Quality business, tax and advice for business clients and self-funded retirees.
The Federal Treasurer, Mr Josh Frydenberg, handed down the 2022–23 Federal Budget at 7:30 pm (AEDT) on 29 March 2022. In an economy emerging from the pandemic, the Treasurer has confirmed an unemployment rate of 4% and an expected budget deficit of $78 billion for 2022–23. It is very much an election budget with no […]
With Christmas festivities upon us there will be many businesses looking forward to celebrating all their hard work with their employees at a end of year work party or by thanking them with a Christmas gift.
As of 1 November 2021, there’s an extra step employers may need to take to comply with the choice of super fund rules. If a new employee doesn’t choose a super fund, most employers will need to request the employees ‘stapled super fund’ details from the ATO to avoid penalties. A stapled super fund is […]
The Australian Government has announced the introduction of a new mandatory Director Identification Number (DIN/director ID) as part of the Modernising Business Registry (MBR) Program. The roll-out came into effect from November 2021. The DIN will provide accountability and traceability of a director’s relationships over time, across all companies and will provide information on a […]
We extend our support to all clients through this difficult time. We note that while our office is closed we continue to work and are available to be called and emailed as usual. Please get in touch if we can help. The government has announced lockdown stimulus packages for both business and employees as follows. […]
With 30 June 2021 fast approaching, it’s time to consider whether any tax planning action is required prior to year end. We will be contacting you soon if we identify beneficial tax planning strategies relevant to your circumstances. If you have specific concerns about your tax position for the 2021 tax year, or are aware […]
Last night, the Treasurer handed down the Federal Government’s Budget for 2021-22. In this newsletter, we’ve provided a summary of the key measures that are most likely to impact our clients. Please note, that while some announcements involve the extension of existing polices, many of the changes will not be effective until 1 July 2022. […]
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 employer to be eligible, the employer must: not […]
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 plan, and will be as follows for the […]
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 after these dates, other depreciation rules apply, including instant […]
