June 4, 2021

Am I taxed on an insurance payout?

Australia has had its fair share of disasters over the last few years – drought, bushfires and floods – that have ramped up the volume of insurance claims. Most people would assume that if and when they need to claim on their insurance, the insurance payout covers the damage and is not income assessed for […]

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April 1, 2021

ATO targets profits of professional service firms

The Australian Taxation Office (ATO) has been concerned for some time about how many professional services firms are structured – specifically, professional practices such as lawyers, architects, medical practices, engineers, architects etc., operating through trusts, companies and partnerships of discretionary trusts and how the profits from these practices are being taxed. New draft guidance (PCG […]

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August 12, 2020

Support for Employing Apprentices and Trainees

JobTrainer provides a 50% reimbursement to eligible employers for the cost of apprentice or trainee wages up to $7,000 per quarter. Originally only for small businesses employing less than 20 employees, the subsidy recently expanded to include businesses with under 200 employees. For small businesses (under 20 employees), the apprentice had to be employed on […]

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Cashflow Boost Payments

If your business received the first cashflow boost tranche, you will receive a further cashflow boost for the June to September quarters of the same amount. If you report quarterly, the cashflow boost will be paid in two equal payments for June and September. If you report monthly, the cashflow boost is provided in four […]

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COVID-19 and your SMSF

COVID-19 has had an impact on many SMSFs. We look at the key issues. Early release of superannuation When a member of your fund wants to access up to $10,000 of their superannuation early under the COVID-19 measures, there are some additional steps that trustees need to take. Trustees will need to ensure their deed […]

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Introducing Jobkeeper 2.0

The Government has announced further changes to the JobKeeper scheme. The good news is that employees that missed out on JobKeeper because they were not employed on 1 March 2020 might now be eligible. The proposed changes would enable employees employed on 1 July 2020 to receive JobKeeper payments from 3 August if they meet […]

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August 11, 2020

Business Planning for 2021

We went through the basics of a business plan, sharing our “5 pillar” model and the steps you need to take on a regular basis to “check in” with your plan.  Watch here!  

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July 17, 2020

The $2.5bn JobTrainer Skills Package

The Morrison Government has announced the $2.5bn JobTrainer package to retrain, up skill and open new job opportunities. JobTrainer for employers The package has expanded the number of businesses that can access the 50% apprentice wage subsidy and extends the subsidy until 31 March 2021 (from 30 September 2020). Originally, only businesses with less than […]

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July 15, 2020

Regional Tourism Accommodation Support Program

In light of the recent return to stage 3 restrictions for residents in metropolitan Melbourne and Mitchell Shire the Victorian Government has announced the Regional Tourism Accommodation Support Program. What is the program? The Regional Tourism Support Program provides funding of up to $225 per booking, per night to a maximum of $1,125 for booking […]

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July 1, 2020

Increased flexibility for Parental Leave

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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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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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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May 1, 2020

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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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 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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March 3, 2020

Buying a Business: The difference between a Leasehold and Freehold Going Concern

When buying a business, across any industry, you will come across these terms “Leasehold” and “Freehold Going Concern”. This article looks at what is a Leasehold and what is a Freehold Going Concern.  Leasehold A leasehold is also termed as “buying the business”, without the land and buildings.  With a leasehold you are buying: A […]

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June 5, 2019

Changes to the Instant asset write off thresholds for Businesses

This article highlights the instant asset write off concession and the changes the Government have announced (which are now law) regarding this concession and the eligibility requirements.   We note, we now have a tax system with three ways to claim deductions on asset purchases. What is the instant asset write off? The instant asset […]

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April 27, 2015

Mark Rogerson asks a few simple questions about your business

How many of these questions can you confidently answer about your business? READ THE TRANSCRIPTION BELOW: Mark Rogerson here. I’m going to ask you some questions as a business owner that you should know the answer to. If not, why not? Okay, what’s your profit this year versus last year? What about your sales, are […]

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January 15, 2014

Managing your Self Managed Super Fund’s Investments

One of your key areas of responsibility is to manage your fund’s investments. You have certain duties and responsibilities when making investment decisions. They are designed to protect and increase your members’ benefits for retirement. YOUR INVESTMENT STRATEGY You need to prepare and implement an investment strategy for your fund, and review it regularly. The […]

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