The end of the financial year (EOFY) is not all about tax – it is a perfect opportunity to look back at the year and look forward to improvements for the next financial year. Small business owners frequently have a lot of questions for us advisors during this time. But sometimes it can be difficult
Introduction You can now re-contribute funds that you have taken out under the COVID-19 early release of super program. Contributions can be made between 1 July 2021 and 30 June 2030. COVID19 re-contribution amounts are not a new type of super contribution. They are considered a personal contribution but will not count towards a person’s
Introduction On 11 May 2021, as part of the 2021–22 Federal Budget, The Australian Government announced changes to the First Home Super Saver (FHSS) scheme to increase the contributions that can be counted towards the maximum releasable amount to $50,000 and improve the scheme’s operation. This increase will come into effect from 1 July 2022.
The flood recovery rental support payment assists NSW residents who are unable to live in their homes due to storms and floods in February and March 2022 and/or June and July 2022. The one-time payment of up to $18,000 will be used to assist pay for short-term lodging of 14 nights or more booked on
The ATO has extended The Single Touch Payroll (‘STP’) reporting exemption to organisations that have a withholding payer number (‘WPN’). As a result, certain entities that don’t have an ABN (but have the WPN instead) will not be required to report under STP in the financial years 2021-22 and 2022-23. This extends the exemption that
Sole traders, a small business owners, or not-for-profit organisations in NSW may be eligible for a $3,000 small business fees and charges rebate. This refund aids businesses in recovering from the effects of COVID-19 and promotes growth by lowering operating costs. Businesses and not-for-profits that qualify for the rebate only need to apply once, but
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 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.
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
Coinciding with the new Single Touch Payroll (STP) rules, there will also be new rules introduced on 1 July 2019 that will deny the deduction for any wages paid where no tax was withheld. This includes salary, wages, bonuses, allowances, director fees, labour hire agreements and payments to contractors that haven’t provided their ABN. For
There have been changes to the instant asset write-off. The instant asset write-off threshold has increased to $30,000 for each asset from 2 April 2019 and the instant asset write-off has been extended to 30 June 2020. The turnover test has also increased from $10m to $50m. If you are a small to medium business (with a
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: When working out the rate to use when franking your dividends, you need to assume that
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