Summary of key changes announced last night.Low and Middle Income Tax Offset (LMITO)This offset provides taxpayers earning less than $126,000 up to $1,080 as a refundable tax offset. Typically, this increases an individuals tax refund (or reduces tax payable). This was due to cease after 2021 year but has been extended for 2022 tax returns.Temporary [...]

There appears to be a lot of confusion relating to workcover requirements for business owners who operate through trusts. Workcover provides insurance for employees who are injured at work. Premiums are paid based on wages paid. However many business owners operate through a trust and are paid a trust distribution rather than a wage. So [...]

If you pay rent the standard rule is the rent is not tax deductible because the expense is private or domestic in nature. However, like may tax rules there are exceptions. In this case the exception applies if you run a business and have a room set up in your rental property as an office, [...]

Interesting anecdotal information on the local economy yesterday after golf. Comments made included: "On numerous weekends I have looked at investment properties for a friend. During the week they are advertised between $800k-$900k. On Saturdays the advert is removed and there is an open for inspection attended by 30 couples and by Monday the property [...]

I came into the office this morning feeling a little overwhelmed. Work is a bit like being in a boat travelling across the sea. You get used to the gentle ups and downs of the waves and then out of the blue comes a larger wave that upsets your balance. Work coming in can be [...]

My New Year's resolution to write a blog every Friday is already looking shay as I have already missed one Friday. Blame JobKeeper. The ATO allows additional time for documents at this time of year including JobKeeper. December declarations are due by 28th January 2021. Registrations for JobKeeper Extension 2 are required by 31st January [...]

My website adviser is always telling me that regular blogs increase traffic to your website. For years I have ignored this advice. Well a New Year perhaps a new approach.The end of the first working week of the year. Although, the way Christmas fell most business are not returning to the 11th.Current topic is JobKeeper [...]

Last night the Treasurer presented hi budget. I set out below the major changes. Personal Taxes The Government has announced that it will bring forward changes to the personal income tax rates that were due to apply from 1 July 2022, so that these changes now apply from 1 July 2020 (i.e., from the 2021 [...]

JobKeeper has been extended for two further periods, the quarter ending December 2020 and the quarter ending March 2021. Whilst the extension had been announced in July the supporting legislation has now been registered.Enrolment in JobKeeper 2 is available to businesses already receiving JobKeeper and new entrants. However, to qualify for JobKeeper 2 all businesses [...]

Employers who employ staff have an obligation to pay superannuation on behalf of their staff at 9.5% of gross wages. This obligation also applies to employers who have “employee/contractors” being subcontractors who basically work only for one employer and are paid on an hourly basis. Many employer fail to keep up with their superannuation obligations [...]