Blog

New Insolvency Rules Commence
New Insolvency Rules Commence

Important changes to Australia’s insolvency laws commenced operation on 1 January 2021. The Federal Government has called these the most important changes to Australia’s insolvency framework in 30 years. The measures apply to incorporated businesses with liabilities...

Small businesses: don’t forget your FBT concessions
Small businesses: don’t forget your FBT concessions

If you own a small business still recovering from the COVID-19 induced downturn, remember that you can take advantage of FBT concessions to lower the amount of FBT you may need to pay. The concessions include exemptions for car parking in some instances, and...

JobMaker Hiring Credit rules and reporting
JobMaker Hiring Credit rules and reporting

With a range of government COVID-19 economic supports such as the JobKeeper and JobSeeker schemes winding down in the next few months, businesses that are seeking to employ additional workers but still need a bit of help can now apply for the JobMaker Hiring Credit...

COVID-19 Supplement extension to 31 March 2021
COVID-19 Supplement extension to 31 March 2021

The Federal Minister for Families and Social Services has now registered the legal instrument that ensures the COVID-19 Supplement will continue to be paid until 31 March 2021 for recipients of: JobSeeker Payment; Parenting Payment; Youth Allowance; Austudy Payment;...

ATO warning: watch out for tax avoidance schemes
ATO warning: watch out for tax avoidance schemes

Tax planning or tax avoidance – do you know the difference? Tax planning is a legitimate and legal way of arranging your financial affairs to keep your tax to a minimum, provided you make the arrangements within the intent of the law. Any tax minimisation schemes that...

Coronavirus Supplement extended (but reduced)
Coronavirus Supplement extended (but reduced)

The Federal Government’s Coronavirus Supplement has been extended for a further three months. The Supplement payments were due to end on 31 December 2020, but the latest extension will allow them to run until 31 March 2021, which will be welcome news for many...

ATO advises of PAYG instalment and company tax rate error
ATO advises of PAYG instalment and company tax rate error

On 10 November 2020, the ATO advised that the recent reduction in the company tax rate had not been applied correctly in its systems from 1 July 2020. The error, which resulted in pay-as-you-go (PAYG) instalments being calculated using the former rate of 27.5% and not...

ATO post-COVID expectations for businesses
ATO post-COVID expectations for businesses

The ATO has recently outlined its expectations for businesses post-COVID. Overall, it warns companies against using loopholes to obtain benefits from the various government stimulus packages and urged them to follow not only the letter of the law, but also the spirit...

JobMaker Hiring Credit up to $200/week: draft rules
JobMaker Hiring Credit up to $200/week: draft rules

The Federal Government has released an exposure draft of the rules for the JobMaker Hiring Credit, which was announced in the 2020–2021 Budget in October. JobMaker will take the form of a payment to employers for each new eligible job they create over the next 12...

Super contributions beyond age 65 from 1 July 2020
Super contributions beyond age 65 from 1 July 2020

The Assistant Minister for Superannuation Senator Jane Hume has welcomed the recent amendments to Australia’s superannuation regulations that allow more people to make voluntary superannuation contributions from 1 July 2020. The changes allow people aged 65 and 66 (ie...

ATO alert on fraudulence and non-compliance: COVID-19 measures
ATO alert on fraudulence and non-compliance: COVID-19 measures

The ATO is on the look-out for fraudulent schemes designed to take advantage of the Government’s COVID-19 stimulus measures. This includes JobKeeper, early release of superannuation, and boosting cash flow for employers. The ATO will be using its wide array of data...

Coronavirus Supplement extended, with changes
Coronavirus Supplement extended, with changes

The Government has announced that it will extend the temporary Coronavirus Supplement payment from 25 September to 31 December 2020 but the rate will be reduced from $550 to $250 per fortnight. Since 27 April 2020, a Coronavirus Supplement of $550 per fortnight has...

JobKeeper extended, with changes
JobKeeper extended, with changes

The Government has announced that JobKeeper payments will continue for six months beyond the legislated finish date of 27 September 2020, subject to revamped eligibility rules. Treasurer Josh Frydenberg said the Government will introduce two tiers of payment rates as...