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Bonus deduction available for technology investment
Bonus deduction available for technology investment A bonus deduction is available for small and medium businesses that commence digital adoptions. The bonus deduction will be 20% of the cost incurred for business expenses or depreciable assets that support a digital...
ATO occupation and industry guides to help you to work out the expenses you can claim.
ATO publishes occupation and industry guides to help you to work out the income and allowances to declare and the expenses you can claim. https://www.ato.gov.au/individuals/income-and-deductions/occupation-and-industry-specific-guides/ Rules for claiming a work...
Most commost common examples of tip-offs to the ATO
Weekend “cashies” are a risk: most common examples of tip-offs to the ATO Demanding cash from customers, paying workers “cash in hand”, or not declaring all sales are the most common examples of the 43,000 tip-offs received by the ATO in the 2021–22 financial year....
COVID-19 (NSW): business support package
COVID-19 (NSW): business support package released The NSW government has announced a financial support package of more than $1 billion for businesses, workers and the performing arts hardest hit by the Omicron wave. The package includes financial support for small...
Work-related COVID-19 tests tax deductible
Work-related COVID-19 tests tax deductible The government has clarified that work-related COVID-19 test expenses are tax deductible and exempt from fringe benefits tax. Legislation will be introduced to make clear that COVID-19 test costs (including for Polymerase...
Temporary full expensing available until 30 June 2023
Temporary full expensing available until 30 June 2023 New legislation from the government has extended the temporary full expensing rules to 30 June 2023. This legislation was originally announced in the 2021 Federal Budget. This letter is to provide you with a...
2021 COVID-19 business grant
2021 COVID-19 business grant Announced on 13 July 2021 – Applications commenced 19 July 2021 and close on 13 September 2021 Announced as part of the 2021 COVID-19 support package, the support grant is intended to help certain businesses by alleviating cashflow...
Information on the COVID-19 Disaster Payment
Client impact statement: COVID-19 Disaster Payment increased for extended lockdown On 3 June 2021, the Prime Minister announced that a COVID-19 Disaster Payment would be made available for eligible individuals. Further announcements across July 2021 outlined increased...
NSW Job Saver Grant
JobSaver grant for 2021 greater Sydney lockdown Announced on 13 July 2021 — Applications commenced 26 July 2021 and close 18 October 2021 An economic stimulus package is now available for businesses in NSW who are located in a Commonwealth Government declared hotspot....
SupeSuper Guarantee rate rising 1 Julyr Guarantee rate rising 1 July
On 1 July 2021, the super guarantee rate will rise from 9.5% to 10%. For salary and wage payments made on or after 1 July 2021, the minimum superannuation guarantee contribution rate of 10% will need to be applied.
All employers should be reporting now unless they only have closely held payees, or are covered by another deferral or exemption. Quarterly reporting for micro employers The quarterly reporting concessions for micro employers who needed more time to transition to STP...
ATO warns against “copy/pasting” 2020 work-related claims
ATO warns against “copy/pasting” 2020 work-related claims The ATO is warning taxpayers against “copying and pasting” their previous year’s claims for work-related expenses without evidence. The ATO is recommencing its focus on overclaiming of work-related expenses...
Childcare subsidy to increase
Childcare subsidy to increase As part of the 2021–22 Federal Budget, the government has announced that the childcare subsidy will be increased up to a maximum of 95% from 1 July 2022. Under the current arrangements the maximum childcare subsidy payable is 85% of...
NSW small business fees and charges rebate $1500
Eligibility To be eligible for this rebate, small businesses (including non-employing sole traders) and not-for-profit organisations must: • have total Australian wages below the NSW Government 2020-2021 payroll tax threshold of $1.2 million • have an Australian...
New Superannuation rates & thresholds for 2021-2022
Superannuation rates and thresholds for 2021–22 The ATO has published the key superannuation rates and thresholds for the 2021–22 year. Some of these rates and thresholds have been indexed following the average weekly ordinary time earnings figures released by the...
First conviction for JobKeeper fraud
First conviction for JobKeeper fraud A man has been convicted to 3 counts of making a false and misleading statement to receive $6,000 in JobKeeper payments. In addition to the conviction, the Heidelberg Magistrates’ Court fined Mr Raed Saleh $3,000 and ordered him to...
Priority Migration Skilled Occupation List
These 18 occupations skilled visa applicants will be on the priority list (update as at 27 Nov 2020) The Priority Migration Skilled Occupation List The 18 occupations (ANZSCO code) are: • Chief Executive or Managing Director (111111) • Construction Project Manager...
Business Visas UPDATE
Business Innovation and Investment Program changes from 1 July 2021 Key changes: The program will be simplified from nine to four visa streams: Business Innovation, Entrepreneur, Investor, and Significant Investor. There will be a clear pathway to permanent residency...
Can I deduct business assets?
Rules surrounding full expensing of assets In the 2020 federal budget, the government announced new rules relating to fully deducting assets used in your business. This letter is to provide you with a snapshot of the rules, so that you can understand how they affect...
Amending trust deed by 31 December 2020 may avoid land tax surcharge
Amending deed may avoid land tax surcharge A recent revenue ruling in New South Wales has clarified the position of discretionary trusts and foreign ownership of land. Legislation is in affect that applies a surcharge of stamp duty and land tax if the owner of the...
Personal income tax cuts brought forward
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...
Instant asset write-off — COVID-19 stimulus package
The instant asset write-off currently in ITAA 1997 Div 328 and 40 has been extended to include the vast majority of Australian businesses, in response to the COVID-19 pandemic. Amended legislation now permits businesses with less than $500m in aggregated turnover to...
Loss carry-back available for companies
One part of the federal Government’s JobMaker Plan, announced in the 2020 federal budget, will temporarily allow an eligible company to carry-back a tax loss. Broadly, this measure will be in place for three income years, from 2019/20 to 2021/22. A company will be...
COVID-19 (NSW): stamp duty reduced for first home buyers
COVID-19 (NSW): stamp duty reduced for first home buyers The NSW Government will reduce stamp duties on newly built homes and vacant land for eligible first home buyers from 1 August 2020. The threshold above which stamp duty will be charged on new homes for eligible...
NEW CHANGES STUDENT VISA
NEW CHANGES: The Government will recommence granting student visas in all locations lodged outside Australia. This means when borders re-open, students will already have visas and be able to make arrangements to travel. International students will be able to lodge...
ATO received over 1.7 million individual 2020 returns
Over $1b refunded to taxpayers The ATO has paid tax refunds of over $1b in the first two weeks of Tax Time amidst the COVID-19 pandemic. As at 14 July, more than 457,000 individual refunds have been issued, totalling more than $1.08b, with an average refund of $2,365....
Government announces HomeBuilder grant $25,000.00
The government has announced that it will introduce a $25,000 grant for eligible owner-occupiers to build a new home or substantially renovate an existing home. The HomeBuilder grant will be available to individuals under the $125,000 income cap ($200,000 for couples)...
Car expenses per kilometre rate for 2020/21
The Commissioner has determined that the rate at which work-related car expense deductions may be calculated using the cents per kilometre method is 72 cents per kilometre for the income year commencing 1 July 2020. The rate applies to the income year commencing 1...
Instant asset write-off extended to 31 December 2020
Instant asset write-off extended to 31 December 2020 The Government has announced that it will extend the $150,000 instant asset write-off for six months to 31 December 2020. Australian businesses with annual turnover of less than $500m will be able to take advantage...
Government announces JobKeeper payment wage subsidy measures
The Government has announced a “JobKeeper” payment relief measure to subsidise wages for all eligible businesses. The amount of subsidy is $1,500 per fortnight, per eligible employee, which works out to be 70% of the median wage in Australia. To be eligible for...
COVID19 FAQ – Small Business
Pausing or ceasing your business Question: I have had to pause my business. Do I need to cancel my ABN and GST registration? Answer: If you have temporarily ceased some trading activities in your business but you intend to restart when you can, you are not required to...
COVID-19 Self Managed Super Fund FAQ:
Temporarily reducing superannuation minimum payment amounts Question: I am retired and receive an account-based pension from my SMSF. My account-based pension balance has been badly affected by the losses in the financial market because of the COVID-19 crisis. I would...
Pension minimum drawdowns reduced by 50 per cent
The Government is temporarily reducing minimum super drawdown requirements for pensions by 50 per cent. The reduction will be available for the 2019/20 and 2020/21 income years. This measure was implemented to support retirees in managing the impact of the: recent...
Government introduces coronavirus SME guarantee scheme for bank loans
In light of the economic impact from COVID-19, the Government will provide a guarantee of 50 per cent to Small and Medium Enterprise (SME) lenders to support short-term unsecured loans to SMEs. This measure will assist otherwise viable businesses to meet short-term...
Accessing Coronavirus supplement payment
On Sunday, 22 March 2020, the federal government announced a new form of social security payment, known as the Coronavirus supplement payment. Individuals who have lost their job, been stood down or have had significant reductions in business income will become...
Early access to superannuation for individuals affected by COVID-19
The government has introduced a scheme where you are able to access your superannuation before retirement age. This scheme is already in place under superannuation law, but has been significantly enhanced in light of the economic issues resulting from COVID-19. Under...
Payroll tax relief packages
NSW QLD WA release coronavirus/COVID-19 payroll tax relief packages New South Wales The NSW Government has announced the waiver of payroll tax for businesses with payrolls of up to $10m, for the months from April to June 2020. Also, the payroll tax threshold will be...
Superannuation guarantee amnesty
Time to recertify your superannuation obligation, a once-off amnesty on superannuation guarantee (SG) will apply from 24 May 2018 for employers to self-correct historical SG compliance. Since 1 July 1992, when the Superannuation Guarantee Assessment Act was enacted,...
Economic Response to the Coronavirus
Small businesses with turnover less than $50m will benefit from a cash flow boost over a six month period as part of a Government stimulus package. This is designed to reduce the economic effects of a pandemic-based downturn, will encourage small businesses to keep...
Immediate Asset Write Off Up to $150K
As a result of the Coronavirus pandemic, the government has announced that businesses with less then $500m in turnover will have access to an immediate write-off for an asset under the following conditions: • purchased and installed ready for use between 12 March...
New CGT rule
Non-tax residents may not able to access the main residence CGT exemption, unless a specific life event such as death, a terminal medical condition or divorce occurs. No. Residency status when selling home Full/partial main residence exemption still available? 1...
Taxable payments reporting system (TPRS)
From 1 July 2019, the taxable payments reporting system (TPRS) expanded to include payments a business makes to contractors who provide any of the following relevant services on their behalf: road freight servicessecurity, investigation or surveillance...
Refinancing traps to avoid
Refinancing traps to avoid Whether you’re after lower repayments or want to tap into the equity sitting in your home, refinancing can offer a world of benefits. Here are some things to be aware of so that you don’t find yourself hooked into a bad deal....
Exit costs when refinancing
Exit costs when refinancing Refinancing can be a great way to save money if you believe you are paying too much for your loan, but there is more to it than just finding a loan with a lower interest rate and making the change. Before making the switch,...
Did you know gifts to clients may be tax deductible?
Example Sally is carrying on a renovation business. Sally gifts a bottle of champagne to a client who had a renovation completed within the preceding 12 months Sally expects the gift will either generate future business from the client or make them more inclined to...
ATO data matching program – Rental income & Capital Gain
Have you declared rental income & capital gain from sale of property? ATO will collect data from rental bond from the following sources: ■ New South Wales Office of Fair Trading – Rental Bond Board ■ Residential Tenancies Bond Authority – Consumer...
ATO Data Matching Programs – Online Accommodation Platforms
Have you declared income from online accommodation platforms? ATO will collect data from online accommodation platforms such as ■ Listing owner and property details Name Contact details (residential address and telephone number(s)) Date of birth Rental property...
Am I a foreign property investor & liable for stamp duty surcharge?
Stamp Duty Surcharge: Do you know you may be classified as a foreign person & liable for the stamp duty surcharge on property investment, even if you are a permanent resident & Citizen of Australia? Each State sets own rules, see the below. New South Wales...
EOFY 2018 Work-related deduction checklist A-Z
2018 Work-related deduction checklist A-Z Item Tax deductible Admission fees: For lawyers and other professionals. Disallowed as capital cost. No Airport lounge membership: Deductions to the extent used for work-related purposes. Yes Annual...
Visa application processing times
Visa application processing times Last updated: 19 June 2018 (for month ending 31 May 2018) Visa Type Stream (if available) 75% of applications processed in 90% of applications processed in Visitor visas 651 eVisitor 1 business day 2 days 600 Visitor Tourist1 19 days...
Hurry up if you’ve not done 2017 tax return
If you didn’t receive family assistance in 2016–17 You may be able to claim your payments as a lump sum. You have until 30 June 2018 to submit a claim for: Family Tax Benefit (FTB) Child Care...
New GST rule on Low Value Imports
New GST rule on Low Value Imports From 1 July 2018, suppliers to Australia of imported goods with a customs value $1,000 or less will be required to pay GST where “Australian consumer”....
New NSW Payroll tax free threshold
From 1 July 2018, the tax-free threshold for NSW payroll tax will increase from $750,000 to $850,000. It will continue to increase by $50,000 every year to reach $1m in 2021/22. The threshold will be $850,000 in 2018/19, $900,000 in 2019/20, $950,000 in 2020/21 and...
Superannuation Guarantee Amnesty
On 24 May 2018, the government announced the start of a Superannuation Guarantee Amnesty. The Amnesty will be available retrospectively from 24 May 2018 to 23 May 2019, subject to legislation passing. The Amnesty gives employers a one-off opportunity to self-correct...
PERSONAL INCOME TAX PLANNING CONSIDERATIONS
The following tax planning measures should be borne in respect of your own individual circumstances. Salary sacrifice arrangements If employed you may wish to review your remuneration arrangements with your employer and forego future gross salary in return for...
BUSINESS YEAR END TAX PLANNING ISSUES
Some key business issues which may be relevant prior to the end of the financial year include the following. Reduced company tax rate As currently enacted, a base rate entity will be entitled to pay tax at a corporate rate of 27.5% for the year ended 30 June...
Does your business keep good business records?
ATO conducted a "protecting honest business campaign" and found that small businesses needed to improve their record keeping. Common findings are: Estimating their sales and income; Using the 'no sale' and 'void' button on cash registers when taking cash payments; Not...
What Are The Extra Costs Of Buying A Property?
There are extra costs that you’ll need to consider when you are taking out a loan to purchase a property. Home loan application fees Most lenders charge a home loan application fee. This can range from loan to loan, and covers: Legal contracts Property title checks...
Which loan is right for me? Fixed, variable or split…
That depends on who ‘you’ are. When you take out a mortgage or home loan, you can choose to have an interest rate this is fixed, variable, or split (a combination of the two). There is no right or wrong option – it all depends on your circumstances. Fixed rate home...
3 ways to avoid paying lender’s mortgage insurance
Lender’s mortgage insurance (LMI) is required in many instances when a loan is worth more than 80 per cent of a property’s purchase price, as well as in some other circumstances. In very basic terms, when a lender considers a loan to carry a high risk, LMI is likely...
5 Things First Home Buyers Need To Know
Before you decide to purchase your first property there are a number of things to consider, including your current personal circumstances and financial status. 1. Think about why you want to buy a home Do you want to live in it or will it be an investment property?...
Type of loan products
Fixed-rate mortgages With a fixed-rate loan, you know exactly how much you’ll pay per fortnight or month for the fixed period of the loan (usually one to five years). Variable rate mortgages Repayments can change during the life of a variable-rate loan, so you may pay...
SUPERANNUATION UPDATE 2018
SUPERANNUATION · The tax on working holiday makers’ superannuation payments when they leave Australia is 65%, from 1 July 2017. · The low income superannuation contribution scheme is abolished from 2017/18; a low income superannuation tax offset will...
Property owners need to know these new tax changes
From 1 July 2017, travel expenses related to inspecting, maintaining or collecting rent for a residential rental property will be disallowed. From 1 July 2017, travel expenses related to inspecting, maintaining or collecting rent for a residential rental property are...
Skill Select Invitations issued on 11 December 2018
https://immi.homeaffairs.gov.au/visas/working-in-australia/skillselect/invitation-rounds So 11 December 2018 Invitation round Invitation process and cut offs The highest ranked clients by points score are invited to apply for the relevant visa. For clients who have...
Occupation ceilings for the 2017-2018
The table below shows the occupation ceilings for the 2017-2018 program year for each occupation on the list of eligible skilled occupations by four-digit ANZSCO code unit group. Occupation ceiling values are based on a percentage of stock employment figures for each...
Top 10 unique selling propositions for any businesses.
All business owners must know these 10 unique selling propositions (USP), and you will know why your customers choose your business. What specifically do you do that’s truly different compared to competitors? How do you uniquely benefit your target market? Can you...
Summary of 17 January 2018 changes to the lists of eligible skilled occupations
Source: www.homeaffairs.gov.au/trav/work/work/2018-changes-of-eligible-skilled-occupations This page summarises changes to the lists of eligible skilled occupations for Australia’s skilled visa programs that will come in to effect on 17 January 2018. This...
Same-sex relationships visa applicants
From 9 December 2017, you can apply for a visa as your partner’s ‘spouse’ if you are in a same-sex marriage following the legalisation of same-sex marriage in Australia. Under the changes, if you are in a same-sex marriage you can apply for a visa as your...
Tips for saving your deposit
Saving for that all important deposit can be tough, but here are three winning tips to help set you on your way to home ownership. PUT YOUR GOALS IN WRITING Setting a financial goal will make it much easier to plan and save successfully. Make a conscious effort to...
5 tips to manage your mortgage effectively
SET A BUDGET Work out your expenses (fortnightly or monthly) and factor in your mortgage repayments. You might need to cut back on spending in certain areas to make sure your mortgage is a priority. Keep a diary of your spending and stick to your budget. CUT YOUR DEBT...
Superannuation update
From 1 July 2017, a $1.6 million transfer balance cap will be introduced on the total amount that can be transferred into the tax-free retirement pension phase from accumulation. Superannuation balances in excess of the transfer balance cap can remain in the...
Tax tips for primary producers
Farm management deposits One of the best tax planning measures available to primary producers is to utilise the farm management deposits (FMD) scheme. This has become an even more effective business and cash flow planning tool this year due to legislative changes that...
Tax tips for small business
Small businesses may be eligible for a range of tax benefits. Are you eligible for the small business tax regime? This year there has been an important uplift in one of the small business thresholds. As a result, small businesses (sole traders, partnerships,...
Rental property deductions
Owners of rental properties that are being rented out or are ready and available for rent can claim immediate deductions for a range of expenses such as: interest on investment loans land tax council and water rates body corporate charges insurance repairs and...
Tax tips for employees
Do you know what tax deductions and offsets you may be eligible for? The following tips may help you legitimately reduce your tax liability in your 2016-17 return. Claim work-related deductions Claiming all your work-related deduction entitlements may save...
Tax return deadline is 31 October.
If you are a self lodger, your 2018 income tax return must be lodged by 31 October 2018. However, you may eligible for an extension till 15 May 2019 if you are using a registered tax agent.
Time limit for amending tax return
Personal & small business taxpayers the time limit is generally two years, and for other taxpayers four years, from the day of the notice of assessment for the year in question.Taxpayers can submit more than one amendment request within a period of review.
Are you liable for Div 293 tax?
For Division 293 tax purposes, the individual’s income tax return is used to determine the income for Medicare surcharge purposes, which includes: • Taxable income (assessable income less deductions) • Total reportable fringe benefits amounts • Total reportable...
Start up deductions
From 1 July 2015, startup businesses are eligible to claim the followings: Obtaining advice or services from accountants, lawyers, or business advisers Payment to Australian government agencies eg ASIC fee for forming a company Stamp duty payable on transferring...
Simpler BAS
From 1 July 2017, small businesses with a GST turnover of less than $10M, you only need to report G1 Total Sales, 1A GST on Sales, and 1B GST on Purchases. The following items are no longer required: G2 Export Sales G3 GST Free Sales G10 Capital Purcahses G11...
Are you ready for single touch payroll?
Employers are required to report payments to ATO via a payroll solution when they pay their employees, eg salaries and wages, PAYG withholding and superannuation information. For employers with 20 or more employees, single touch payroll reporting starts from 1 July...
You may be eligible for Fringe Benefit Tax Concessions!
Employers: Do you provide car parking or portable electronic devices to your staff for work purposes? You may be eligible for fringe benefits tax (FBT) concessions! Find out at https://ato.gov.au/FBTconcessions
Top 5 questions to ask about Superannuation Changes
If you’re retired or nearing retirement, you may be wondering how the 1 July super changes will affect you. In this article, Life Begins At Magazine by The Retiree answers the top 5 questions people are asking.