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
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
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
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
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
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
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
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
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
There are dangers in engaging an individual as a ‘contractor’ without having a proper understanding of the law. You may find that the individual is considered to be an employee at law, and this brings with it a range of legal obligations – and liabilities if you get it wrong. An employee generally works in a business … Continued
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 total … Continued
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
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
The 2016 Budget was always going to be interesting. On one hand the Liberal Party wished to use this Budget as their policy platform for the coming election, and on the other hand, a budget deficit exists that needs to be eventually reduced. This Budget achieves its objectives of providing a few tax ‘perks’, whilst also increasing taxes … Continued
The Reserve Bank of Australia has moved to head off fears about deflation, cutting its official cash rate by 25 basis points to a historic low of 1.75 per cent. Key points: Cut influenced by core inflation rate of 1.5pc — lowest reading on record If cut fully passed on, it would mean a $43-a-month … Continued
How To Find A Domain Name For Your Business Domain names play a key role in how visitors to your website identify your business. This is precisely why you should spend sufficient time finding the domain name that best suits your brand. But finding a suitable name for your website is not always as simple as … Continued
Efficient Business Systems Really Pay Off Too many businesses fall over because the owner has not established efficient business systems. This typically happens because the business owner is so caught up in the day-to day running of the business that the fundamentals of good business management get forgotten. Often too it must be said that … Continued
Paying Down Debt Debt can be a crippling problem for small businesses wanting to grow or just break-even during difficult times. By reducing debt you’ll improve the value of your business, its financial situation, and its ability to continue operating into the future. Assess your debt situation Take a detailed look at all of your … Continued
5 Cost Effective Ways to Advertise Your Business Advertising is an essential component of success for any business. Proper advertising ensures more sales, but if you choose the wrong options, it can be a very expensive proposition. Let’s look at five ways you can reduce your business’s advertising expenditure without affecting your results. Referrals A referral … Continued