15/01/2021:
Did you know that you can boost your super savings by using the unused carry forward concessional contributions cap? Put simply, the unused cap allows individual to carry forward any unused amounts from their concessional contributions cap starting from 1 July 2018. This measure is particularly useful for people that have taken a break from […]
Insolvency changes to help businesses
In what has been touted as the most significant changes to Australia’s insolvency framework in 30 years, the government has implemented changes aimed at reducing costs and cutting red-tape which are designed to help small businesses recover from the impacts of COVID-19 on the economy. This includes access a debt restructuring process with temporary relief […]
2020-21 Victorian Budget: what’s in it for me?
The Victorian Treasurer has handed down the 2020-21 State Budget in challenging economic conditions. The government projects net debt will reach $87bn this year and will grow to $155bn by June 2024. Although the debt figures sound grim, according to the government, the interest costs over the next 4 years will not be burdensome, averaging […]
JobMaker: how your business can take advantage
The Government has released details of what it calls its “JobMaker” hiring scheme. It will take the form of a payment to employers for each new job they create over the next 12 months. It is estimated that the scheme will cost $4 billion and support about 450,000 employees. So it could help a lot […]
Be careful when changing business structures
If your small business has not only survived but thrived during the pandemic, you may be considering a change of business structure, typically from sole trader to more complex arrangements such as a company or trust structures. Any changes should be well thought-out and carefully implemented to avoid costly mistakes. Most small businesses are sole […]
State governments’ further COVID-19 support
With the ongoing nature of the COVID-19 pandemic continuing to affect the economy along with the effect of border closures, it is no surprise that many state governments have opted to increase the amount of support offered to businesses and individuals situated in their respective states. In Victoria, the government has announced the following support […]
Be careful when changing business structures
While some sectors of the economy is suffering, others are booming, if you’re lucky enough to have a small business in a rapidly growing sector, you may be considering a change from a relatively simple sole trader business structure to a more formal structure such as a company or a trust. Changes such as this […]
Thinking of upgrading your sole trader business structure to a company or a trust? Read this first and avoid the pitfalls.
Tax time focus areas for businesses
A recent interview with Tax Commissioner Chris Jordan revealed details of what the ATO will be paying particular attention to this year. Perhaps not surprising, but the ATO will be targeting businesses that deal in cash. As a part of its cash and hidden economy operation, the ATO has compiled “data-maps” of cash-only businesses and […]
COVID-19 impacts on FBT
As the pandemic drags on, there may be many unintended consequences for businesses in relation to benefits that you provide in addition to salary and wages, namely FBT. While exemptions and concessions may be available to reduce or eliminate the amount of FBT business have to pay, care should be taken to avoid any excess […]
