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...
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...
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...
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...
[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...
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...
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...
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...
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...
You have to lodge your income tax return for the 2019-20 tax year by 31 October 2020 – unless you use a registered tax agent (your tax agent will be allowed to lodge your return at a later date, even as late as May next...