The JobKeeper Extension Step by Step

The JobKeeper Extension Step by Step

The first tranche of JobKeeper ended on 27 September 2020. We look at the issues for those seeking to qualify for the second tranche of JobKeeper and for those no longer eligible. Wrapping up JobKeeper If your business is no longer eligible for JobKeeper payments,...

Get off to a good start-up!

Get off to a good start-up!

3 tips for start-up success Many businesses start up, but very few of them succeed over time. In today’s post, we are sharing three ways that successful start-ups get started, for you to avoid critical mistakes. Before embarking on your business venture, the...

COVID-19 and trust liquidity issues

COVID-19 and trust liquidity issues

The ATO has highlighted the fact that due to COVID-19, a trustee may experience liquidity issues that may affect a trust’s ability to satisfy a beneficiary’s entitlement. This may happen where financial institutions impose restrictions that affect the way a...

The JobKeeper Extension

The JobKeeper Extension

Update 25 Sep 2020: Since our earlier article on 30 August, there have been some updates. A world of of JobKeeper changes arrive on Monday 28th September 2020 and there are some important matters you may need to address. Please click here for a detailed summary:...

Where you stand with vehicles and the boosted instant asset write off

Where you stand with vehicles and the boosted instant asset write off

  The extension of the instant asset write-off from $30,000 to $150,000 until 31 December 2020, as part of the Federal Government’s COVID-19 stimulus measures, provides an opportunity to look at its application to motor vehicles. Note that in addition to the...

COVID-19 and SMSF rental relief

COVID-19 and SMSF rental relief

The Federal Government announced a six-month moratorium on evictions of commercial and residential tenants during the COVID-19 health pandemic. This moratorium (and its accompanying code of conduct leasing principles) will inevitably affect SMSFs, which are reasonably...

What is Division 7A about, basically?

What is Division 7A about, basically?

One of the high risk areas of tax and one that the Australian Taxation Office is continuing to monitor, is Division 7A. Division 7A is a section of the Tax Act that contains anti-avoidance provisions which are aimed at preventing private company owners and their...

Tax treatment of COVID-19 payments for companies and trusts

Tax treatment of COVID-19 payments for companies and trusts

With many having received cash flow boost and JobKeeper payments, there can arise some unique issues where these amounts are received within a trust or company.   The cash flow boost and JobKeeper payment have been flowing to eligible businesses for some time now....

Rental properties: Tax return adjustments for COVID-19

Rental properties: Tax return adjustments for COVID-19

The COVID-19 pandemic has placed property owners, and tenants in many cases, in unfamiliar territory. Many tenants have been paying reduced rent or ceased paying because their income has been adversely affected. While rental income may be reduced, owners will continue...

Varying PAYG instalments because of COVID-19

Varying PAYG instalments because of COVID-19

If you earn business or investment income, the Tax Office’s compulsory PAYG instalments system helps you manage your expected tax liability on income from your business or investments for the current income year by making smaller regular payments. Typically,...

Planning tool to help businesses reopen

Planning tool to help businesses reopen

The Commission has two key roles: to help minimise and mitigate the impact of the COVID-19 on jobs and businesses, and to facilitate the fastest possible recovery of lives and livelihoods.   The government’s National COVID-19 Coordination Commission (NCCC) has...