News
Single touch payroll: When your reporting can cease
A business may no longer be required to lodge single touch payroll (STP) reports for a number of reasons.
JobMaker hiring credit: What you need to know
The JobMaker Hiring Credit scheme was passed into law in mid-November 2020.
What is a recipient created tax invoice?
Tax invoices are an essential element of Australia’s taxation system
Claiming interest expenses for rental properties
Interest is a common deduction claimed by taxpayers.
Calling time out on your business?
Calling time out on your business? Some essentials you’ll need to know
A run-down of the new loss carry back measure
The last Federal Budget carried with it a number of tax changes.
JobKeeper extension’s alternative turnover tests
The extension of the JobKeeper scheme is now based on current GST turnover, not projected turnover. The basic test compares year-on year turnover. If there were events or circumstances outside the usual business settings that resulted in your relevant comparison period in 2019 (September or December 2019 quarter) not being appropriate, then an alternative test may apply.
Rounding of GST where fractions of a cent result
The ATO has devised special rounding conventions where an amount of GST includes a fraction of a cent. Although it labels these conventions “rules”
The investment option that can hide unexpected GST
New residential property is a popular investment for many, and can be especially so for self-managed superannuation funds, however the ATO is concerned that not every investor in residential property is fully aware that it is an option that may bring with it unexpected GST obligations.
ATO’s cyber safety checklist
Scammers never seem to rest, with even the latest JobKeeper iteration coming in for some scam treatment.
What the “full expensing” write-off deduction means for business
The Federal Budget measure of allowing businesses to fully write-off eligible assets is a boon to Australian businesses, even though the measure is temporary.
Lodgement Rates and Thresholds 2020/21 Budget Changes
Please find for your reference a link to comprehensive tax rates and thresholds, updated to reflect changes announced in the 2020/21 Federal Budget.
Road to recovery - Budget 2020 - 21
The information contained herein is provided on the understanding that it neither represents nor is intended to be advice or that the authors or distributor is engaged in rendering legal or professional advice. Whilst every care has been taken in its preparation no person should act specifically on the basis of the material contained herein. If assistance is required, professional advice should be obtained.
SMSF regulations to allow six members under new legislation
A bill has been introduced into Parliament that partially implements a measure to allow an increase in the maximum number of allowable members in self-managed superannuation funds and small APRA funds from four to six.
Electronic execution of documents during COVID-19
The COVID-19 pandemic has prompted state and territory governments to temporarily ease the manner in which documents are executed.
Fears of Div 7A danger from COVID-relaxed loan repayments unfounded
The ATO has clarified its position regarding loans, and the repayments of loans that may have been put on hold for the period that COVID-19 has a grip on the economy and our lives.
New data matching programs initiated by the Federal Government
Over the first quarter of this financial year, the government has initiated two new data matching programs, using data that the ATO holds.
JobKeeper rules, conditions and payment rates have changed
Legislation has been put in place to extend the JobKeeper scheme beyond its original sunset date, although the rates of payment and certain other details have been altered.
JobKeeper from 28 September 2020
The JobKeeper 2.0 Guide contained herein is provided on the understanding that it neither represents nor is intended to be advice or that the authors or distributor is engaged in rendering legal or professional advice.
COVID-19 and SMSF rental relief
The Federal Government announced a six-month moratorium on evictions of commercial and residential tenants during the COVID-19 health pandemic
Where you stand with vehicles and the boosted instant asset write off
The extension of the instant asset write-off from $30,000 to $150,000 until 31 December 2020
COVID-19 and trust liquidity issues
The ATO has highlighted the fact that due to COVID-19, a trustee may experience liquidity issues that may affect a trust’s ability to satisfy a beneficiary’s entitlement. This may happen where financial institutions impose restrictions that affect the way a trustee can deal with its assets.
COVID-19 payments and some issues for companies and trusts
With many having received cash flow boost and JobKeeper payments, there can arise some unique issues where these amounts are received within a trust or company.
JobKeeper Changes
Announcement: The Government has extended the JobKeeper Payment scheme, changes from 14 August 2020.
Claiming a deduction for transport expenses when carrying bulky equipment
As a general rule, expenses relating to travel between home and work (and vice versa) are non-deductible. A number of exceptions to this principle exist, including for situations that require bulky equipment be transported to and from work.
Rental property: Tax approach adjusts for COVID-19
The COVID-19 pandemic has placed property owners, and tenants in many cases, in unfamiliar territory.
Has your super fund got you covered for insurance?
Has your super fund got you covered for insurance? With COVID-19, maybe not.
The JobKeeper scheme gets an update, plus an extension
The JobKeeper payment, which was originally due to end after 27 September, will now continue to be available to eligible businesses (including the self-employed) until 28 March 2021.
JobSeeker 2.0 and other income support
The Coronavirus supplement will continue, albeit on a reduced rate of $250 per fortnight (from $550), from 25 September until 31 December 2020 for eligible individuals
JobKeeper 2.0 - The New Requirements
The second tranche of the JobKeeper scheme changes the eligibility test for employers and the method and amount paid to employees.
$100k offered to businesses solving environmental challenges.
The Australian government has just announced its latest funding round for small and medium-sized businesses to develop innovative solutions that can solve national environmental challenges
SME Guarantee Scheme Extended
The Coronavirus SME Guarantee Scheme has now been extended to 30 June 2021, to support a larger number of small and medium-sized businesses adapt and innovate during the coronavirus crisis.
Varying PAYG instalments because of COVID-19
PAYG instalments is a system that helps you manage your expected tax liability on income from your business or investments for the current income year by making smaller regular payments.
Remote AGMs and document signing allowed
Due to public safety concerns related to COVID-19, until the date above companies will be permitted to hold their annual general meeting in electronic format.
The realities of insuring against cyber crime
Think your business is too small or that your data and information isn’t important enough to be targeted by hackers? Think again
Instant asset write off extended to 31 December
Businesses with a turnover of up to $500 million a year will be allowed to continue writing off newly purchased assets worth up to $150,000.
Tax Return Tips
Despite the current COVID-19 world in which we live, the procedures for completing and lodging tax returns remains pretty much the same.
Congratulations Matt Schaefer
Matt has more than 13 years of experience in Public Practice business services since joining Forsyths in 2007.
SME Tax Cuts
Australian SMEs earning up to $50 million a year will enjoy a 26 per cent tax rate from tomorrow, with the government’s fast-tracked tax cuts for small companies due to come into effect on 1 July.
SMSF Connect Portal
To help support you to make informed decisions regarding your SMSF, we are pleased to provide you access to our new SMSF Education Resource on our website. This resource is brought to you by the SMSF Association, the peak professional body representing the SMSF sector.
JobKeeper changes for business
Jobkeeper changes are on the way and businesses other than child care could stop getting payments from workers.
ATO reveals big changes to tax refunds
ATO reveals big changes to tax refunds, deductions due to coronavirus
$150k Asset Write-off Extended
Businesses given extra 6 months to write off newly purchased assets
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PM unveils JobMaker, promises 'more efficient' taxes and less regulation
The Prime Minister has unveiled a new government scheme giving way to tax reform and deregulation to ease the burden on small business
Up to $10 000 up for grabs for small businesses
New $10,000 grants up for grabs for small-business to aid reopening from COVID-19.
Accountants celebrated for their frontline COVID-19 efforts
In a recent webcast the Australian Small Business and Family Enterprise Ombudsman (ABSFEO), Kate Carnell; Deputy Commissioner from the ATO, Deborah Jenkins; and Reckon CEO Sam Allert thanked accountants and bookkeepers for their essential role in buffering the impact of the ongoing COVID-19 crisis.
JOBKEEPER SCHEME OVERVIEW
The Federal Government has introduced a JobKeeper subsidy that could potentially apply to any business that has experienced a reduction in turnover from 2019 to 2020. Your business may be eligible to receive this subsidy even if you don’t have employees.
Coronavirus Stimulus Package 3
A subsidy of $1,500 per fortnight per employee, administered by the ATO, will be paid to businesses that have experienced a downturn of more than 30% (50% for businesses over $1bn).
Coronavirus Stimulus Package 2
The Government yesterday released a second, far reaching $66.1 bn stimulus package that boosts income support payments, introduces targeted changes to the superannuation rules, provides cash flow support of up to $100,000 for small business employers, and relaxes corporate insolvency laws.
COVID-19 Minimising infection risk for you, our team and the community
Forsyths is mindful of the role we play within our communities in minimising the spread of COVID-19. In caring for our team and our
clients, this week we have implemented a number of new policies designed to reduce unnecessary exposure within the New England North
West.
The Stimulus Package: What you need to know
The Australian Government has released a number of support measures for individuals and businesses in response to the financial impact of the Coronavirus.
We have some exciting news.
We have recently finalised negotiations with Edwards O’Connor Chartered Accountants (Tamworth, Glen Innes and Narrabri) to join with Forsyths in a merger effective 1 July 2020.
Our growing team at Armidale settles into their new contemporary space
In a new and contemporary approach, the 800 square metre space offers a light and collaborative area for clients to hold meetings, a central kitchen for clients and the Forsyths team and large open plan seating areas suggestive of a Google or Yahoo style office arrangement
Forsyths Team News
Erica Hoy has just completed her Chartered Accountant Program with Chartered Accountants Australia and New Zealand.
Forsyths Community News
Keep up-to-date with us on all the latest news around our region and our community.
Tamworth Meals on Wheels – 5000 meals a month
Forsyths Principal, Phil Bolton is the Honorary Treasurer of Tamworth Meals on Wheels. Phil has fulfilled this role for more than ten years and has recently introduced Forsyths Business Services Manager, Emily Fritsch, to the organisation as well.
New Xero Support Specialist
In response to the growing number of clients moving to cloud based accounting we’re excited to announce that Forsyths will soon employ a Xero Support Specialist within our growing team.
Superannuation Guarantee amnesty legislation re-tabled
The legislation to establish a one-off amnesty for historical underpayment of superannuation guarantee (SG) has been re-introduced in a bill to go before parliament.
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