The end of the financial year is looming – it really is that time of year again. Tax time is always busy so we’re sharing a few quick tips to help you sail through lodgment season. Some tax time tips… Gather and sort your business records now,...
A budget allows you to plan for how you’ll spend and/or save your money each period and also keep track of your spending patterns. Though making a budget may not sound like the most exciting activity, it’s important for keeping your finances in order and...
With the end of financial year approaching quickly, now is the time to review what strategies you can use to minimise your tax before 30 June 2020. Save Tax – Avoid tax penalties by making your Trust Distribution Resolutions before 30 June 2020 Do you have a...
[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][vc_column_text] By Aurora Pham The COVID-19 pandemic has had unprecedented impacts on everyone’s lives. We are seeing an extended period of economic and social uncertainty, and disruption lies ahead. Despite the Government’s economic support package, many Australians are losing their jobs...
Earlier this week, the ATO noted that entities that lodged their activity statement before 28 April would see their cash-flow boost amount used to offset tax debts from previous periods, while those who lodged on 28 April would not see those credits used to pay...
The super guarantee (SG) amnesty is now official. Under the amnesty, employers have a 6-month window until 7 September this year to disclose, lodge and pay unpaid SG amounts for their employees. To be eligible for the amnesty, you must declare and pay your SG shortfalls...
Sole traders and some other entities (such as partnerships, trusts or companies) may be entitled to the JobKeeper Payment scheme under the business participation entitlement. However, not-for-profit organisations are not included. Your entity may be eligible for the JobKeeper Payment scheme if you: have a non-employee...
The JobKeeper Payment is a wage subsidy that will be paid through the tax system to eligible businesses impacted by the Coronavirus. Under the scheme, eligible businesses will receive a payment of $1,500 per fortnight per eligible employee and/or for one eligible business participant (i.e., an...
Australia has been lucky over the last few decades since the days of the recession ‘we had to have’. We’ve done well to dodge the worst of the global financial crisis and have experienced strong economic growth. Recently however, the media have begun hinting that we’re...
The Federal Government recently announced the JobKeeper Payment scheme, which is designed to assist employers (and self-employed individuals) affected by the Coronavirus pandemic to continue to pay their workers. The JobKeeper scheme has been well received and welcomed by all sectors of the economy. In fact, many...