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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...
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...
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...
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...
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...