Alternative turnover test for JobKeeper released

Alternative turnover test for JobKeeper released

When JobKeeper was initially legislated in April, it became quickly apparent that many businesses could not satisfy the prescribed fall-in-turnover tests for eligibility.  Particularly, those businesses that had commenced in the last 12 months, had lumpy and irregular...

Your business and the JobKeeper scheme

Your business and the JobKeeper scheme

The ATO has been charged with running the JobKeeper Payment scheme, which is intended to support businesses that are financially affected by COVID-19 to help keep their staff employed. With new legislation, rules and ATO guides constantly being updated,...

Answers to COVID-19 work-from-home expense questions and CGT concerns

Answers to COVID-19 work-from-home expense questions and CGT concerns

There are many questions being asked lately about claiming expenses when forced to work from home over the COVID-19 period – plus a lot of concern about any consequent capital gains issues when later selling a property from which people have been coerced to work...

Early release from super a relief, but comes with risks

Early release from super a relief, but comes with risks

The government is allowing the early release of superannuation and a temporary reduction in minimum pension drawdown rates to help individuals deal with the adverse economic effects of COVID-19. Retirees watching their savings
go down amid volatile markets will no...

COVID-19 Business and Government Concessions Update

COVID-19 Business and Government Concessions Update

Updated 22 March 2020 based on Government Stimpack 2 information. As a business owner, it is vitally important that you evaluate your business continuation strategy and cash flow forecast with your accountant before implementing any of the following strategies. If...

Using the PPSR to protect your business

Using the PPSR to protect your business

If you’re in business, you need to know about the PPSR There is a simple step that many businesses can take to better manage the risk that can attach to certain assets Not so many years ago, a new scheme was introduced, which also established a national register, that...

CGT concessions: Is your business eligible?

CGT concessions: Is your business eligible?

Wondering if you can claim  CGT concessions when you sell business assets? This can be settled by answering a few basic questions.  In addition to the capital gains tax (CGT) exemptions and rollovers available more widely, there are four additional concessions that...

The PSI Rules – Personal services income explained

The PSI Rules – Personal services income explained

Consultants and professionals often set up separate entities to run the businesses through. They choose either a trust, partnership or private company. The lower tax rate of a company is appealing, as is the potential to distribute income to a spouse in a lower tax...