• 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 […]
  • Fringe Benefit Tax
    FBT Exemption, LMITO Tax Bill Introduced Into Parliament
    Source: Accountants Daily Treasury Laws Amendment (2021 Measures No. 4) Bill 2021 was introduced to the House of Representatives on Wednesday and contains two tax measures included in the Morrison government’s 2021–22 federal budget.  The first of them is the government’s FBT exemption, which will provide employers with a way […]
  • cryptocurrency
    ATO Sheds Light on Crypto Compliance Focus
    Source: Accoutants Daily Speaking at a tax-time tips seminar on Thursday, ATO assistant commissioner Adam O’Grady warned tax agents and taxpayers that his office will be closely watching all capital events related to cryptocurrency come tax time.  “It is really important for all capital assets; we will be looking to […]
3 May 2021
business competitiveness program grants

Business Competitiveness Program Grants Now Open

Program Overview The Business Competitiveness Program will assist small and medium manufacturers with an existing presence in Victoria to expand their manufacturing operations and implement new manufacturing technologies and processes that provide a critical foundation for generating sustainable new local jobs.   The program aims to create jobs, increase industry competitiveness, […]
12 January 2021
Coronavirus Grants

Treasurer Details Tax-Free Coronavirus Grants

Last month, legislation was passed to make certain grant payments non-assessable non-exempt income so that these payments are not subject to income tax by the Commonwealth. The law requires the Treasurer to declare that a grant program is eligible by legislative instrument if he is satisfied that it is in response […]
14 December 2020
business insight

2021 Risks & Opportunities

With the borders between the State and Territories all but open and 2021 in sight, there is a hunger for a return to ‘normal’. The recent Westpac-Melbourne Institute Index of Consumer Sentiment articulates this desire to ‘get on with things’; sentiment reached its highest level since November 2013 and Christmas […]
24 November 2020
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 […]
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 […]
10 November 2020
payroll-tax

NSW Announces Payroll Tax Relief for New Jobs

Source: Accountants Daily NSW Premier Gladys Berejiklian believes the Jobs Plus Program will create or support up to 25,000 jobs to 30 June 2022 by incentivising companies to relocate their head offices to NSW or expand their jobs footprint in the state. A key feature of the program will see […]
3 November 2020
business-losses

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 […]
3 November 2020
jobmaker

JobMaker Hiring Credits

In the Budget, the Government announced high level details of the JobMaker hiring credit scheme. To date, the Bill enabling JobMaker has been introduced into Parliament but has not passed. In addition, Treasury has released an exposure draft of the rules for consultation. Economic Recovery Package (JobMaker Hiring Credit) Amendment […]
21 October 2020
tax gap

ATO Reveals First-Ever Total Tax Gap of $31bn

Source: Accountants Daily The tax gap estimates for all 15 income and transactional-based taxes currently stand at 6.9 per cent or $31.2 billion for the 2017–18 year, an amount that the Tax Office expected to collect if every taxpayer was fully compliant with the law. Total tax collections for the […]
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