Fringe Benefits Tax 2021: What you need to know

Kieran BowdenBusiness Audit, Tax

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We know that no one likes to pay tax and certainly no more tax than they should. But very few people want to be on the wrong side of the Australian Taxation Office (ATO) audit where fees and penalties are paid for neglecting your obligations. The Fringe Benefits Tax (FBT) year ends on 31 March, which means the ATO will … Read More

2021 Fuel Tax Credit Rate Changes

Kurt TuranskyTax

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Earlier this month, the Australian Taxation Office announced a slight increase to fuel tax credit rates in line with fuel excise indexation. Fuel tax credits rates change regularly so it’s important to check the rates each time you do your business activity statement (BAS), but this month, Kurt discusses the most recent changes that came into effect on February 1. … Read More

$1,500 JobKeeper subsidy to keep staff employed

Stuart542 Clients, COVID19, General, Super, Tax

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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). To be a part of the subsidy, employers will need to ensure that their employees receive at least $1,500 per fortnight (before tax). See the example below. Eligibility There … Read More

COVID-19 Preparation Checklist for Businesses

Stuart542 Clients, Business Audit, Business Process, COVID19, General, Tax

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As the COVID-19 pandemic unfolds, we are across important updates around the economic response and stimulus package announcements. And will continue to share these important updates with you via email and our social channels. The below PDF is free to download and contains a summary of action items to review immediately to ensure your business is prepared. Don’t wait before acting, get started … Read More

COVID-19 Preparation Checklist for Business Owners

Stuart542 Clients, Business Audit, Business Process, COVID19, General, Tax

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As the COVID-19 pandemic unfolds, we are across important updates around the economic response and stimulus package announcements. And will continue to share these important updates with you via email and our social channels. The below PDF is free to download and contains a summary of action items to review immediately to ensure your business is prepared. Don’t wait before acting, get started … Read More

The Second $66.1 bn Stimulus Package: What You Need To Know

StuartTax, Australian Budget, COVID19, General

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The Government yesterday released a second, $66.1bn stimulus package that aims to boost income support payments, introduce targeted changes to the superannuation rules, provide cash flow support of up to $100,000 for small business employers and relax corporate insolvency laws.   The stimulus measures proposed, are not yet legislated. Parliament reconvened yesterday and we await further announcements.    The Prime Minister has warned there are no “quick … Read More

The Stimulus Package: What You Need To Know

StuartTax, Australian Budget, COVID19, General

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The Government has announced a $17.6 billion investment package to support the economy as we brace for the impact of the coronavirus.   The yet to be legislated four-part package focuses on business investment, sustaining employers and driving cash into the economy. For business Business investment Increase and extension of the instant asset write-off Accelerated depreciation deductions Cash flow assistance … Read More

$17.6B Stimulus Package in response to COVID-19

StuartTax, Australian Budget, COVID19, General

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Today the Federal government announced a $17.6 billion economic stimulus package in an attempt to prevent a recession caused by the coronavirus outbreak. The Prime Minister anticipates the economic measure will benefit around 690,000 businesses employing 7.8 million people. It is estimated the stimulus will inject $22b into the domestic economy and will include initiatives to: Fast track investment Subsidise … Read More

5 Ways to prepare your business for the festive season

StuartBusiness Technology, Business Audit, Business Process, Cloud Accounting, General, Tax

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They know when you’re sleeping, they know when you’re awake, they know when you’ve been bad or good, so be good for the ATO’s sake. Celebrating the holiday cheer can have far-reaching consequences but planning ahead and budgeting appropriately can save you from much bigger headaches in the New Year. 1. Give yourself a tax-free Christmas As small business owners … Read More

Tips, tricks and helpful hacks to make tax time a breeze

StuartTax, Cloud Accounting

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It’s no secret we love Xero! And even though the platform is super user friendly and easy to navigate, there are hidden hacks that our savvy senior accountants, use every day. Never ones to hold onto our knowledge, check out their favourite Xero hacks, that will save you time.   Holly’s Tip: Repeating bills and invoices For regular bills and … Read More