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

Is your work Christmas party and gifts tax-deductible?

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

$5,000 return to work grant offered to women

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

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

Mortgage Holiday Deadline Looms

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

Helping Small Businesses reopen after COVID-19

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

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

COVID-19: Workplace Entitlements and Obligations

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

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

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

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

10 Indicators You Have Outgrown Your Business

Often when starting out in a business, the simplest and cheapest structure to use is either an individual (i.e. sole trader) or partnership. The cost to setup these structures are low, and with the expectation of low revenue in the initial years, it can also be the most tax effective. For a little more money, … Continued

Drought Assistance Crowdfunding

With a recorded rainfall of 57mm below average this autumn, it’s little wonder Australian farmers are turning to donations and relief funds to help maintain the vitality of their crops and cattle. While you may wish to make a donation yourself, it is important to first find out whether the recipient is aware of the tax implications associated with receiving crowdfunding payments. What is … Continued

Do depreciation deductions apply to you?

Owners of income producing properties are eligible to claim tax deductions for a number of expenses involved in holding a property. Most investors are aware of some of the deductions they are entitled to; for example, they know they can claim their Property Manager’s fees, council rates and any repairs and maintenance costs. However, all … Continued

NSW Payroll Tax Rebate – Jobs Action Plan

Is your business currently looking for new hires? Did you know that there is an NSW government initiative designed to encourage NSW businesses to hire employees & grow?  So if you’re planning to hire a new employee, you might want to check out this article so your business won’t be missing out on up to … Continued

Crackdown On Employer Non-Compliance

The Turnbull Government announced that they will provide the ATO with additional funding for a Superannuation Guarantee Taskforce. The taskforce will crackdown on employer non-compliance.   The ATO released a media statement on 29 August that the super guarantee gap for the 2014-15 year is estimated to be $2.85 billion, which represents 5.2% of the … Continued

5 Smart Ways to Invest Your Company Tax Return

Expecting a large company tax return? This is a great opportunity to re-invest in your business. Here are 5 ways you can use your return to deliver results. As with any investment, the more you put into your small business, the greater the output will be. That’s why it’s important to think carefully about where you … Continued

Business Benchmarking and Performance Review

Writing Performance Reviews

The performance review has become a rite of passage in the business world, yet many managers and employees fail to make the most of the opportunities these important discussions can provide. When used successfully, the annual review process can provide managers with insight into everything from employee perception of the company to ways to make … Continued