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


Varying Your PAYG Instalments

You can vary your PAYG instalments throughout the year if you think you will pay too much tax, compared with your estimated tax for the year. To assist businesses affected by the COVID-19 pandemic, the ATO won't apply penalties or interest for the 2020–21 income year for excessive variations when…

Restructuring a Small Business

If you are a small business owner and you restructure the business, capital gains or losses that would arise from transferring the business assets to another entity are deferred where there is no change in the ultimate economic ownership of the asset. This is called the small business restructure roll-over.…

JobKeeper Update

New Alternative Decline in Turnover Test   To claim JobKeeper, you must have suffered a significant decline in turnover. Generally, this is measured by comparing a relevant quarter in 2020 (called the turnover test period) with the equivalent quarter in 2019. However, there are alternative decline in turnover tests that…

Personal Services Income and You

If you operate your business through a company or a trust, income earned by the company  or trust from the provision of your personal services (personal services income or PSI) will be attributed to you unless: the company or trust is carrying on a personal services business (PSB); or; the…

Budget Measures Now Law

A number of measures announced in the Federal Budget 2020–21 are now law. These are: bringing forward the personal tax cuts and the new low income tax offset by two years to 2020–21 – new PAYG withholding schedules are available (see below); retaining the low and middle income tax offset…

Tax Losses and Your Business

This has been a difficult year, and your business may have made a tax loss. A tax loss is when the total deductions you can claim, excluding gifts, donations, and personal super contributions, are greater than your total income for an income year. If your business makes a tax loss,…

Instant Asset Write-off For Businesses

The instant asset write-off (IAWO) for depreciating assets has been expanded. Since then, the IAWO has been extended by 6 months to 31st December 2020. The cost caps for small and medium businesses (total annual turnover under $50m) are: Date asset first used or installed ready for use by a small…

The 2020-21 Federal Budget, Our Road to Recovery

The 2020-21 Federal Budget is a road to recovery paved with cash.  Key initiatives include: Personal income tax cuts from 1st July 2020 A $4 billion ‘JobMaker’ Hiring Credit to encourage businesses to take on additional employees aged 16 to 35 years old $110 billion in infrastructure investment over 10…

COVID-19 Early Release of Super

You can access up to $10,000 of your super in the 2020-21 financial year if adversely affected by the COVID-19 pandemic. This includes if you are a member of an SMSF. The amount you receive is tax-free (it is non-assessable non-exempt income). The deadline for making an application is now…

Scammers Abound

It was recently Scams Awareness Week, and the ATO published a reminder about keeping personal and financial information safe. Scammers will often try to “phish” for information by impersonating government agencies like the ATO. They can use the information to drain their victim’s bank account, take out loans in their…