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Tax tips 2020–21

With the end of 2020 approaching quickly, here are some tax tips to assist with managing your business accounting. Varying your PAYG instalments You can vary your PAYG instalments throughout the year if you think you will pay too much tax, compared with your estimated tax for...

Understand how depreciation works with negative gearing

Negative gearing is a heavily debated topic throughout the property industry and is often in the headlines at election time. As one of the major drawcards to investing in property, investors must factor it into their ongoing strategy. Before exploring the negative gearing and depreciation relationship,...

JobKeeper update

The new alternative decline in turnover test To claim JobKeeper, you must have suffered a significant decline in turnover. Generally, this is measured by comparing a relevant quarter in 2020 (called the turnover test period) with the equivalent quarter in 2019. However, there is an alternative decline...

Budget measures now law

A number of measures announced in the Federal Budget 2020–21 are now law. These are: •   Bringing forward the personal tax cuts and the new low income tax offset by two years to 2020–21 – new PAYG withholding schedules are available. •   Retaining the low and middle...

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...

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...