Friday, June 18, 2021
Company Director Resignations: new laws The Australian Governmenthas introduced new laws to help combat illegal phoenix activity From 18 February 2021, a company director will not be able to backdate their resignation more than 28 days or resign if it means the company would be left without a director Backdating resignations was a common tactic used […]
Read More >Tuesday, May 18, 2021
PERSONAL TAXATION Personal tax rates unchanged for 2021–2022 In the Budget, the Government did not announce any personal tax rates changes, having already brought forward the Stage 2 tax rates to 1 July 2020 in the October 2020 Budget. The Stage 3 tax changes will commence from 1 July 2024, as previously legislated. The 2021–2022 […]
Read More >Wednesday, May 5, 2021
Independent resolution process for small businesses now permanent Small businesses now have another pathway to resolve tax disputes, with the ATO making its independent review service a permanent option for eligible small businesses (those with a turnover of less than $10 million) after a successful multi-year pilot. The service’s original pilot commenced in 2018 and centered […]
Read More >Tuesday, December 15, 2020
Coronavirus Supplement extended (but reduced) The Federal Government’s Coronavirus Supplement has been extended for a further three months. The Supplement payments were due to end on 31 December 2020, but the latest extension will allow them to run until 31 March 2021, which will be welcome news for many individuals still struggling with unemployment and other […]
Read More >Wednesday, October 7, 2020
PERSONAL TAXATION Personal tax cuts brought forward to 1 July 2020 In the Budget, the Government announced that it will bring forward to 1 July 2020 the personal tax cuts (Stage 2) that were previously legislated in 2018 to commence from 1 July 2022. The Stage 3 tax changes remain unchanged and commence from 1 July 2024, as previously legislated: Stage 2 tax […]
Read More >Monday, October 5, 2020
COVID-19 and FBT: updated ATO advice The ATO has updated its COVID-19 and fringe benefits tax (FBT) advice, providing a useful outline of some issues that may arise due to an employer’s response to COVID-19. Tip: Although the following summary deals with FBT specifically, it is worth thinking through the related income tax consequences. Contact […]
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. […]
Read More >Wednesday, April 15, 2020
Jobkeeper Legislation On 7 April, 2020 Federal Parliament passed the following bills to give effect to the Jobkeeper Payment wage subsidy – Coronavirus Economic Response Package (Payments and Benefits) Bill 2020 Coronavirus Economic Response Package Omnibus (Measures No 2) Bill 2020 Appropriation Bill (No 5) 2019-2020 Appropriation Bill (No 6) 2019-2020 The Exposure Draft […]
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