The Government has decided not to go down the austerity path, which will be a relief for many taxpayers and businesses.
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EOFY tips for your tax plan
The financial year is almost over, but there are still effective strategies you may be able to put in place. The aim is to make sure you pay no more tax than you have to for the 2020-21 year and maximise any refunds you may be entitled to. This is still the case, if not more so, in the on-going COVID-19 environment.
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To make sure you don’t miss any vital fringe benefits tax items, here is a comprehensive checklist.
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Some money is not counted as ‘income’ by the ATO
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.
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A frequently asked question from our clients is ‘I didn’t receive my PAYG Payment Summary from my employer, so what do I bring in to get my tax done?’. If this is the case, there is no need to worry because that means that your employer is reporting through Single Touch Payroll (STP).
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Update your ABN ... or miss out!
Government agencies regularly access data contained in the ABN registration, and where this is not up-to-date the taxpayer may be missing out on stimulus measures, grants, and other government support.
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Thinking about hiring a new employee?
There are a lot of assistance available for employers looking to hire, one being the ATO Job Maker Hiring Credit.
For more information on eligibility and reporting follow the link to the ATO factsheet or give us a call
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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.
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Christmas is here and along with it comes the break we’ve been working for all year, the panic of last minute shopping, and also, scams.
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Legislation has now passed to make Single Touch Payroll (STP) mandatory for small businesses (4-19 employees) and micro businesses (1-4 employees) from the 1st of July 2019
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The Personal Properties Security Register (PPSR) has been around for a few years now but is still very important for small business owners.
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The ATO have released figures that in the first two months of the 2018 tax return season they have found and corrected $53 million of errors.
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Big Business vs Small Business. It is the modern day David vs Goliath story.
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You've got too much work and not enough hours in the day - seems like this is the story of every business owner
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The new Minimum Financial Requirements (MFR) for licensing in the building & construction industry in Queensland started from 1 January 2019.
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Please find the Federal Tax Support measures that were announced on the 22nd March as well as our comments in relation to them. If you have any questions please contact our office. We are here to help in this uncertain time.
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The ATO has issued that they are allowing claims for 80c per hour on working from home expenses and this is to continue on in the new year.
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The last Federal Budget carried with it a number of tax changes that were designed to assist the Australian economy recover from the impact of the COVID-19 pandemic.
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What the “full expensing” write-off deduction means for business.
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Jobkeeper rules, conditions and payment rates have changed.
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