Downsizer Contributions
Downsizer Contributions – Get more into super when you sell your home! From 1 July 2018 the ATO introduced the downsizer superannuation contribution. For people who are 65 years or older and meet the eligibility criteria, you can choose to make a contribution up to a maximum of $300,000 (each) into your superannuation from the proceeds [...]
The JobMaker Hiring Credit
What is JobMaker? JobMaker is a credit available to eligible businesses and non-profit entities that create new jobs (not if you are merely replacing someone who left). The hiring credit is available for jobs created from 7 October 2020 until 6 October 2021 and provides: $200 per week for new employees between 16 to 29 [...]
ATO Benchmarking
You may often wonder why the ATO decide to review or audit your business. One of the reasons may be that your business has a specific financial item which ‘stands out’ from the remainder of similar businesses in Australia. The ATO have Small Business benchmarks and Industry benchmarks which they use to compare your business [...]
JobMaker Hiring Credit Scheme
Released in the Federal Budget last year, the Government announced the JobMaker Hiring Credit scheme which is an incentive for businesses to employ additional job seekers aged 16-35 years. This scheme received royal assent on 4 December 2020 and registrations are now open. Eligible employers may be able to access the JobMaker Hiring Credit for [...]
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 Taxation [...]
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 you [...]
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). Click [...]
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: Assess [...]
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 does [...]
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 previous [...]
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 arrangements [...]
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 new [...]
