Avoid the rush: Prepare your business for June 30 As the economy begins to get back on its feet, it’s time to get your business back on track and start preparing for this year’s tax time. Although 30 June may seem a long way off, there have been so many changes and government initiatives announced…

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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…

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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…

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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,…

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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…

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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…

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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…

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Don’t forget to Make a business monthly declaration for the JobKeeper Wage Subsidy Each month you must complete a business monthly declaration to be able to keep claiming JobKeeper payments. You must do this in the first 14 days after the month you are claiming for ends. Your tax or BAS agent can also make the…

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It’s Time to Consider Tax Planning! With the end of the financial year quickly approaching, it is now time to consider what opportunities there may be to minimise your income tax obligations. If you procrastinate or ignore this window of opportunity you may jeopardise or lose your ability to implement effective decisions and actions. Year-end…

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The ATO has now release further details on how to enrol for the JobKeeper payment, reporting obligations and timeframes. Enrol for the JobKeeper payment (from 20 April onwards) Confirmation of eligible employees you will claim the JobKeeper payment (available from 4 May onwards) What do you need to do for your employees Enrol for the JobKeeper payment…

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