What lockdown support is available to business?
The NSW and Federal Governments have announced a series of new measures to support business during extended lockdowns of four weeks or more.
Avoid common mistakes in your business return, and include appropriate income
We know you want to get your tax right, so it may help you this tax time to know how to avoid making what the ATO has found are the most common tax mistakes.
Getting deductions for clothing and laundry expenses right
The ATO allows certain taxpayers to claim a deduction for the cost of buying and cleaning occupation-specific clothing, items of protective wear and for certain unique, and usually distinctive, uniforms.
Steps to take when winding up your SMSF
There will most likely come a time when your SMSF will need to be wound up, with a change in members, the fund’s finances, perhaps separation or other family causes among the many reasons why winding up the fund becomes necessary.
When the taxman sends a bill, not a refund
Most people who earn income as employees have tax payments made on their behalf throughout the year through pay-as-you-go (PAYG) withholding to help them meet their annual tax obligations. But this withholding of amounts can sometimes miss the mark.
Super Guarantee rate increase on 1 July 2021
As of 1 July 2021, the minimum super guarantee rate will rise from 9.5% to 10%, with further increases over the next five years.
The ATO’s eligibility requirements for SMSF trustees or directors
All members of a self-managed super fund (SMSF) must be individual trustees or directors of the fund’s corporate trustee. Anyone 18 years old or over can be a trustee or director of a super fund as long as they’re not under a legal disability (such as mental incapacity) or a disqualified person.
New guidance on “personal services income” rules
The ATO has recently updated its guidance material on the operation of the personal services income (PSI) and personal service business (PSB) rules.
The tax treatment of cryptocurrency
Cryptocurrencies, once again surging in popularity, have a unique tax treatment that every taxpayer dealing with cryptocurrency should be aware of.
Federal Budget 2021-22
The Government has decided not to go down the austerity path, which will be a relief for many taxpayers and businesses.
Evidencing SMSF property valuations
The ATO recently clarified the evidence that is required to support real property valuations within SMSFs, particularly in light of the unique challenges brought about by COVID-19.
The SME Recovery Loan Scheme is now open
Loans for small to medium enterprises (SMEs) are available until 31 December 2021 under the Federal Government’s SME Recovery Loan Scheme. The scheme is designed to support the economic recovery, and to provide continued assistance, to firms that received JobKeeper and also to businesses that are flood-affected.