When you retire, your superannuation is likely to become an important source of your income. That’s why it’s a good idea to top it up while you are working. But did you know, there are also some excellent tax benefits you can take advantage of right...
Due to the economic fallout and market volatility created by the Coronavirus, the Australian Government and the ATO have each separately announced various measures designed to help retirees navigate this new financial landscape. Some law changes made by Government affecting super fund members are: Temporary...
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 Coronavirus (or COVID-19) pandemic has turned the world up side down and its consequences continue to spread across all aspects or our personal and business lives. In light of the recent developments around the Coronavirus and the uncertainty we are all facing day to...
On 2 April 2020, the Australian Government announced the new Early Childhood Education and Care Relief Package. From Monday 6 April 2020 weekly payments will be made directly to early childhood education and care services in lieu of the Child Care Subsidy and the Additional Child Care...
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...