Blog
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...
Super Guarantee Rate is Set to Rise from July – Are You Prepared?
The superannuation guarantee statutory rate has remained at 9.5% since July 2014. However, plans have been in place for some years now, to increase the rate to 12% incrementally. In July 2021, the rate will rise to 10%. From then on, the rate will increase by 0.5%...
Why accurate leave management is so important
Managing employee leave might seem like quite a basic task for many businesses - especially smaller ones with only a few employees - and it can be tempting to take a relaxed approach. But unless you diligently track, manage, and pay leave for every single employee,...
Have you taken an Odometer Reading for FBT?
Fringe Benefit Tax (FBT) applies to benefits to your employees that are additional to their salary or wage, such as personal use of a company vehicle. Make sure you have your records in order, to take advantage of exemptions that might reduce your tax bill. The Fringe...
The JobMaker Hiring Credit
What is JobMaker? JobMaker is a credit available to eligible businesses and non-profit entities that create new jobs (not if you are merely replacing someone who left). The hiring credit is available for jobs created from 7 October 2020 until 6 October 2021 and...
2020-21 Australian Federal Budget Key Measures
The Federal budget was announced on Tuesday 6th October after a delay due to the coronavirus pandemic. Treasurer Josh Frydenberg said it would focus heavily on job creation in order to pull the country out of the economic crisis it faces. With uncertainty remaining...
JobKeeper 2.0 V4 – Detailed Guide
JobKeeper 2.0 V4 JobKeeper from 28 September 2020 The first tranche of JobKeeper ended on 27 September 2020. Those needing further support will need to reassess their eligibility and prove an actual decline in turnover. To receive JobKeeper from 28 September...
Business Survival and Adaptation Package – $3 billion to support Victorian businesses
About the package The Victorian Government is investing $3 billion to help businesses impacted by ongoing restrictions and prepare for COVID Normal business. $3 billion in cash grants, tax relief and cashflow support will be delivered to Victorian businesses...