The Government has introduced a JobMaker Hiring Credit scheme for new employee positions created by eligible employers. The scheme will run from 7 October 2020 to 6 October 2022 and will have a maximum claim period of 12 months per eligible position created. Employer eligibility For an...
The federal government initially announced a seven year individual income tax plan in the 2018 federal budget. The plan would run over three phases, introducing a temporary low and middle tax offset and eventually removing the 37% income tax bracket. Subsequent federal budgets have altered this initial...
Announced in the 2020 federal budget, most businesses have the option to take advantage of an ability to fully deduct the cost of new depreciable assets. The temporary measure is only available between 7:30pm AEDT on 6 October 2020 through to 30 June 2022. Before and...
As previously announced the Government has approved the extension of the JobKeeper scheme by a further six months from 28 September 2020 until 28 March 2021.The rules governing eligibility to qualify for the extension periods have now been released. How it works Businesses that received JobKeeper during...
It is not uncommon for businesses to provide loans to shareholders or associates of a company. However, business owners should know the conditions that their loan must satisfy under Division 7A, to avoid the amount being deemed a dividend. Written agreement Division 7A loan agreements need to...
In response to the social distancing and sanitary requirements of COVID-19, it has become common for businesses to provide additional cleaning and courier services to customers. As a result, many businesses have taken on contractors to assist with the extra work. Businesses who have made payments...
Transferring the ownership of assets from one party to another will typically attract CGT. However, in the event that a change in ownership occurs due to the breakdown of a relationship, you may be eligible for a rollover of the asset. A rollover allows taxpayers to...