• jobmaker
    JobMaker Hiring Credits: What We Know So Far
    We’ve had quite a few questions about the JobMaker hiring credit announced in the 2020-21 Federal Budget. The legislation enabling the JobMaker scheme has not passed Parliament as yet and until this occurs, the JobMaker rules are not certain and may change. More details should be available soon and we’ll […]
  • tax loss
    Refunds for Tax Losses
    If your company has made a loss, you may be able to claim a tax refund for tax previously paid on profits.  In the 2020-21 Federal Budget, the Government announced that businesses with turnover under $5bn* will be able to offset any losses made between 2019-20 and 2021-22 against previously […]
  • investment
    Tax Deductions for Investing in Your Business
    Stimulating investment is high on the Government’s agenda. To encourage spending, the 2020-21 Budget introduced a measure that allows businesses with turnover under $5bn* to immediately deduct the cost of new depreciable assets and the cost of improvements to existing assets in the first year of use. This means that […]
  • system-outage
    ATO Extends JobKeeper Monthly Declaration After System Downtime
    Despite the business monthly declaration for October JobKeeper payments due on 14 November, the ATO had scheduled its system maintenance for online services for agents over the weekend, effectively affecting access over both days. As such, the ATO has now confirmed it will continue to accept and process late declarations. […]
  • best-worst-smsfs
    3 Best and Worst Super Funds Revealed
    Source: NestEgg Stockspots 2020 Fat Cat Funds report has stated that poor performance is largely due to higher fees, with CEO Chris Brycki highlighting to consumers they would be $200,000 better off if they are in a fund charging less than 1 per cent instead of paying 2 per cent. “One […]
  • Australian Tax Office
    ATO Flags Key Early Access to Super Dates
    In an online update, the ATO said that ATO offices will generally be closed from midday of 24 December 2020 to the start of business on 4 January 2021. The last fund files prior to Christmas will be sent on 24 December 2020 – this will include all approvals up […]
3 November 2020

Company Losses and COVID-19

The ATO has provided some guidance for companies impacted by COVID-19 and utilising losses  Changes to business operations could potentially impact on whether the company is able to utilise carried-forward losses in the current year or a future income year with reference to the same or similar business tests. As […]
18 October 2020

Has COVID-19 Devalued Your Business?

If you are selling your business, merging, acquiring, or inviting in new investors, you need to understand the value of your business. But, to what degree does the pandemic impact on value? Should you discount or hold firm to pre COVID-19 performance on the basis that ‘we’re going to come […]
15 September 2020

JobKeeper 2.0 Rules Released

Source: Accountants Daily The Coronavirus Economic Response Package (Payments and Benefits) Amendment Rules (No. 8) 2020 legislative instrument was registered on Tuesday, setting out the decline in turnover test for the extension of JobKeeper to 28 March 2021 and the new two-tiered payment rates. For the first extension period running from […]
10 September 2020
cashflow boost

ATO Eyes ‘Unusual or Unexpected’ PAYG Cash-Flow Boost Changes

Source: Accountants Daily The ATO is concerned that some businesses who have received the $20,000 to $100,000 cash-flow boost have made either an honest mistake or undertaken a fraudulent arrangement to increase the amount they receive. “We recently wrote to some cash-flow boost recipients where we have seen an unusual […]
10 September 2020

JobKeeper 2.0 Legislation Passed

Source: Accountants Daily The Coronavirus Economic Response Package (Jobkeeper Payments) Amendment Bill 2020 was passed by the Senate on Tuesday after minor technical changes were approved. The bill extends the historic JobKeeper scheme by a further six months to 28 March 2021, replacing the $1,500 a fortnight payment with a […]
31 August 2020

Forecasting During a Pandemic

Now, more than ever, business operators should have a plan in place to manage during uncertain times. Even if your business is not directly impacted, it’s likely your customers, your supply chain, and your workforce will be to some extent. So, how do you plan for uncertainty when every assumption […]
31 August 2020

JobKeeper Extension Bill Introduced

Source: Accountants Daily Coronavirus Economic Response Package (JobKeeper Payments) Amendment Bill 2020 has today been introduced in the House of Representatives. The bill introduces the extension of the JobKeeper scheme that was announced by the government in late July, pushing the end date of the wage subsidy to 28 March […]
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