Articles

July 1, 2020

Increased flexibility for Parental Leave Pay for Self-Employed

From 1 July 2020, parents accessing the Government’s parental leave pay (PPL) scheme will have greater flexibility and options.  Targeting the self-employed and small business owners, the changes introduce a new flexible paid parental leave pay period of 30 days. Previously, new parents could apply for PPL for a continuous block of up to 18 […]

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July 1, 2020

Minimum Wage Increases by 1.75%

An increase to the minimum wage of 1.75% will start rolling out for the first full pay period from 1 July 2020.’ The increase applies to minimum rates in awards in 3 stages: Group 1 Awards – from 1 July 2020 Frontline Heath Care & Social Assistance Workers Teachers and Child Care Other Essential Services […]

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July 1, 2020

Instant Asset Write Off Expansion

The Government has announced that it will extend the $150,000 instant asset write off by 6 months, to 31 December 2020. Eligible businesses are those with an annual turnover of less than $500 million, who purchase a new or used asset up to $150,000, that is installed ready for use by 31 December 2020. We […]

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July 1, 2020

HomeBuilder $25,000 Grant

HomeBuilder is a $25,000 grant available to eligible home owner-occupiers (including first home buyers) who either build or substantially renovate their existing home.  While HomeBuilder is a Federal Government announcement, application will be via the State or Territory Government which you live or are planning to live in. Your relevant State or Territory Government need […]

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May 1, 2020

Temporary reduction in superannuation minimum payment amounts

The Government has reduced the minimum annual payment required for account based pensions and annuities, allocated pensions and annuities and market linked pensions and annuities by 50% for the 2019-20 and 2020-21 financial years. Superannuation and annuity providers calculate the annual payment required for the financial year at 1 July. This calculated minimum payment should […]

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April 1, 2020

Must know SMSF Changes during COVID-19

SMSF Account-Based Minimum Pension Requirements As you are no doubt aware COVID-19 is placing hefty restrictions on society and is causing many changes to our day-to-day lives. This has caused a massive drop in the stock market and consumer confidence which in turn may be hurting your SMSF, and available cash; and ideally you don’t […]

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April 1, 2020

The Covid-19 JobKeeper Package

What is the JobKeeper Payment?   Date From 30 March 2020 for six monthsFor employees employed at and from 1 March 2020First payments in first week of May 2020 Applies to    Based on comparable periods:Employers <$1 bn that have experienced a downturn of more than 30%Employers >$1bn that have experienced a downturn of more than 50%  A subsidy […]

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March 24, 2020

COVID-19 State Government Support to Businesses

A number of the states of Australia have announced a range of tax measures to provide relief to businesses in response to COVID-19. These include payroll tax relief, interest free loans and other such cash flow stimuli for the business community.    Victoria Payroll Tax Relief Businesses with annual taxable wages up to $3m will […]

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March 24, 2020

Australian Government COVID–19 $66 Billion Stimulus Package

The Australian Government has announced a $66.1 Billion stimulus package to support businesses, boost income support payments, provide targeted changes to superannuation rules and relax corporate insolvency laws. What this means for businesses: Tax-free payments up to $100,000 for small business and not-for-profit employers. An increase in the previously announced initial tax-free payments for employers […]

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March 20, 2020

Managing your business and cash flow with Coronavirus

Please see some key points below you need to consider right now to protect your business and manage your cash flow: Contact your bank. Banks are offering holidays on loan payments. Westpac yesterday have a fairly automated service to defer principal for three months. The ANZ CEO on radio last night saying they were offering […]

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