Tax
Further payroll tax refund applications are now open
September 8, 2020 | Tax The Queensland Government have provided a number of payroll tax relief measures designed to assist businesses during COVID. These refunds will help many businesses in reducing their expenses during this time. You also don’t need to pay the refund back at a later point, further reducing any burden. We recommend…
TPAR reporting is due 28 August
August 19, 2020 | Tax The taxable payments annual report (TPAR) due date is coming up on August 28 2020. It is vital that, if your business is required to lodge a TPAR, you prepare for this date. You may also want to speak to your accountant to ensure you fulfill all obligations you may have. To help…
Cryptocurrency tax tracking and calculating
August 6, 2020 | Tax, Tips and Tricks How are cryptocurrencies taxed in Australia? The Australian Tax Office (ATO) has released a guide that the treatment of any gains/losses made on cryptocurrencies (such as Bitcoin) are taxed in Australia. Essentially, capital gains tax (CGT) applies to an asset at the time it is sold, traded…
Buying a car with the new instant asset write off limit increase
July 9, 2020 | Tax, Tips and Tricks A few weeks ago, we shared that the $150k Instant Asset Write-Off has been extended to 31 December 2020. Since then, the most common question we received from clients is: Can we buy an expensive car (i.e., a Tesla) and write that off immediately? Unfortunately, the answer…
Family trusts in 2020 and end of financial year actions.
June 30, 2020 | Accounting, Tax As the end of the financial year approaches it is important that you take care of essential housekeeping for your family trust (otherwise known as a discretionary trust). Not completing these steps in time, or incorrectly, may result in unnecessary tax, and the loss of opportunities to optimise your family trust’s 2020 tax…
2020 end of financial year checklist.
June 16, 2020 | Business, Tax, Tips and Tricks We are now into June, which means another financial year is fast approaching. 2020 has certainly been a hectic time for all businesses with bushfires, floods, and COVID-19. Fortunately, the government stimulus measures have proven very effective but are wildly time-consuming in ensuring all the applications…
Extension to the $150k Instant Asset Writeoff
June 10, 2020 | Accounting, Business, Tax A few months ago, the Government announced that to assist with the recovery from the economic impact of Coronavirus, they have increased the instant asset write-off threshold from $30k to $150k for businesses making up to $500 million per year. This was originally limited to assets purchased or…
2020 Business Tax Planning Strategies
June 9, 2020 | Accounting, Business, Tax With the impact of COVID-19 on your business, whether directly or indirectly, tax planning for 2020 is essential. It is critical that you take every opportunity to optimise your tax and financial position before the 30 June 2020 deadline, even if your business turnover has decreased. With the government’s response to…
How JobKeeper subsidy impacts Workcover and Payroll tax
May 19, 2020 | Tax With more than 750,000 businesses enrolling for the JobKeeper subsidy, its important that business owners understand how the subsidy will affect wages declarations for both WorkCover and payroll tax. Workcover The big question is will JobKeeper payments be considered declarable wages for Workcover purposes? Unfortunately the answer is not…
What has changed after 20 years with GST?
May 12, 2020 | Accounting, Business, Tax 2020 marks the 20th anniversary of the implementation of the Goods and Services Tax, or GST as it is more commonly known. GST is a 10% tax applied to most goods and services (as the name suggests) and whilst it was a big deal when it was introduced,…