2020/21 Federal Budget

2020/21 Federal Budget

1. Personal income tax changes 1.1 Changes to personal income tax rates The Government has announced that it will bring forward changes to the personal income tax rates that were due to apply from 1 July 2022, so that these changes now apply from 1 July 2020 (i.e.,...
Financial Reporting Requirements QBCC Licence

Financial Reporting Requirements QBCC Licence

FINANCIAL REPORTING REQUIREMENTS QBCC LICENCE From 1 January 2019, the documents required to fulfil the QBCC licence financial reporting requirements changed. Are you ready? The main QBCC minimum financial reporting requirements changes 2019 are: Businesses with sales...
What is Fringe Benefits Tax – FBT

What is Fringe Benefits Tax – FBT

Fringe benefits tax definition Fringe benefits tax (FBT) is tax levied on employers based on the value of extra payments or benefits provided by employers to employees and their associates over and above wages and superannuation payments. The fringe benefits tax...
Recording the Cash Flow boost in Accounting Systems

Recording the Cash Flow boost in Accounting Systems

HOW TO RECORD THE CASH-FLOW BOOST IN YOUR ACCOUNTING SYSTEM March BAS lodgements will see the first credits and/or cash received for the cash-flow stimulus measures legislated by the Federal Government in relation to COVID-19. These measures reduce the amount of...
JobKeeper – Current information

JobKeeper – Current information

The Commonwealth Government has announced it will provide a historic wage subsidy to around 6 million workers who will receive a flat payment of $1,500 per fortnight through their employer before tax. The $130 billion JobKeeper payment will help keep Australians in...
Government Stimulus Package – Details

Government Stimulus Package – Details

Government Stimulus Package A more detailed explanation of all of the stimulus packages can be found at https://treasury.gov.au/coronavirus/businesses What has been announced and affects most of our client base is as follows: 1. PAYG withholding reductions and...
Wins, Wills and Bankruptcy

Wins, Wills and Bankruptcy

When someone becomes bankrupt their ‘divisible’ property vests in their trustee bankruptcy. Divisible property is generally all the bankrupt’s assets, except for certain classes (i.e. non-divisible property) being household items, tools of trade, means of transport to...
Death and Taxes

Death and Taxes

Australian Estate Taxes – Background Death and Taxes Income tax rules as they apply to deceased Estates can be quite complex so we’ll try to run through them in an easily understandable manner below. When a person dies, their Will controls what happens to their...
Tax Entertainment Expenses

Tax Entertainment Expenses

Business entertainment tax deduction Back in the late 80’s, the Government became all concerned about the Corporate Fat Cats dining-out and claiming tax deductions in the guise that this was related to marketing and “doing-business”. So, they shut it down. It’s now...
Residential Rental Property Investment Depreciation

Residential Rental Property Investment Depreciation

From 1 July 2017, the Tax Office introduced new laws limiting investors ability to claim depreciation on investment properties. The laws target ‘previously owned’ equipment (dryers, microwaves etc.), fixtures and fittings (curtains, carpets etc.). Under the new regime...
Superannuation Contributions

Superannuation Contributions

Contributions Concessional (tax deductible) superannuation contributions can be claimed as a personal tax deduction or are tax deductable to the employer entity making the payment. Please note, the concessional contribution caps include any salary sacrifice amounts,...