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Two Key Reasons Your Business Needs a Budget

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

Major Support for NSW Small Businesses

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

The Federal Budget 2020-21

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

JobKeeper 2.0

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

Extensions to JobKeeper & JobSeeker

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

JobKeeper Payments

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 … Continued

Government Stimulus and Free Webinar

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

Coronavirus COVID-19: Support for your business

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

BMT Tax Depreciation: How to claim repairs, maintenance and improvements

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

BMT Tax Depreciation: What you can claim while renovating

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

New Rules on Instant Asset Write Off

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

BMT Tax Depreciation

Partial year depreciation deductions can boost your cashflow. If you haven’t owned your investment property for a full year you can still claim depreciation deductions this tax time. Investors can claim pro-rata depreciation deductions for the period their property is rented out or is genuinely available for rent. That is, the property is given broad … Continued

July 2019 Reserve Bank of Australia Decision

Sydney 2nd July 2019 RBA decision The cash rate has hit an all-time low! The Reserve Bank of Australia (RBA) has cut the official cash rate by 25 basis points to a new low of 1 per cent, the second consecutive month it has cut rates.  In the official statement released by the RBA, it … Continued

Have you planned for 2020?

Most of us are concerned when it comes to closing off our 2019 accounts, and unfortunately, many small businesses forget to pause to plan for the year ahead. What we want you to do is ask yourself: Have I written it down to share with my staff, so I am not struggling to remember? Did … Continued

Claim Property Depreciation This Financial Year

Property depreciation deductions can make a significant difference to any investment property owner’s cash flow. Despite this, of all the deductions available to be claimed by investors, depreciation is the most often missed. Every property investor can benefit from learning more about depreciation and discovering the process involved in finding out what deductions are available … Continued

BMT’s Top Tax Time Tips for Property Investors

With tax time fast approaching, here are five tax time tips to ensure you maximise the deductions for your investment property. 1. Understand what deductions you’re entitled to As a property investor, you’re entitled to a range of tax deductions. These will help lower your taxable income and make owning an investment property more viable. … Continued

May 2019 Reserve Bank of Australia Decision

Sydney at its meeting today, the RBA board decided to leave the cash rate unchanged at 1.50 per cent. The outlook for the global economy remains reasonable, although the risks are tilted to the downside. Growth in international trade has declined and investment intentions have softened in a number of countries. In China, the authorities have taken … Continued

Common Property Depreciation Explained

Shared assets in strata title lucrative for investors A strata title is used when individuals own part of a property usually called a ‘lot’. This is generally an apartment, unit or townhouse complex which shares ownership of common property including driveways, foyers and gardens. The ownerships are combined through a legal entity called the owners … Continued

April 2019 Reserve Bank of Australia Decision

Sydney 2nd April 2019 2.30pm, Reserve Bank of Australia At its meeting today, the RBA Board decided to leave the cash rate unchanged at 1.50 per cent. The outlook for the global economy remains reasonable, although growth has slowed and downside risks have increased. Growth in international trade has declined and investment intentions have softened in a … Continued

2019/20 Federal Budget Highlights

The Budget is “Back in the black”, Mr Josh Frydenberg announced as he handed down the 2019/20 Federal Budget, with a surplus of $7.1b, on 2 April 2019. The budget focuses on “restoring the nation’s finances”, further strengthening the economy to create more jobs and to “guarantee the essential services”. The tax, superannuation and social … Continued

March 2019 Reserve Bank of Australia Decision

Sydney 5thMarch 2019 2.30pm, Reserve Bank of Australia At its meeting today, the Reserve Bank of Australia Board decided to leave the cash rate unchanged at 1.50 per cent. The global economy grew above trend in 2018, although it slowed in the second half of the year. The slower pace of growth has continued into 2019. The … Continued

ALP Key Tax Policies

Snapshot of the ALP key tax policies Editor: The Federal Election will be the primary focus over the next few months, with many commentators predicting a possible change in Government. As usual, tax policy is a focal point of the political debate. Recently, at Labor’s 48th national conference (16-18 December 2018), a document entitled A … Continued

Frequently Asked Depreciation Questions

What is depreciation? As a building gets older and items within it wear out, they depreciate in value. The Australian Taxation Office (ATO) allows property investors to claim a deduction relating to the building and fixtures it contains. Depreciation can be claimed by any owner of an income producing property. This deduction essentially reduces the … Continued

Christmas Parties Held Away From Work Premises

Want to hold your Christmas party away from work? You might need to understand the tax consequences of such action to make sure there are no unforeseen tax problems. The costs associated with Christmas parties held off your business premises (for example, a restaurant) will give rise to a taxable fringe benefit for employees and … Continued