• tax relief
    Tax-Free Treatment of COVID-19 Grants to be Extended
    Treasury Laws Amendment (COVID-19 Economic Response) Bill 2021 has now been introduced into Parliament, extending the application of the non-assessable non-exempt income status to eligible business support grants received in the 2021–22 financial year. The new bill builds on legislation passed late last year which limits the tax concession to grants […]
  • Australian Tax Office
    ATO Extends Division 7A COVID-19 Relief
    On Monday, the ATO confirmed it would offer an extension of the repayment period for those who are unable to make their minimum yearly repayments (MYRs) by the end of the lender’s 2020–21 income year due to the ongoing effects of COVID-19 under section 109RD. A similar extension was provided […]
  • insurance policy
    Am I Taxed on An Insurance Payout?
    Australia has had its fair share of disasters over the last few years – drought, bushfires and floods – that have ramped up the volume of insurance claims. Most people would assume that if and when they need to claim on their insurance, the insurance payout covers the damage and […]
  • changes-ahead
    What Changes on 1 July 2021?
    Super guarantee rate increase to 10% On 1 July 2021, the Superannuation Guarantee (SG) rate will rise from 9.5% to 10% – the first rise since 2014. It will then steadily increase each year until it reaches 12% on 1 July 2025. The 0.5% increase does not mean that everyone […]
  • Superannuation
    Super Guarantee Rate Rising 1 July
    On 1 July 2021, the super guarantee rate will rise from 9.5% to 10%. If you have employees, you will need to ensure your payroll and accounting systems are updated to incorporate the increase to the super rate. If you need help to work out how much super you need to […]
  • skilled migration
    Is It Time for Australia to Rethink Skilled Migration?
    Source: NestEgg When borders reopen, Australia has a chance to reshape its migrant policy, with an opportunity to target younger, more skilled workers, a think tank has revealed. Australia is not attracting the right migrants, instead it should focus on simplifying the process, taking in younger skilled workers, and paying them […]
1 February 2021
abn

Sole Trader Granted Access JobKeeper with Backdated ABN

A sole trader who was able to backdate his ABN has won access to JobKeeper payments in a recent case before the Administrative Appeals Tribunal (AAT). To be eligible to access JobKeeper as a business participant (for example, as a sole trader), the rules require a business to have an […]
1 December 2020
tax cuts

How Australians are Taking Advantage of Income Tax Cuts

Source: Accountants Daily Colonial First State (CFS) has surveyed 2,000 Australians to determine their tax-saving intentions following changes to personal income tax announced in the budget on 6 October. As part of the measures to personal income tax, Treasurer Josh Frydenberg declared tax cuts worth nearly $30 billion would be made […]
24 November 2020
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 […]
22 January 2019

Tax Tips for Newlyweds

The tax implications of marriage probably aren’t the first thing on your minds as newlyweds. Don’t fret, like you, many have not given given any thought to the potentially important tax consequences of their new married status. If you are tying the knot anytime soon, check out these tax tips […]
18 January 2019

Tax Tips for Medical Professionals

Are you a doctor or medical professional working in Australia? You’re probably no stranger to the fact that the more you earn, the harder you’re taxed. As it turns out, you could actually save yourself a lot of money the next time you submit your income tax return. At Nobel […]
3 April 2018

Tax Tips for Australian Consultants

Key points at a glance If you’re a business consultant stepping out on your own, you must familiarise yourself with your tax obligations. This includes knowing about your requirements in relation to having an Australian Business Number (ABN), being registered for Goods and Services Tax (GST), lodging you Business Activity […]
19 March 2018

Taxation Affecting Your Business

If you were employed before you started your business, you’ll find that your tax affairs now become a lot more complicated. Various federal, state and local government taxes and rates can apply, depending on the size and location of your business. While you pay tax on your income, you can […]
22 January 2018

2018 Australian Tax Year Key Dates

The Australian fiscal system can seem daunting, especially if you’re emigrating there for a permanent work position and are due to start paying taxes there for the first time. However, unlike countries such as the US where tax season is essentially year-round, Australia’s only really runs from the 1 July […]
18 December 2017

Accounting for Public Sector Entities, Higher Education & Charities

The not-for-profit sector includes higher education providers, TAFEs, charities, and federal, state and local governments. Not For Profit organisation will generally need to make and spend money, if only to cover the costs of providing their services, day to day operations, and to plan and provide for the future. Finances […]
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