Quality business, tax and advice for business clients and self-funded retirees.
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 the initial period must re-qualify using a stricter […]
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 be made under a written agreement before the […]
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 to contractors in the last year may need to […]
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 defer or disregard a capital gain or loss that […]
