For some SMSFs, this will be a welcome change and will mean additional family members can join their existing fund. Implications of the rule change The new legislation is currently before Parliament and should come into force in the second half of 2021. While adding members to your SMSF will be easier, there are potential…

Here are some recent scams to be aware of: COVID-19 phishing With increased communications being sent out due to the COVID-19 pandemic, this has also created ample opportunity for scammers. By pretending to be from official organisations, scammers aim to find out your personal information (such as your usernames, passwords, bank details, etc.) – this…

If you are a sole trader, the owner of a small business or a not-for-profit organisation in NSW, you may be eligible for a small business fees and charges rebate of $1,500. This rebate helps businesses recover from the impacts of COVID-19 and encourages growth by reducing the cost of running a business. Eligible businesses or not-for-profits only need to apply for the rebate once but can submit multiple claims until the full value of $1,500 is reached. Funds can…

Avoid the rush: Prepare your business for June 30 Although 30 June may seem a long way off, there have been so many changes and government initiatives announced during the current financial year, you are likely to need extra information and paperwork to lodge your business’ return. Here’s a list of things to consider and/or…

The idea of adding a granny flat to your property sounds like a great idea. A property to rent out to generate some welcome extra income, or a home for adult children or mum and dad in their later years. But there are important tax and personal considerations to consider before taking the plunge and…

JobKeeper Extension 1 Most business owners know that following the monthly declaration for September, that there have been changes to the JobKeeper subsidy. The extensions to JobKeeper requires business owners to re-assess their ongoing eligibility for the reduced rates of payment. Eligibility This extension 1 period will run from 28 September 2020 to 3 January 2021 and…

The JobMaker Hiring Credit will give businesses incentives to take on additional young job seekers. This will help young people access job opportunities as the economy recovers. The JobMaker Hiring Credit will be available to employers for each new job they create over the next 12 months for which they hire an eligible young person,…

Changes to JobKeeper That Apply Now! Amendments to the JobKeeper 1.0 Rules were released on Friday 14th August. The major change is the admission into the JobKeeper scheme of employees who were on the books as at 1 July 2020, from JobKeeper fortnight 10 (3rd August – 16th August). In recognition of the short time…

Many business owners regularly pay their employees domestic travel allowances rather than reimbursing them. The ATO has recently released the reasonable travel and overtime meal allowance expense amounts for the 2020-2021 income year Taxation Determination TD 2020/5. The determination sets out the amounts that the Commissioner considers are reasonable for the substantiation exception for the…

NSW $3,000 Small Business Recovery Grant Thousands of small businesses reopening across the State after the COVID-19 shutdown will benefit from funding of up to $3,000 under a new Small Business Recovery Grant. Applications will open on 1 July to help businesses safely relaunch their operations with funds remaining from the $750 million Small Business…