Blog
Company Director? You’ll need a Director Identification Number
The government has initiated a new system that attaches a unique identifying number to an individual who is a company director. If you are a company director you will need a director identification number by November 2022. You can apply for a director ID from November...
Is your business ready for hybrid working?
The Covid pandemic has changed the way we work and ushered in a new era of hybrid working – but is your business ready and able to offer this mix of on-site, off-site, and remote working? When businesses were forced to close down their physical offices and workspaces,...
Tax Tips for Property Investors
If you have income from investment properties, now is the time to start gathering your records and reviewing your expenses for the 2021 financial year. Income to Declare All income earned from each property must be declared. If you have multiple...
Tax Tips for Individuals
Although your tax return is not due for a few months yet, the end of the financial year is near. Get ahead now by preparing all the documents required for your 2021 tax return so you can get your tax done quickly and get any refund due to you in your bank! ...
Business Costs Assistance Program Round Two – Eligible ANZSIC classes
If your ANZSIC industry code is not on this list, you are not eligible for funding through the Business Costs Assistance Program Round Two. This list applies to both employing and non-employing businesses in Metropolitan Melbourne and Regional Victoria. *...
Tax tips for self-managed superannuation funds
Having a self-managed superannuation fund (SMSF) gives you control and flexibility over how you make investments and prepare for retirement. It’s important to get your deductions and record keeping correct for the SMSF audit process and the tax return, as there are...
2021-22 Australian Federal Budget Key Measures
Tax slabs for individuals have remained the same for 2021-22: The table above is taken from the Government's Budget website - talk to us about actual figures for your situation. To support household income and create more jobs, the Government is retaining the...
Tax Tips for small businesses
Common Tax Deductions for Small Business There are many expenses common to most small businesses, and there are other expenses that are specific to the nature of the goods or services the business provides. Are you claiming all the tax deductions that you are...
Can Your Business Claim the Loss Carry Back Tax Offset?
As part of the Federal Budget 2020-21, the government announced a loss carry-back measure to encourage new investment and work with the temporary asset expensing measures also announced at the budget. The new law started on 1 January 2021. Eligible corporate entities...
Business Tips: Setting KPIs and measuring performance
Once you begin trading, you’re faced with a new challenge – successfully managing the course of your brand-new business and making sure it’s a profitable enterprise. It’s easier to manage your startup’s sales and finances when you have access to the best possible...
New Family Trust Tax Rules – Will the Changes Impact You?
New Family Trust Tax Rules – Will the Changes Impact You? If your trust pays adult-child beneficiaries, then you’ll need to know how the new ATO tax guidance rules could alter your beneficiary arrangements. The proposed changes won't affect every small business...
How are cryptocurrency transactions taxed in Australia?
Whether you’re currently involved in a cryptocurrency like bitcoin or considering buying a cryptocurrency, it’s vital to explore the tax implications. While these will vary according to your circumstances, and it’s important to seek professional advice, there are some...
Happy Christmas!
Happy Christmas! We wish you a very happy Christmas and well deserved end-of-year break from your team at Devenny Payne. It has been another challenging year for our clients. We hope you will be able to take some time at Christmas to connect with family and...
Single Touch Payroll Phase 2 Expansion is Nearly Here
The expanded Single Touch Payroll (STP) Phase 2 is due to start on 1 January 2022. However, the ATO has just announced that there will be some flexibility with the reporting start date being allowed up to 1 March 2022 if the business is not ready by 1 January....
COVID-19 Government Assistance for Business – Handy Links
Business.gov.au has one handy webpage with links for all COVID-19 related financial assistance for businesses in all states and territories. If you need to check business support grants, hardship schemes, disaster payments or other funding measures in your state,...
Payroll Updates – Minimum Wage, Super Increase and STP Finalisation Date
Navigating Payroll? We can help keep you up to date on changes this year, including new rules for casuals. Minimum Wage Increase - 1 July 2021 The national minimum wage increases on 1 July by 2.5% to $20.33 per hour (or $772.60 per week). The minimum...
Selling property for $750K+
If you are thinking of selling a property with a market value of $750,000 or more, they must apply and be eligible for a clearance certificate. When you sell a property and don’t have a valid clearance certificate at or before settlement, the purchaser must...