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Liverpool NSW 2170

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SME Recovery Loan Scheme Extended to 30 June 2022

SME Recovery Loan Scheme Extended to 30 June 2022

As the Coronavirus pandemic continues to pose new challenges, the government’s financial assistance continues to expand. One of the government’s economic responses is the SME Recovery Loan Scheme (the Scheme) which was intended to aid in the recovery of the economy and provide ongoing assistance to SMEs dealing with the economic consequences of the coronavirus

NSW Omicron Support Grant – Now OPEN

NSW Omicron Support Grant

NSW Government has released its 2022 Small Business Support Program to support businesses which have been impacted by the recent Omicron wave of Covid-19. Business owners are encouraged to apply themselves via the Service NSW Website – https://www.service.nsw.gov.au/transaction/apply-2022-small-business-support-program The grant program is very similar to that of the recent JobSaver grant administered by NSW Government.

Expansion of Single Touch Payroll

Expansion of Single Touch Payroll

All employers in Australia will be required to report wage information under Single Touch Payroll (STP) rules, commencing 1 July 2019. STP previously only applied to larger employers of 20 or more, but this has now been expanded to all employers and includes owner’s wages. Sole traders with no employees would not be required to

Lower company tax rate changes

Lower company tax rate changes

2018–19 income year From the 2018–19 income year, a company must be a base rate entity to be eligible for the lower 27.5% company tax rate. A company is a base rate entity if both of the following apply: they have a turnover less than the turnover threshold – which is $50 million for the 2018–19

Amendments to the Director Penalty Regime

From 30 June 2012, the obligations imposed on directors for their company report and remit Pay As You Go (PAYG) withholding tax have been tightened. The Director Penalty Regime has also been amended to impose obligations and personal liability on directors when reporting and remitting superannuation guarantee charge liabilities. This legislation has been enacted to

Transition to Retirement Pensions

A transition to retirement pension is a great way to supplement your income if you are moving from full-time employment to retirement. The benefit of this pension is that it allows you to supplement your income to maintain your lifestyle if you have chosen to reduce your working hours. It may also allow you to

Protecting SMSFs and Investors Against Fraud

In a post global financial crisis world, with low returns from investments and superannuation, many people are worried about their savings lasting through retirement. This has made investors even more vulnerable to fraud. Organisers of these scams are targeting any person with relatively large amounts of money to invest such as retirees or people nearing

Christmas Party Benefits

The provision of a Christmas party to an employee may be a minor benefit and exempt from fringe benefits tax (FBT) if the cost of the party is less than $300 per employee and certain conditions are met. The benefit provided to an associate of the employee (ie partners and families if they attend) may

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