Businesses will be able to access the boosted $150,000 instant asset write-off scheme for a further six months to the end of the year. By way of background, as part of its emergency COVID-19 fiscal package, the government quin­tupled (from $30,000) the value of assets businesses were able to instantly write -off for the ­period of March 12 to June 30, and expanded the eligibility to cover businesses with turnover of less than $500m (up from $50m ­previously). Today the government

30 June tax planning generally focuses on three things:  1. reduce income 2. increase deductions 3. accessing lower tax rates Before implementing any strategies, it is important to estimate your taxable income and projected tax for the year and consider what you think your income and tax will be next year. Many tax planning strategies involve pushing income to the following year. Those types of strategies work best if your income this year is higher than what you expect it to be next year. If

From the fortnight commencing 11 May 2020, JobKeeper Payment eligibility for employees aged 16 and 17 years has changed. If you have claimed, or intend to claim, JobKeeper payments for employees who were 16 or 17 years old on 1 March 2020, they need to have been independent, or not in full time study on 1 March 2020 in order to remain eligible.   Your 16 and 17 year old employees will need to complete an updated JobKeeper employee nomination notice and

The JobKeeper payment is for businesses and not-for-profits that are significantly impacted by the Coronavirus pandemic, and the measures in place to restrict it. The government package will give eligible employees $1,500 per fortnight for 26-week period, running from 30 March to 27 September. The treasurer has now released rules governing the scheme. We will keep you informed as these are updated. The one in, all in rule – Employers who opt to participate in the JobKeeper scheme must ensure that all eligible employees

The NSW government has now pledged $750 million to help small businesses across the state deal with the economic impact caused by the coronavirus pandemic. The grants of up to $10,000 must be used for funding unavoidable business costs such as utilities, overheads, legal costs and financial advice. To be eligible, businesses must be “highly impacted” by the Public Health (COVID-19 Restrictions on Gathering and Movement) Order 2020 issued on 30 March 2020. Business will need to have an ABN as at 1

Over the weekend, more relief was announced for business including:  Deferral of Loan Repayments A little over a week ago, the Australian Banking Association announced a six-month deferral of all loan repayments for small businesses hit by the coronavirus pandemic. On the weekend, this relief has now been extended to all businesses that have loans of up to $10 million. That accounts for just on 98% of all Australian businesses that have loans with Australian banks  Commercial Tenancies National Cabinet agreed to a moratorium on evictions over the next six months

We would like to update you on our position with the developing COVID-19 (Coronavirus) situation, and the preventive measures we are undertaking. As COVID-19 continues to circulate, we are monitoring and actively changing required processes as needed, based on relevant recommendations provided by the Australian government. We will continue our work as usual, and we have already taken several steps: • All of our employees can work remotely if required • Our internal systems are available from anywhere with an internet connection and proper

If you’re looking to scale your business, you’ll need to spend more time working on it than in it. Finding ways to leverage your time is critical, and outsourcing your least favourite tasks is a great way to do this. Things you should consider outsourcing in your business: Digital marketing.From your content strategy to your social media accounts, if this is not a strength of yours, outsource it! There are many freelancers who have multiple clients at this level, who’ll likely be

With the Australian share market suffering some of its biggest falls since the Global Financial Crisis, investors will no doubt be worried about their own portfolios.   From a tax perspective, if the price a particular share you hold is currently lower than what you bought it for, this at present is only a ‘paper’ loss.   The loss will only become a real, crystalized CGT loss if you were to actually sell the shares.   By retaining the shares and taking