17/9/2020

This toolkit prepared by the ATO includes a helpful directory of links to help small businesses find information, tools, calculators and services to help them at tax time and throughout the year, as well as several fact sheets for small businesses. This includes information on home-based business expenses, motor vehicle expenses, travel expenses and using…

3/9/2020

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

2/9/2020

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

3/7/2020

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 to 26% starting on the 1st July 2020. This is…

8/6/2020

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 hours worked are to be included as wages to calculate…

7/6/2020

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.

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 a cost of less than $150,000 and extending access to…

4/5/2020

Single Touch Payroll (STP) will be compulsory for all employees from 1 July 2020, excluding closely held employees.STP is the process of sending tax and superannuation information from your STP-enabled payroll or accounting system to the ATO when you process the pay cycle.If you only pay closely held employees, an extension has been granted to…

9/4/2020

With so many Australians working from home to reduce the risk of coronavirus, the ATO are making it easier to claim your expenses this tax time.From 1 March until 30 June 2020, they are allowing you to claim 80c per hour for each hour you spend working from home. This will cover all your expenses,…

23/3/2020

The Government is helping retirees to manage the impact of volatility in financial markets on their retirement savings by temporarily reducing  superannuation minimum draw down requirements. The Government is also reducing social security deeming rates in recognition of the impact of the low interest rates on savings.  SUMMARYThe Government is temporarily reducing superannuation minimum drawdown…