TaxWise Business News – April 2021
Our latest TaxWise Business newsletter is now available. Topics COVID-19 measures: How you might be affected, Keeper, JobMaker, Use of trading stock for private purposes, working from home or running a business from home? Knowing what you can deduct, ATO updates, small business tax offset, insolvency reforms & key tax dates. Download your copy now.…Read More
Millennials and Gen Z lead bush revival
AFR - Thursday, 1 Apr 2021 - Page 23 Population Growing numbers of the under-40 s are joining the grey nomads and young families seeking a better life out bush; they are reversing a century-long trend of Australians moving the other way – from sleepy country towns to buzzing coastal cities, writes Fiona Carruthers. Moving…Read More
Can your business claim the loss carry back tax offset?
As part of the Federal Budget 2020-21, the government announced a loss carry back measure to encourage new investment and work with the temporary asset expensing measures also announced at the budget. The new law started on 1 January 2021. Eligible corporate entities that previously had an income tax liability in a relevant year, and…Read More
Are your ABN details current?
Update your ABN details to ensure notifications in an emergency Did you know that government agencies use Australian Business Number (ABN) details to identify individuals and businesses in communities affected by emergencies or natural disasters? This can happen any time and any season, so we encourage you to keep your Australian Business Register (ABR) details…Read More
Is your business eligible for JobMaker payments?
The JobMaker Hiring Credit scheme is designed to encourage businesses to employ additional young jobseekers aged 16-35 years. The hiring credit subsidises an increase in employee headcount. Eligible employers can receive the hiring credit for up to 12 months for each eligible employee engaged between 7 October 2020 and 6 October 2021. Registration for the…Read More
TaxWise Business News – February
Our latest TaxWise Business newsletter is now available. Topics covered include; JobMaker hiring credit, JobKeeper, What the ATO has been up to, including trading stock taken for private use, online sales and vehicle registrations - data-matching, ATO prosecutions, insolvency reforms, $10,000 + cash transactions and key tax dates. Download your copy from the link below.…Read More
NSW Budget 2020-21
The NSW budget champions a business-led recovery, supporting businesses to grow, invest and create jobs in their local communities. Highlights for Business Payroll tax thresholds and cuts: The payroll tax threshold will be increased to $1.2 million with the rate of payroll tax lowered from 5.45 to 4.85 per cent for the next two years.…Read More
The best ways to structure and pass on your wealth
AFR - Wednesday, 4 Nov 2020 - Page 24 There’s been a lot of talk in recent years about the ‘‘ SKI’ ’ phenomenon (spending the kids’ inheritance) but there are many Australians who want to help their children financially – either now or in the future – passing on the wealth they built in…Read More
Taxwise Business News – November 2020
Our latest TaxWise Business newsletter is now available. Topics covered include; Budget measures now law, JobKeeper updates, what has the ATO been up to? tax tips, ABN details, business structures, superannuation and key tax dates. PrincipleFocus-TaxWise-Business-News-November-2020DownloadRead More
We were quietly hoping for something really ground-breaking with this year's budget. Given all that has happened this year the government were in a strong position to deliver some (desperately needed) tax reform and provide some vision for a better Australia. As Churchill stated: “Never let a good crisis go to waste”. This budget has…Read More