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...
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,...
Our KMT Spring Edition Newsletter 2020 is ready. Highlights in this edition: SMSFs - LOOKING TO THE FUTURE - A review of how recent changes affect you as an SMSF trustee. ATO UPDATE – New ATO guidance on when it will remit SMSF trustee penalties. TRUSTEE Q &...
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...
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...
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. ...
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...