NSW Budget 2020-21
18/11/2020
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 MoreThe best ways to structure and pass on your wealth
4/11/2020
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 MoreTaxwise Business News – November 2020
2/11/2020
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-2020Download
Read MoreBudget 2020
7/10/2020
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 MoreTax Time Toolkit – Small Business
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…
Read MoreTaxWise Business News – September 2020
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
Read MoreTaxWise Individual News – September 2020
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
Read MoreYour 2020 EOFY Reminders & Action Items
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…
Read MorePayroll Tax and Workers Compensation relief for JobKeeper top up payments
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…
Read MoreTaxWise Business Newsletter – June 2020
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.
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