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TaxWise Business News – September 2020

Our latest TaxWise Business newsletter is now available. Topics covered include; Changes to JobKeeper, Cash flow boost changes, Superannuation guarantee amnesty expires soon, Tax changes, Scammers and Key tax dates. PrincipleFocus TaxWise Business Newsletter - September 2020Download

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TaxWise Individual News – September 2020

Our latest TaxWise newsletter is now available. Topics covered include; JobKeeper updates, Cash flow boost changes, COVID-19 early release of Superannuation, Income Tax Returns, Scammers and Key tax dates. PrincipleFocus TaxWise Individual News - September 2020Download

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Jobkeeper Update – Change to employee eligibility

Earlier this month the Federal Government announced a key change to the JobKeeper employee eligibility requirements. From 3 August 2020, workers employed from 1 July 2020 and meet the other eligibility requirements will become eligible for JobKeeper. The ATO has now released further information on…

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Federal Government Announces Additional $2 Billion For Drought Loans

Key points An additional $2 billion announced for the RIC’s drought-related loansApplications for interest-free loan terms will close 30 SeptemberApplications received after 30 September will still have record low interest ratesAgriStarter Loan applications will open from 1 January 2021An additional $50 million in RIC operational…

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Your 2020 EOFY Reminders & Action Items

2020 has been a whirlwind but it is time to start preparing to finalise the 2020 financial year.What's changing in terms of legislation this year? The Federal Budget has been delayed this year until 6th October amid COVID-19. Tax Rates The Company Tax Rate reduces…

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Payroll Tax and Workers Compensation relief for JobKeeper top up payments

Following on from the previous Payroll tax relief measures, the NSW Government has now announced that any top up payments made to employees for JobKeeper will be exempt from payroll tax. Further, The State Insurance Regulatory Authority (SIRA) has determined that only payments made for work undertaken or…

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TaxWise Business Newsletter – June 2020

Our latest TaxWise newsletter is now available.Topics covered include;JobKeeperCash flow support for employersTax breaks for the 2020 tax returnNews from the Australian Taxation Office Are you ready for tax time?Small business concessionsKey tax datesDownload your copy of the latest TaxWise Business Newsletter here.

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$150,000 Instant Asset Write-off Extended

The Federal Government’s $150,000 instant asset write-off scheme will be extended until the end of December 2020 to support millions of businesses which are set to benefit from the accelerated deductions.After expanding the scheme from covering assets with a cost of less than $30,000 to…

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JobKeeper reminder – Monthly business declaration due 14 June 2020

If you are claiming the JobKeeper payments, you are required to complete a business monthly declaration with the ATO. You must do this in the first 14 days after the month you are claiming for.The ATO will ask you to re-confirm the business participant details…

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COVID-19 NSW Small Business Support Grant – Applications extended Until 30 June 2020

The NSW Government has extended the Small Business Support Grant to ease the pressures on small business as a result of COVID-19. The funding aims to support the ongoing operations of small businesses highly impacted from the COVID-19 pandemic following the NSW Public Health Order…

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