Wednesday, October 4, 2023
ASIC calls on lenders to support customers With the cost of living crisis and increase in interest rates hitting Australian households, there is growing evidence that many are falling into financial stress. It is with this background that the Australian Securities and Investments Commission (ASIC) has issued an open letter to various banks, credit institutions, […]
Read More >Friday, June 9, 2023
PERSONAL TAXATION Personal tax rates unchanged for 2023–2024 In the Budget, the Government did not announce any personal tax rates changes. The Stage 3 tax changes commence from 1 July 2024, as previously legislated. The 2023–2024 tax rates and income thresholds for residents (unchanged since 2021–2022) are: taxable income up to $18,200 – nil; taxable […]
Read More >Monday, December 12, 2022
Looming changes for the “buy now, pay later” market In a bid to protect consumers, the Federal Government has released a consultation paper seeking views on options to regulate the “buy now, pay later” (BNPL) market. Currently the BNPL space is unregulated in Australia and thus not subject to responsible lending standards, despite involving financial […]
Read More >Wednesday, October 19, 2022
Bonus deduction for employee training proposal As a part of its strategy to address the current skills shortage and future-proof Australia’s workforce by building better trained and more productive workers, the Federal Government has proposed to implement a temporary “skills and training boost” initiative. This initiative proposes to give small businesses access to a bonus […]
Read More >Tuesday, May 17, 2022
Australians who have acquired or sold cryptocurrency via an overseas trading account have been advised to check whether they have tax obligations abroad and to start using crypto accounting software. The warning from the Australian Taxation Office came as it listed cryptocurrencies as a top priority this year, warning it would crack down on digital […]
Read More >Friday, December 17, 2021
ATO Medicare exemption data-matching continues The ATO has announced the extension of its Medicare exemption statement data-matching program. This program has been conducted for the last 12 years, and has now been extended to collect data for the 2021 through to 2023 financial years. It is estimated that information relating to approximately 100,000 individuals will […]
Read More >Tuesday, September 28, 2021
Federal COVID-19 support developments Additional financial support for child care providers The Prime Minister and the Minister for Education and Youth recently announced new support measures for child care providers that are impacted by extended COVID-19 lockdowns. Child care services in Commonwealth-declared hotspots will be eligible for new fortnightly payments of 25% of their pre-lockdown […]
Read More >Thursday, August 6, 2020
Federal Government releases economic update On 23 July 2020, Federal Treasurer Josh Frydenberg released the Economic and Fiscal Update July 2020, outlining the key COVID-19 policy response measures announced by the Government since March 2020. The Treasurer said the Government has provided economic support for workers, households and businesses of around $289 billion (14.6% of gross […]
Read More >Thursday, June 4, 2020
Do you or your business need help? If you or your business need help with your financial arrangements during this difficult time, we can help you to work out which of the many coronavirus (COVID-19) related payments, concessions and arrangements apply to you, and how you can best make use of them. Contact us today. […]
Read More >Tuesday, May 5, 2020
Do you or your business need help? If you or your business need help with your financial arrangements during this difficult time, we can help you to work out which of the many coronavirus (COVID-19) related payments, concessions and arrangements apply to you, and how you can best make use of them. Contact us today. […]
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