ATO Reminder About Salary Packaged Super
The ATO has provided employers with a recent reminder that, from 1 January 2020, there has been a legislative change to ensure that when an employee sacrifices pre-tax salary in return for an additional concessional contribution into superannuation, it will not result in a reduction in the 9.5% Superannuation Guarantee (‘SG’) obligation their employer has even though doing so reduced their Ordinary Time Earnings.
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Small Business COVID-19 Adaption Grant Program
The Queensland Government has announced a new grant program to support small and micro businesses who have been highly impacted during the COVID-19 lockdown. The grant aims to see businesses adapt and sustain their operation, and build resilience.
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SMSFs May Be Able To Offer Rental Relief To Related Party Tenants
As a result of the financial effects of the COVID-19 pandemic, some self-managed superannuation funds (‘SMSFs’) which own real property may want to give a tenant – who is a related party – a reduction in rent because the related party tenant has had a collapse in revenue.
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Act Now To Improve Your Cash Flow
After determining the current financial position of your business and preparing a cash flow forecast, you can take actions to improve your cash flows.
Improving cash flow, whether it be by getting more cash into the business or reducing cash leaving the business, or both, is fundamental to business survival. It should also put your business in a good position to take advantage of the recovery.
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Understand Your Current Financial Position
COVID-19 presents a significant threat not only to human health but also to business. However, businesses have an array of actions they could implement to manage through the COVID-19 pandemic. These actions could ensure its longevity and place it in the best possible position to take advantage of the recovery.
The more you understand your current financial position, the better choices you will make when during and moving forward after the pandemic. To be able to make the best possible decisions in a difficult environment, you need access to the most up-to-date information on the financial position of your business.
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Enrolment Extension - JobKeeper Scheme
The Commissioner has made a decision to extend the enrolment time limit for the initial JobKeeper periods, from the 30 April 2020 until the 31 May 2020.
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ATO on Property Investments
The ATO has reminded taxpayers in a property business or thinking about investing in property that there are things they should know.
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Working From Home Deductions - Shortcut Method vs Fixed Rate Method
The Australian Taxation Office has announced a temporary method for claiming deductions for working from home. It will allow people to claim 80 cents per hour for all their running expenses, rather than calculating costs for specific running expenses.
Taxpayers will have the choice between the new shortcut method and the old fixed rate method, known as the 52 cents method. This allows them to choose between simplicity and less record keeping, or choosing to prepare and keep records and possibly claim bigger tax deductions.
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New Vacant Land Tax Measures
A new ‘vacant land’ measure limits the deductibility of costs incurred on or after 1 July 2019 (i.e., from the 2020 income year) that relate to holding vacant land, even if the land in question was first held before that date.
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Update: JobKeeper Payments & COVID-19 Support Measures as at 16.4.2020
Please see the updated summary documents.
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New Laws Can Make Directors Personally Liable For GST
The government recently passed new legislation designed to strengthen laws to "crack down on illegal phoenixing activity by dodgy business operators who try to avoid their obligations to their customers, employees and creditors."
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New Super Guarantee Amnesty
On 6 March 2020, the government introduced a superannuation guarantee ('SG') amnesty.
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COVID-19 Update: JobKeeper Payments
Businesses impacted by the coronavirus will be able to access a subsidy from the Government to continue paying their employees. Affected employers will be able to claim a fortnightly payment of $1,500 per eligible employee from 30 March 2020, for 6 months.
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Updated: COVID-19 Support Offered as at 25.3.2020
The Australian Government continues to announce measures to support businesses impacted by the COVID-19. Please see below the current support offered as at 25 March 2020.
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Our office is closed, but we ARE still operating!
Due to the spread of COVID-19 we have decided to close our office to the public until further notice. We will however continue to work from the safety of our own homes.
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COVID-19 Support Offered as at 23.3.2020
The Australian Government continues to announce measures to support businesses impacted by the COVID-19. Please see below the current support offered as at 23 March 2020.
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Australian Banks Will Defer Loan Repayments for Small Businesses for Six Months
Australian Banking Association CEO Anna Bligh announced today a small business relief package provided by Australian banks. She says that all small businesses hit by the coronavirus pandemic will be able to access a six-month deferral of all loan repayments.
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COVID-19 Measures
We know this may be a stressful time for businesses. The Australian Government has announced measures to support businesses impacted by the coronavirus (COVID-19). Please see below support offered and how to access this support.
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Coronavirus (COVID-19) Support
Coronavirus (COVID-19) presents challenges for businesses. Here are some essential links that provide businesses with information on the support being offered by the Australian government and useful tips for managing businesses during COVID-19.
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SMS Scam Targeting Natural Disaster Victims
The ATO is warning the community about a new SMS scam which promises an 8% bonus on 2020 tax returns to victims of recent natural disasters.
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