The following are the latest articles and news from the team at Judge Accountants.
Following is a recap of the announcements delivered by Treasurer, Josh Frydenberg, in the 2022-23 Federal Budget on Tuesday 29 March 2022. Updates include personal tax changes, changes affecting business taxpayers, and changes to superannuation. 1. Personal tax changes 1.1 Increase to low and middle income tax offset (‘LMITO’) The Government has announced a once-off $420 ‘cost … Continued
New South Wales (NSW) has been inundated with torrential rain leading to flash flooding across the state. The NSW Government recently announced the provision of financial support to businesses and individuals impacted by the floods in NSW from February 2022. If you or your business is affected by the current NSW floods, the following financial … Continued
During the ongoing COVID-19 pandemic, many industries are seeing income either disappear completely or drop to dangerous levels. To be able to navigate the future path of your cashflow, it’s vital you map out your financial position over the coming months so that you can take the appropriate action to safeguard your cash position. Forecasting … Continued
Cash flow management can be an ongoing and difficult process to manage. If you’ve arrived at the end of the year feeling defeated because you’ve seen large profits throughout the year, but you have barely any cash in hand, cash flow is likely to blame. Here are our top 7 tips to help you manage … Continued
For many, the word ‘budget’ is about as appealing as the word ‘diet’. It seems to imply what you will go without, rather than what you will achieve. To a successful business owner, however, the word ‘budget’ has a very different meaning. A budget is more like a roadmap that clearly outlines where you intend to take … Continued
Rent is one of the largest fixed costs for many small businesses and with current lockdown restrictions cash flow may have ceased or significantly reduced. Fortunately, the NSW Government has announced greater protection and financial support for commercial tenants and landlords impacted by COVID-19. The NSW Government will re-introduce the National Cabinet’s Mandatory Code of … Continued
The NSW Government today announced a major new grants package and changes to the Dine & Discover program to help tens of thousands of small businesses and people across NSW impacted by the current COVID-19 restrictions. The package includes grants of between $5,000 and $10,000 for small businesses, payroll tax deferrals for all employers, an … Continued
Our expert analysis and review of the latest Federal Budget. If you missed our recent Federal Budget 2021-22 Review Webinar, please click here to access it. We recently teamed up with Clarity Wealth to discuss the key measures recently announced in the 2021-22 Federal Budget. In this article, we will cover off on the following … Continued
As we approach the Christmas period, it is common for many Australian SMEs to provide Christmas parties and gifts to employees and clients, but many businesses make the mistake of thinking these costs are automatically tax-deductible. Christmas parties A Christmas party is considered ‘entertainment’ and in many cases is subject to fringe benefits tax (FBT). … Continued
A recent report by Rice Warner comprehensively evaluates the comparative costs of running a self-managed superannuation fund (SMSF) versus an Australian Prudential Regulation Authority fund (APRA). Firstly, let’s take a look at what each fund is and how they’re set up. A self-managed superannuation fund (SMSF) is a type of private super fund (a trust) … Continued
The NSW Government has recently announced that women in New South Wales who have found themselves unemployed due to the COVID-19 pandemic will be offered back-to-work grants of up to $5,000. The $10 million Return to Work Program is a NSW Government initiative, designed to provide tailored support to women who would like to re-enter … Continued
As anticipated the Government has delivered a budget with measures aimed at reviving the economy and creating jobs. In a budget that is encouraging spending on many levels, there are loads of tax-related measures for business, as well as several positives for individuals. We wanted to give you a summary of all the measures that … Continued
Are you aware of the adjustments to JobKeeper and how they affect you? As many of you are aware, the Government recently announced that JobKeeper payments will be extended until 28 March 2021, with payments being made over two separate extension periods. The extension periods are: Extension period 1, which covers the seven new JobKeeper … Continued
As anticipated, the Government has announced an extension to its two major stimulus programs; JobKeeper and JobSeeker, to ensure support is provided after 30 September when the programs were originally due to expire. The current extensions to the programs are as follows: JobKeeper Extension: JobKeeper has now been extended till 28 March 2021 – with … Continued
Are you one of more than 800,000 Australians who have opted to defer repaying your home loan due to the COVID-19 pandemic? The deadline to resume mortgage payments is fast approaching. Your lender may have contacted you to ask if you are able to recommence paying your loan at the end of the six-month deferral … Continued
It has been a tough year for most small business owners with many of you forced to shut doors due to COVID-19. As restrictions ease and we adjust to current conditions, you may be wondering what trade looks like for your business on the other side of this calamity? Under the new Small Business Recovery … Continued
You may have heard about the new Government HomeBuilder Stimulus package and be wondering if you could benefit? HomeBuilder provides eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home. HomeBuilder will assist the residential construction market by encouraging the commencement of new … Continued
Are you aware of the new Government JobKeeper Payments and how they affect you and your business, or you as an employee? What is the JobKeeper Payment? Businesses impacted by COVID-19 may be eligible to access a subsidy to assist with paying employees. The Government will provide a fortnightly payment of $1,500 per eligible employee, … Continued
The Government has announced a second round of stimulus that is significantly larger than what was proposed two weeks ago, to assist businesses through the economic shocks of COVID-19. The measures currently in place are as follows: Boosting Cash Flow for Employers This stimulus measure has been enhanced with eligible businesses now able to receive … Continued
The following article highlights the current legislation surrounding workplace entitlements and obligations during the COVID-19 coronavirus outbreak. At the present time there is no additional legal policies or regulations regarding COVID-19, so guidance is taken from existing legislation. Workplace health and safety laws Employers can direct employees to stay away from their usual workplace under … Continued
The Coronavirus outbreak: COVID-19, is wreaking havoc across the nation, leaving business owners around Australia counting costs. Fortunately, the government have put measures in place to support our economy and assist business owners with their cash flow during this difficult time. Cash flow boost for employers Businesses with an aggregated annual turnover under $50 million, … Continued
One of the most common mistakes made by property investors when completing their annual tax return is confusing repairs, maintenance and improvements. It’s important to understand and distinguish each deduction in order to correctly lodge your claim and maximise your tax refund. According to the Australian Taxation Office (ATO), repairs are considered work completed to … Continued
What can you claim when renovating? More and more Australian investors are choosing to renovate their investment properties before leasing them out. However, investors who live in the property while renovating risk missing out on thousands of dollars in property depreciation deductions. Property depreciation is generally the second biggest tax deduction after interest, though it’s … Continued
Are you a business owner that purchases assets primarily for business use? Are you aware of the increased amount of claiming an instant asset write off for newly purchased assets, for the 2019 income year, be it brand new or second hand? Using the instant asset write-off, you can claim a deduction for each asset … Continued