JobKeeper & Cash flow boost – ATO now scrutinising claims
Business owners have been through an intense period of COVID-19 survival mode – we’re still in it – but now we are beginning to emerge and look to the other side. Overall, the ATO has done a good job administering a series of complicated laws – JobKeeper and Cash...
Mark III: Government to subsidise businesses’ wage costs
The government yesterday announced a third round of measures to support businesses affected by COVID-19 to maintain their employees. It’s called the JobKeeper Payment – a direct payment of $1,500 per fortnight, per-eligible-employee, to qualifying businesses and...
Second Stimulus Package
Government stimulus package – Round 2 The government has announced a second round of stimulus measures totalling $66.1 billion. The newly announced measures include: Boosting cash flow for employers: Tax free cash boost of up to $100,000 for business employers...
Economic Stimulus Package: Key Points for your Business
Economic stimulus package: key points for your business The government today announced a package of temporary measures worth $17.6 billion to support the Australian economy in the wake of the impact of the coronavirus. The measures mostly target small and medium-sized...
Additions to our Focus Team
We are very pleased to announce that two of our team members, Chloe Nicholson and Renee Veldstra, are both expecting their first child. Chloe is due in September 2019 and Renee in November 2019. Both girls will be back in early 2020 after maternity leave. Our other...
Interest Rates Reductions
Have your loan rates been reduced? With the recent Reserve Bank interest rate reduction, we note that some lenders have passed on this interest rate reduction and some have not.We note that one very experienced finance broker we deal with, Ian Baker (Network HQ), has...
Low and Middle Income Tax Offset
There has been a lot of talk and confusion in the media over the past weeks about the Governments additional tax refund for all taxpayers for the year ended 30 June 2019. Is it a refund? Is it an offset? Is it a bonus?The final legislation has now passed through...
Proposed key tax policies coming up to the 2019 Federal Election
With an election just around the corner, political debate has turned to what tax policies the elected party will look to reform. References:Shadow and Assistant Shadow Treasurer’s joint media release, 13 May 2018A Fair go for AustraliaLeader of Opposition’s media...
GST Withholding on Property – New Rules from 1 July 2018
New legislation has been implemented to combat “phoenix developers” who construct new houses, claim GST credits on development costs, sell the new houses, and disappear before paying the GST on sale to the ATO. The GST Withholding measures require the purchaser to...
Cash and hidden economy
A recent interview with Tax Commissioner Chris Jordan revealed the ATO will be targeting businesses that deal in cash. As a part of its cash and hidden economy operation, the ATO has compiled “data-maps” of cash-only businesses and those that do not frequently or...
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