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Single Touch Payroll (STP)
Single Touch Payroll (“STP”) Single Touch Payroll (“STP”) is a reporting framework that streamlines employers’ reporting obligations to the Australian Taxation Office (“ATO”) and other government agencies. In this blog, we take a closer look at this mandatory...
2021 Victorian COVID Support
The Victorian Government has announced a $400 million package, jointly funded by the Commonwealth Government, that will provide automatic payments to almost 100,000 eligible businesses in Victoria, including sole traders. Further hardship funds will be made available...
2021 NSW COVID Support Package
The purpose of this blog post is to provide you with a basic understanding of the current NSW 2021 COVID-19 support package as well as to assist you in determining your eligibility for financial support. We note that the rules have been moving so this is a guide only....
Individual Deductions – Car Expenses
Individual taxpayers using their own car (including a car that is leased or hired) to perform work-related duties, as an “employee”, may be able to claim a deduction in their annual income tax return for Car Expenses. In this blog, we take a closer look at the rules...
Explainer: What is the Medicare Levy, Medicare Levy Surcharge and the Private Health Insurance Rebate
Medicare Levy Did you know that most taxpayers pay an additional 2% levy on their tax return? This is the Medicare Levy. The Medicare Levy was introduced to help cover to the costs of the public health services provided by Medicare. As all Australian citizens are able...
Tax Deductions for Office Workers
All employees are able to claim deductions for work related expenses. However, the reality for many office workers is that either there aren’t any expenses related to their work or their employer covers the cost of these expense. The key elements for claiming work...
Instant Asset Write-offs, General Small Business Pool and Temporary Full Expensing
Instant Asset Write-offs With the 30 June 2021 year-end fast approaching, we thought we would take a closer look at this topic of interest for small business. The “instant asset write-off” is an outright deduction available for the business portion of the cost of a...
Fringe Benefits Tax (FBT) – Are you ready?
Yes, it is that time of year again… time to refresh ourselves on the topic of Fringe Benefits Tax (“FBT”)… and prepare for the upcoming tax compliance season! With the new FBT year starting on 1 April, now is the time to consider opportunities to effectively structure...
JobMaker Explained
The JobMaker Hiring Scheme was recently announced by the federal government as part of a wider plan to rebuild our devastated economy. The scheme will provide incentives to employ younger, unemployed job seekers. It is expected to support around 450,000 jobs. KEY...
JobKeeper Update
Today, details of the JobKeeper alternative test have been announced by the ATO. This test applies if there is not a relevant comparison period for the purposes of the turnover test. The ATO has determined there is not a relevant comparison period if one of the follow...
Are you ready for JobKeeper?
Think you are eligible for JobKeeper but not sure what to do next? We can assist you to ensure your business and employees meet the eligbility requirements as well as working through the paperwork and reporting. However, if you would like to work through the process...
JobKeeper Stimulus
On April 8, 2020 the federal government passed its $130 billion Job Keeper stimulus package through parliament. This information was posted onto the ATO website yesterday (14th April, 2020). Please note that this is only the first version of ATO guidance and that...