The Super Guarantee (SG) amnesty is a one-off opportunity to correct past unpaid SG amounts. Employers have until the 7th September 2020 to disclose, lodge and pay unpaid SG amounts for their employees without penalties. The period of unpaid SG amounts is from 1 July 1992 until 31 March 2018. The benefits of the Superannuation […]
Repairs and improvements made to a rental property or shed you own may sound very similar however their respective tax treatment is very different. Many taxpayers find the topic of repairs versus improvements difficult to understand particularly when it comes to what can be claimed as immediate deductions or what must be capitalised when maintaining […]
The Government is extending the JobKeeper Payment by a further six months to March 2021. Support will be targeted to businesses and not-for-profits that continue to be significantly impacted by the Coronavirus. The payment rate will be reduced and a lower payment rate will be introduced for those who work fewer hours. Other eligibility rules […]
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 […]
Jobkeeper monthly declarations If you’ve enrolled for the JobKeeper Payment and identified your eligible employees you still need to make a monthly declaration to the ATO by the 14th day of each month. As part of the declaration you will need to: ensure you’ve paid your eligible employees at least $1,500 (before tax) in each JobKeeper […]
If you have been reporting Single Touch Payroll (STP) to the ATO this financial year, you will need to make a finalisation declaration. There is no need to issue payment summaries to employees you have reported through STP. Large employers (with more than 20 employees) must complete the finalisation declaration by 14 July. Small employers […]
Although your tax return is not due for a few months yet, the end of the financial year is nearing…have you captured all your work-related deductible expenses to make the most of your 2020 tax return? Income The Australian Taxation Office (ATO) automatically receives information from your employers about salary and wages that you have […]
Whilst it is not exactly business as usual right now, you still need to prepare for your business tax return. Organising your documents now will mean you can get your tax return completed earlier and access any refunds due or start planning for tax payments. Getting your business records up to date and accurate will […]
There are many expenses common to most small businesses, and there are other expenses that are specific to the nature of the goods or services the business provides. Are you claiming all the tax deductions that you are entitled to? Operating expenses include accounting, administration, advertising and marketing, office premises, office running expenses, trading stock, […]
The Value Add Investment Grants is a $6.5 million state-wide program to support investment and expansion opportunities for the Western Australian food, beverage and value add processing industry. It supports businesses looking to invest in new projects or expansion opportunities to build competitiveness and grow their operations. The grants are a key component of the State […]