Refunds for Tax Losses
If your company has made a loss, you may be able to claim a tax refund for tax previously paid on profits. In the 2020-21 Federal Budget, the Government announced…
Continue Reading
Refunds for Tax Losses
JobKeeper clawback begins
At the recent Senate Estimates hearing, Jeremy Hirschhorn, the ATO’s Second Commissioner, stated that $120 million in JobKeeper payments had been clawed back from those either deliberately seeking to rort…
Continue Reading
JobKeeper clawback begins
APRA reveals 34.4bn super early release
Over $34.4bn has been released from Australian Superannuation Funds under the COVID-19 early release scheme, the Australian Prudential Regulation Authority revealed. The figures, which do not include self-managed super funds,…
Continue Reading
APRA reveals 34.4bn super early release
What are Capital Work Deductions?
Understanding tax depreciation lingo can sometimes be confusing but as an investor, it’s important that you have a good understanding of the depreciation deductions you can claim to ensure you’re…
Continue Reading
What are Capital Work Deductions?
2020 Federal Budget – For Business Owners
Australia has managed COVID-19 relatively well but good management isn't enough to protect us from the $213.7 billion deficit in 2020-21. What is striking with the Budget is the volume…
Continue Reading
2020 Federal Budget – For Business Owners
2020 Federal Budget for Individuals
To kickstart the economy, the Federal Government has released huge spending and tax cuts. This appears to be a great Budget for the young, anyone still working and business owners.…
Continue Reading
2020 Federal Budget for Individuals
JobKeeper – Wage Condition
To be eligible to receive JobKeeper payments, the employer must meet a wage condition. That is, employers must have paid the eligible employee at least the applicable JobKeeper payment for…
Continue Reading
JobKeeper – Wage Condition
Preventing a Tsunami of Insolvencies
The Government has stepped in to prevent a wave of insolvencies when the COVID-19 support measures run their course in December 2020. Temporary insolvency and bankruptcy protections are in place…
Continue Reading
Preventing a Tsunami of Insolvencies
JobKeeper – The Decline in Turnover Test
For businesses already enrolled in JobKeeper, to receive payments from 28 September 2020, you need to meet an extended decline in turnover test based on actual GST turnover. Businesses that…
Continue Reading
JobKeeper – The Decline in Turnover Test
JobKeeper from 28 September 2020
The first tranche of JobKeeper ended on 27 September 2020. Those needing further support will need to reassess their eligibility and prove an actual decline in turnover. To receive JobKeeper…
Continue Reading
JobKeeper from 28 September 2020