Having a self-managed superannuation fund (SMSF) gives you control and flexibility over how you make investments and prepare for retirement. It’s important to get your deductions and record keeping correct for the SMSF audit process and the tax return, as there are strict laws governing SMSFs. An SMSF must be set up as a trust […]
The Federal Budget 2021-22 has many announcements and proposals aimed at economic recovery and includes investment in jobs, essential services, business incentives and tax cuts. Budget Highlights for Business Temporary full expensing measures extended until 30 June 2023 – eligible businesses can claim an immediate deduction for the total cost of depreciating assets. Temporary loss carry-back […]
The superannuation guarantee statutory rate has remained at 9.5% since July 2014. However, plans have been in place for some years now, to increase the rate to 12% incrementally. In July 2021, the rate will rise to 10%. From then on, the rate will increase by 0.5% each year until July 2025 when it will […]
Our hearts go out to all those affected by TC Seroja, with a huge personal and financial cost, here are five avenues to help with the financial impact: -The Australian Government Disaster Recovery Relief (AGDRP) payment of $1000 per adult and $400 per child has been made available to people in Carnamah, Chapman Valley, Greater […]
The Federal Government Boosting Female Founders Initiative will run over five years from 2020-21 to 2024-25. The program is part of the 2018 and 2020 Women’s Economic Security Statements, which help to support more Australian women into work and Australia’s international obligations under the Convention on the Elimination of all forms of Discrimination against Women. […]
As part of the Federal Budget 2020-21, the government announced a loss carry back measure to encourage new investment and work with the temporary asset expensing measures also announced at the budget. The new law started on 1 January 2021. Eligible corporate entities that previously had an income tax liability in a relevant year, and […]
The JobMaker Hiring Credit scheme is designed to encourage businesses to employ additional young jobseekers aged 16-35 years. The hiring credit subsidises an increase in employee headcount. Eligible employers can receive the hiring credit for up to 12 months for each eligible employee engaged between 7 October 2020 and 6 October 2021. Registration for the […]
In October 2020, the Federal Government launched the Modern Manufacturing Strategy (MMS), with a range of tactics to grow the manufacturing sector in Australia, which most commentators concur has been in decline for many years, particularly against cheaper imports from other markets such as China. The $1.3 billion Modern Marketing Initiative (MMI) is the centrepiece […]
Is your community shed DGR endorsed? Community sheds, including men’s sheds and women’s sheds, can now apply to be a deductible gift recipient (DGR). DGR endorsement means that donations of $2 or more made to your shed will generally be tax deductible. Eligibility There are a number of requirements your shed needs to meet to […]
Businesses that have a clearly documented sales process generate more revenue; it ensures the sales team knows the correct process and provide a consistent experience. Customers and prospective customers will receive the same service no matter which member of your sales team they deal with, strengthening your brand and building a relationship of trust. Does […]