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Federal Budget 2020: Budget Measures for Businesses

There are a number of measures in the Budget that impact nearly all businesses. Tax concessions for medium businesses A number of small business tax concessions will be extended to medium businesses, i.e. businesses whose annual aggregated turnover is $10 million or more but less than $50 million. ...

Federal Budget 2020: Measures for Individuals

Here are some of the Budget measures that will affect individuals. Low and middle-income earners – tax cuts As widely anticipated, the government will bring forward to the current tax year (2020–21) the tax cuts scheduled to apply for 2022–23 and 2023–24 (Stage 2 tax cuts). Those...

The big picture highlights of 2020–21 Budget

On Tuesday 6 October, the Treasurer, The Hon Josh Frydenberg MP, delivered the delayed 2020­–21 Federal Budget, his second Budget. A big spending Budget that is all about jobs How times change. In April last year, Mr Frydenberg delivered a Budget that was forecast to produce a...

What you need to know about building an investment property

When thinking of an investment property, your first thought probably isn’t an empty block of land. But did you know that there are many advantages to building an investment property? Not only can you build the property to be fit-for-purpose, there are long-term financial benefits...

5 key points from the Federal Budget 2020

By John Lawler The Government has handed down a budget 2020 in response to the economic crisis due to the COVID-19 pandemic. Here is the Federal budget summary with 5 key points at a glance. WHAT'S IN?   1. Tax cuts The Federal Government will bring forward tax cuts for...

Family Business Succession – Episode 3: Conflict! When it gets ugly in a family business

[vc_row row_type="row" use_row_as_full_screen_section="no" type="full_width" text_align="left" css_animation="" box_shadow_on_row="no"][vc_column width="2/3"][vc_column_text] This is the third blog, in a series of seven, where we talk about family business succession, along with other issues, in running and managing a family enterprise. In this blog, we talk about conflict. Conflict is inherent...

JobKeeper V2 Payment Overview

All employers wanting to claim JobKeeper payments from 28 September 2020 will need to reassess their eligibility again and prove that their turnover has declined based on actual figures. Some businesses that did not qualify for the original JobKeeper payments may find that they now qualify...

Tax losses

2019-20 was a difficult year for many businesses and you may have made a tax loss. A tax loss is when the total deductions you can claim, excluding gifts, donations and personal super contributions, are greater than your total income for an income year. If your business...

Why you need a specialist depreciation report for any rental properties

When your specialist quantity surveyor tells you that you can claim depreciation on almost anything, they mean it. You can claim depreciation on your investment property’s walls, furniture to its mailbox and the kitchen sink. One of the most versatile areas of depreciation is plant...

Cash flow boost change

Legislation has been enacted to clarify that the cash flow boost is available to eligible small and medium businesses that are required to pay an amount to the ATO because they receive an alienated personal services payment. An alienated personal services payment is, broadly, a payment...