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Categories: All, Advice, JobKeeper, Legacy, Super, Tax,


Superannuation Strategies before 30 June 2021

Tax deductible super contributions The concessional contribution cap for the 2020/21 financial year is $25,000 across all your superannuation accounts (if you have more than one superfund). If you contribute more than this, you may need to pay extra tax. Contributing into super might build your superfund balance and could provide you…

Business Portal retires at the end of July 2021

Did you know that the Business Portal will be retired at the end of July 2021? This service has been your trusted portal for your business needs for over 17 years. The ATO had previously said it would continue to maintain the Business Portal to help businesses transition to the new…

Taxable Payments Annual Report (TPAR)

What is TPAR? TPAR is an industry specific report which businesses need to use to report total payments they have made to contractors or subcontractors. This amount is then reported to the ATO each year. From there the data will be matched to the annual income declared by contractors to…

ATO warns on ‘copy/pasting’ claims

The Tax Office has issued a warning to taxpayers who opt for “copy-pasting” work-related expense claims, like those accrued for travelling between work sites, or laundering uniforms, while they have been working from home. “You can’t simply copy and paste previous year’s claims without evidence. But we know some of…

Limit on a deduction for the decline in value of second-hand depreciating assets

If you use second-hand assets to earn rental income from your residential rental property, you cannot claim a deduction for their decline in value unless: you are using the rental property in carrying on a business (including a business of letting rental properties), or you are : a corporate tax…

Business Basics grant

The Business Basics grants program provides support to businesses to increase core skills and adopt best practice. Grant funded activities must be in one of five priorities: Training and coaching Website build/upgrades Professional business advice Strategic marketing services Business continuity and succession How much can you apply for? If successful,…

Loans for Primary Producers

The Regional Investment Corporation (RIC), backed by the Australian Government, are providing farmers and farm-related small businesses with loans at low interest rates. These include: AgriStarter Loan Drought Loan Farm Investment Loan AgBiz Drought Loan Further details for each loan are provided below. If you have any questions in relation…

The 2021-22 Federal Budget: The Balancing Act

The 2021-22 Federal Budget is a balancing act between a better than anticipated deficit ($106 bn), an impending election, and the need to invest in the long term. Key initiatives include: Extension of temporary full expensing and loss-carry back providing immediate deductions for business investment in capital assets Introduction of…

Primary Producers – 2021 Year End Tax Planning Series

As we move towards the end of the 2021 financial year, it is a good idea to start considering what tax planning strategies to put in place now to minimise your tax liability. In the last part of this eight-part series, we will outline a number of suggestions that may…

Individuals – 2021 Year End Tax Planning Series

As we move towards the end of the 2021 financial year, it is a good idea to start considering what tax planning strategies to put in place now to minimise your tax liability. In the seventh part of this eight-part series, we will outline a number of suggestions that may…

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