With the new financial year just around the corner, it’s time to understand what will change and how this will affect you and your business. This year there are three changes that effect business and another four changes centred around Superannuation. Business Super guarantee rate increase to 10% On 1 July 2021, the Superannuation Guarantee […]
READ MOREBusiness Basics Grant
The Business Basics grants program provides support to businesses to increase core skills and adopt best practice. This support includes funded activities in 5 priorities: Professional business advice Business continuity and succession Training and coaching Website build or upgrades Strategic marketing services Business Basics Grant Program – Key Details Eligible business size:Â Â Â Â Small […]
READ MOREBudget 2021-22: The Balancing Act Budget
The Federal Treasurer, Mr Josh Frydenberg, handed down the 2021–22 Federal Budget on 11 May 2021. This was possibly the most anticipated budget in history as the government outlines its plans for economic recovery post-COVID. THE BIG NUMBER: Good news is Australia has experienced a stronger than expected economic recovery from the COVID-19 recession. This […]
READ MORETax planning strategies
Tax Planning is the epitome of creative accounting. It gives your Accountant the chance to look at your financial position and take advantage of numerous strategies and initiatives available to you to minimise the amount of tax you have to pay. 2021 is a particularly exciting year because there are multiple federal government budget announcements […]
READ MOREIncrease to employer super contribution rate
The minimum percentage employers are required to pay is set to increase with the next increase to 10% due on 1 July, 2021. The scheduled increase of the super guarantee rate from 9.5% to 10% on 1 July 2021 is still yet to be officially confirmed by the Federal Government, with Australian Treasurer Josh Frydenberg […]
READ MORE2020/21 individual and business tax rate changes
What does this mean for you? The Australian Government is lowering taxes for working Australians. Changes to the tax rates were designed to back small and medium-sized businesses and support middle income earners. What has changed? Individual tax payer Lowering the 32.5 per cent rate to 30 per cent in 2024-25, increasing the reward for […]
READ MOREPersonal super contributions – use your unused cap
The carry-forward rules allow you to make extra concessional contributions – above the general concessional contributions cap ($25,000 per year). An unused cap amount occurs when the concessional contributions made in a financial year were less than your annual concessional contributions cap. This carry-forward arrangement means you can contribute funds up to the unused concessional […]
READ MORECarry back losses – cash refunds for your business
As part of the 2020–21 Budget, the government announced that it will provide support to businesses and encourage new investment through a loss carry back regime. Eligible corporate entities that previously had an income tax liability in a relevant year and have subsequently made taxable losses can claim a refundable tax offset up to the […]
READ MORETemporary immediate full expensing of assets
Businesses can immediately deduct the cost of eligible new and second-hand* depreciating assets. The eligible new assets must be first held, and first used or installed ready for use for a taxable purpose, between 6 October 2020 and 30 June 2022. Eligible Businesses Businesses with an aggregated turnover of less than $5 billion. For businesses […]
READ MOREExpats returning to Australia – money traps to avoid when getting home
There are close to 40,000 Australian citizens and permanent residents registered with the Department of Foreign Affairs and Trade (DFAT) stranded overseas trying to return home to Australia. India and the UK have the most individuals registered to return home, followed by the US, the Philippines and Thailand. With so many expats heading back to […]
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