Taxation

Federal Budget Update

2021-22 Federal Budget Update

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The Government has decided not to go down the austerity path, which will be a relief for many taxpayers and businesses.

Click here to download the Federal Budget update

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

May 2021 Newsletter

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  • It’s getting very close to the business end of the financial year, so we have gathered some tax planning tips that could set you up for a better tax outcome. And as that outcome can be ruined by having to deal with an excess super contribution charge, we look at how best to avoid it.
  • The ATO has tightened the evidence requirements for real property valuations for SMSFs, so we look at how to keep your fund compliant, and also bring some good news with the recently launched SME Recovery Loan Scheme, plus an expansion of the ATO’s independent review service.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

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April Newsletter 2021

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  • It is possible to receive amounts that are not expected by the ATO to be included as income in your tax return. However some of these amounts may be used in other calculations, and may therefore need to be included elsewhere in your tax return.
  • The Australian Government has made changes to the ATO’s insolvency framework to help more small businesses restructure and survive the economic impact of COVID-19.
  • Most people think of retirement as a time to put your feet up and relax, but it can also be a time when pre-retirees and retirees alike actually need to flex the grey matter.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

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March Newsletter 2021

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Government agencies sometimes use ABN registration to contact businesses for emergency help or even grants of support, so it’s important to keep your business’s ABN details current. And the perennial problem of dealing with cash flow gets some advisory help from the ATO.

A new Director Identification Number regime is something companies may need to get familiar with very soon, and we re-visit the changes that COVID-19 has made to FBT. There’s also details about the unstoppable SMSF sector, and the tax treatment of unexpected lump sums.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

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February Newsletter 2021

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The JobMaker Hiring Credit scheme was passed into law in mid-November 2020. JobMaker was part of the 2020-21 Federal Budget, and will operate until 6 October 2021. It is designed to improve the prospects of young individuals getting employment, by incentivising employers to hire them, following the devastating impact of COVID-19 on the labour market.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

Click here to download the latest newsletter

December Newsletter 2020

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The loss carry back measure introduced in the 2020 Federal Budget can be a very helpful COVID-recovery option. We run over the details. But if the COVID wash-up means you need to call time-out on your business, there are some important facts to know here as well.

We also look at interest deductions available for rental properties, a development in the CGT rules around active assets and vacant land, and a tightening of compliance in regard to SMSF audits.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

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November Newsletter 2020

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Introduced with the Federal Budget, the “full expensing” 100% write-off of eligible business assets is a welcome measure that many business owners may want to take advantage of. Also, with the extension to the JobKeeper scheme, a set of alternative decline in turnover tests are now available, should a business not fit the general patterns of business activity.

We also look at property transactions and the payment of GST on settlement and remind taxpayers that although the ATO’s auditing activity had taken a back seat during the worst of the COVID-19 crisis, there is reason to expect that this will be taken up again very soon.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

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2020 Federal Budget

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We all understand that budgets are an exercise in predicting the future. Given what has happened in 2020, gazing into the crystal ball and extracting something reliable is fraught with difficulty.

Extensions to the tax rate thresholds will give millions of taxpayers on lower incomes a much-needed boost after a very challenging year. The temporary full expensing of capital assets sets a new mark. Yet this benefit will be limited to those businesses that are back operating at a good capacity and do have enough capital to buy these assets. The willingness of banks to lend for this purpose will be critical.

Many businesses will seek to use the temporary loss carry-back measures that allow companies with turnover of up to $5 billion to offset losses against previous profits on which tax has been paid. Meanwhile, increasing the small business entity threshold from $10 million to $50 million is a significant and unexpected measure that will be beneficial to about 20,000 businesses.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

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October Newsletter 2020

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The JobKeeper scheme has been extended, and there are some important changes that participants will need to know. In good news, the treatment of JobKeeper income has been clarified.

We also look at two further data matching programs that have been launched, smooth concerns some may have had over the easing of loan repayment demands due to COVID-19, and check on the state-by-state treatment of the electronic signing of official documents.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

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September Newsletter 2020

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Payments such as JobKeeper and the cash flow boost are measures welcomed by many, however, they can also bring with them some unique taxation issues. We run over what to look for.

Also tackled are claiming tax losses, where vehicles stand in relation to the boosted instant asset write off, the question of liquidity and trusts under COVID-19 conditions, and how SMSFs can best cope with the outcomes from rental relief support measures.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.


Click here to download the latest newsletter

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