [...]

Back to Basics: Capital or Revenue2020-06-25T14:07:22+10:00

Instant Asset Write-Off Extended to 31 December 2020

On 9 June, the government announced that the $150,000 instant asset write-off would be extended from a planned finished date of 30 June 2020 until 31 December 2020. Under these rules, eligible taxpayers get a 100% tax deduction for asset purchases with a value of less than $150,000.  To be eligible you must: be [...]

Instant Asset Write-Off Extended to 31 December 20202020-06-09T15:00:41+10:00

HomeBuilder: What is it and how do you access it?

The Government has announced grants of $25,000 to encourage people to build a new home or substantially renovate their existing home. The HomeBuilder scheme targets the residential construction market by providing tax-free grants of $25,000 to eligible owner-occupiers, including first home buyers, to build a new home or substantially renovate their existing home. The [...]

HomeBuilder: What is it and how do you access it?2020-06-05T14:51:20+10:00
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