• 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 March 2021
FBT 2021: Tax & Employee Benefits

FBT 2021: Tax & Employee Benefits

Fringe benefits tax (FBT) is one of Australia’s most disliked taxes because it’s cumbersome and generates a lot of paperwork. The COVID-19 lockdowns have added another layer of complexity as many work patterns and behaviours changed. A fringe benefit is a ‘payment’ to an employee or an associate (an associate […]
12 January 2021
R & D Tax Credit

Ombudsman Calls for ‘Transparent and Predictable’ R&D Tax Incentive

“The R&D Tax Incentive eligibility requirements need to be changed so that it is clear and simple to claim tax incentives under the existing scheme,” said ASBFEO Kate Carnell. “Our R&DTI report, released in December 2019, found many small and family businesses were subjected to examination and audit several years […]
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 […]
22 October 2020
ATO tax tables

ATO Urged to Rethink Tax Ruling Overhaul

Source: Accountants Daily Over the next month, the ATO is expected to make a decision on whether it will retire 16 occupational and industry-specific taxation rulings that have been around since 1995 to 1998. These include Taxation Ruling TR 95/8 to TR 95/22, and TR 98/6 and TR 98/14. The […]
19 October 2020
ATO tax tables

Businesses Given a Month to Implement Updated ATO Tax Tables

The Tax Office has now updated its withholding schedules and tax tables to reflect the new personal income tax thresholds that were passed by Parliament last week. The changes will apply to payments made on and from 13 October this year, with employers now given until mid-November to implement the adjustments. “As […]
9 January 2019

Tax & Franchising

If you run a successful company that offers valuable products or services to consumers, you might want to open other locations to reach a larger audience. Not only will you earn a higher profit, you’ll also help countless new customers while you build your brand from a distance. Instead of […]
13 November 2017

Working Holiday Tax in Australia

Australia is a great place to travel and there are lots of opportunities to work whilst you’re here. Unfortunately, a working holiday isn’t automatically a tax holiday and, for the new arrival, the Australian tax system can be a minefield! Travellers who earn income while in Australia will be expected […]
9 October 2017

Tax Considerations For Property Investors

If you invest in a rental property or rent out your current property, you’ll need to keep records right from the start, work out what expenses you can claim as deductions, and declare all your rental-related income in your tax return. Any capital gain you make when selling or otherwise […]
5 October 2016

Simple Tax Minimisation Strategies

Melbourne businesses may not be too keen on welcoming June. After all, the last day of which is also the end of the country’s financial year. It’s the time of the year when business owners are busy implementing their last minute tax planning strategies. Well, this shouldn’t be too complicated […]
Book Consultation