Treasurer Josh Frydenberg has delivered a free spending budget designed to drive employment growth, while also allocating increased funding to social programs such as disability services, aged care and mental health, as well as women’s economic security. Included also is the extension of support to taxpayers through the retention of the low and middle-income tax […]
Federal Budget 2021/22: What are the wins for SMEs? Read More »
The national minimum wage will increase to $812.60 per week, or $21.38 per hour, after a decision by the Fair Work Commission exceeds the government’s suggested 5.1% increase. The Commission decided to increase modern award minimum wages by 4.6% subject to a minimum increase for adult award classifications of $40 per week (full-time). The increase
Fair Work Commission announces 5.2% national minimum wage increase Read More »
The ATO has made a number of changes to tax return rules for FY19/20 making this year’s tax return easier, particularly for Australians impacted by coronavirus and bushfires. The tax office is expecting a marked increase in people claiming deductions for working from home or for protective items used for work. We know many of
ATO updated tax return rules for EOFY Read More »
The new financial year has arrived and so has several updates to the tax system and new policies impacting superannuation, healthcare, wages and tax rates. Here’s what you need to know post 1 July 2021. Superannuation payments to increase Working Australians will receive a 0.5% boost to their superannuation fund. Legislation requires superannuation contributions to
Tax changes and updates from 1 July 2021 Read More »
It’s one of the most significant initiatives for businesses in the 2020/21 federal budget, so how will the significant $27 billion asset write-off scheme work in practice? In this month’s budget, the Treasurer announced that almost all Australian businesses will be able to write-off the full value of all new assets purchased over the next
How will the government’s asset write-off scheme work? Read More »
The 2020-21 Federal Budget has been described as the most anticipated in our history defining its post-COVID road to recovery despite the country experiencing its worst economic conditions since World War 2. In this article we sift through the federal budget’s contents and what they mean for our nation’s SMEs. Personal income tax cuts The
Australian Federal Budget 2020-21 Wrap Up Read More »
As the end of the financial year (EOFY) approaches, it is important for businesses to prepare themselves accordingly. This is the time when businesses must reconcile their accounts, file their tax returns and make necessary adjustments to their financial strategies. Proper preparation can help businesses maximise their returns and avoid costly mistakes. Here are some
Top Tips to get you through the End of Financial Year Read More »
It’s been a ‘business as unusual’ year for business owners and taxpayers and this EOFY will be even more critical than others. To get the most out of your tax return, these top fourteen key deductions mustn’t be overlooked. More importantly than ever, to make the most of and be eligible to receive these deductions,
Top fourteen tax deductions for Tax Time 2020 Read More »
Learn more about the ATO’s crackdown on dubious deductions and who they’re targeting come tax time.
The ATO’s focus on tax deductions and their targets for 2019 Read More »
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