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...

Tax return organisation tips

Tax return organisation tips

Despite the current COVID-19 world in which we live, the procedures for completing and lodging tax returns remains pretty much the same. So, before we talk about your tax return, certain information will be needed. Of course, these days the Tax Office pre-filling...

Remote AGMs and document signing allowed

Remote AGMs and document signing allowed

Companies should note that the government made a determination just before the end of the financial year that permits companies to hold annual general meetings by electronic format. Also, companies may execute a document, without using a common seal, by electronic...

Super early release and re-contributions: Tempting, but beware

Super early release and re-contributions: Tempting, but beware

There are no restrictions on how the money released under the new coronavirus compassionate ground early release scheme is spent. This means that an eligible individual is free to spend this money on anything they choose, or save it for future expenses. They are also...

The realities of insuring against cyber crime

The realities of insuring against cyber crime

Think your business is too small or that your data and information isn’t important enough to be targeted by hackers? Think again.   Much of our communication, be it personal or businesses-related, has increasingly moved online in the last two decades, and...

QLD Small Business COVID-19 Adaption Grant

QLD Small Business COVID-19 Adaption Grant

The Qld Government has released a second round of Small Business Adaption Grants (up to $10,000). The last round was fully subscribed in less than a day – so you want to apply, make sure you are ready to lodge when the portal opens on 1 July. If your business is...

How much do you really “get back” on tax?

How much do you really “get back” on tax?

Coming up to 30 June, so many stores are advertising with tax advice that should always be taken with a grain of salt. Spending all your profit to pay $0 tax isn’t a long-term strategy. A better strategy is to focus on what your post-tax net income is, and what it...

Last-minute tax planning tactics

Last-minute tax planning tactics

This financial year is almost over, but there are still effective strategies you may be able to employ to make sure you pay the right amount of tax for the 2019-20 year and maximise any refund entitlement. This is still, if not more so, the case in the current...

Laws on bankruptcy changed temporarily to help cope with COVID-19

Laws on bankruptcy changed temporarily to help cope with COVID-19

The government has temporarily changed bankruptcy law to help protect people who are facing unmanageable debt as a result of COVID-19 economic impacts. If you are in financial difficulty, application can be made for temporary debt protection, which prevents recovery...

COVID-19 and residential rental property claims

COVID-19 and residential rental property claims

Many residential rental property owners have had their rental income affected by COVID-19. As a result of this income year not being business as usual, the ATO has provided answers to some typical scenarios that may crop up in this area for tax time.   Q: If...

COVID-19 corporate residency concession

COVID-19 corporate residency concession

The ATO announced an important tax residency concession for foreign incorporated companies during the COVID-19 crisis. Background On 24 March 2020, the government announced a ban on Australians travelling overseas, using powers given to it under the Biosecurity Act...

Expatriates: Part-year resident or non-resident for tax purposes?

Expatriates: Part-year resident or non-resident for tax purposes?

So what happens from a tax point of view when a person leaves Australia part-way through the income year? How is the income they derived before that time taxed? And how is any income they derived after that time taxed (whether from Australian or foreign sources)?...