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Latest Blogs

Here’s a sneak peak at what our experts have been busy preparing…

Home / News & Events
Key Dates for Business

Key Dates for Business – January & February 2021

Many Key dates are looming for businesses including those relating to Activity Statements, Superannuation, and more. JANUARY 2021 21 January – Due date for lodgement

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Business Tax

Loss Carry-Back for Companies

Last year’s Federal Budget included a temporary loss carry-back measure. On 9 October 2020, the Government passed this into law. Under the temporary loss carry-back

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Business Tax

Christmas Parties and Gifts – The Tax Truths

Christmas is traditionally a time of giving – including employers showing gratitude towards staff and clients/suppliers for their loyalty throughout the year. With the right approach,

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JobMaker

JobMaker Hiring Credit

The Government’s new JobMaker scheme passed both houses of Parliament on 12/11/2020.  Commencement The scheme will be backdated to commence on 7 October 2020 and

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Key Dates for Business

Key Dates for Business – November & December 2020

Many key dates are looming for business including those relating to Activity Statements, superannuation, and more. November 2020 11 November – July-September quarterly Activity Statements

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JobKeeper

JOBKEEPER 2.0 (28 September 2020 to 3 January 2021) Bullet Point Guide

Here is a quick snapshot of the important points of JobKeeper 2.0 as we count down the days until its commencement next week: Entities must

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Small Business

Victorian Business Survival and Adaption Package

In response to the state’s extended lockdown, the Victorian government on the weekend announced a $3 billion Business Survival and Adaption Package for businesses impacted

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JobKeeper

JobKeeper Extension – Almost Here!

With the JobKeeper extension commencing in two weeks, we provide the latest publically available information –   Extension from 28 September 2020  The original JobKeeper scheme

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JobKeeper

JobKeeper 2.0 – Passes Parliament!

The JobKeeper 2.0 legislation has just passed both houses of Parliament, and is now law (subject to the formality of Royal Assent). This legislation enables

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JobKeeper

JobKeeper Changes – Employment Start Date and Amendment to Turnover Test

On 7 August, the government announced two further changes to the JobKeeper program. Firstly, employees hired as at 1 July 2020 may also be eligible

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JobKeeper

JobKeeper Changes – Employment Start Date and Amendment to Turnover Test

On 7 August, the government announced two further changes to the JobKeeper program. Firstly, employees hired as at 1 July 2020 may also be eligible

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Community

QUT Business School – MyTaxSaver Prize Awarded

Congratulations to Michael & Lucy! Our award recipients in Taxation Law, well done on your outstanding achievements. MyTaxSavers Prize  Awarded to the Bachelor of Business

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Business Tax

Key Dates for September & October 2020

Many key dates are looming for business including those relating to Activity Statements, GST, Superannuation, Income Tax Returns, and more… SEPTEMBER 2020  21 September –

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Community

QUT Business School – MyTaxSaver Prize Awarded

Congratulations to Michael & Lucy! Our award recipients in Taxation Law, well done on your outstanding achievements. MyTaxSavers Prize  Awarded to the Bachelor of Business

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JobKeeper

JobKeeper Key Dates

Key dates 31 August 2020 – wage condition for new employees For the fortnights commencing on 3 August 2020 and 17 August 2020, we are

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Key Dates for Business

Key Dates for July & August 2020

Key Dates for Business July 2020  01 July – First day of the 2020/2021 financial year 21 July – Monthly Activity Statements (June 2020) due

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JobKeeper

The Extension and Modification of JobKeeper

Today, the Prime Minister announced the extension and watering down of the wage subsidy, JobKeeper   Points to note: Existing JobKeeper continues up until 27 September 2020

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General

30 June Trustee Resolution Minutes!

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News

Homebuilder Grant

On 3 June 2020, the federal government announced the Homebuilder Grant to encourage individuals to build a new home or substantially renovate their existing home.

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Business Tax

Instant Asset Write-Off – Extension Announced

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JobKeeper

Evidencing Your Decline in Turnover for JobKeeper

To qualify, an employer must demonstrate that its GST turnover has fallen by the following percentage compared to the same comparison period in 2019: 30%

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JobKeeper

JobKeeper Payment Rules Released 10/4/20

Late on Friday April 10, explanatory materials were released in relation to the JobKeeper payment that has now been passed into law. The explanatory material

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JobKeeper

JobKeeper Payment – Fresh Guidance on Establishing a Downturn

We’ve received many questions from subscribers around how a “downturn of turnover” will be measured for the purposes of eligibility for the coronavirus-related Job Keeper

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General

Employees Working From Home

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Business Tax

Job Keeper Payment and Establishing a Downturn

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General

Job Keeper Plan Announced

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Business Tax

More Coronavirus Relief for Business

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Business Tax

COVID-19 Business Support Summary

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Business Tax

COVID-19 Additional Help for Business

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General

Coronavirus stimulus package worth $84 billion passed without objection by Parliament

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General

PRESS CONFERENCE – AUSTRALIAN PARLIAMENT HOUSE, ACT – 22/03/2020

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News

COVID-19 Banking Relief Package

In response to the expected impact of the coronavirus (COVID – 19), the Government last week announced a range of measures that it and the

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Uncategorised

News – Budget Delay & 2nd Stimulus Package looms

The Budget will be delayed from May to October  Prime Minister Scott Morrison says the Federal Government will delay its budget until October 6, five

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Business Tax

ATO Coronavirus Support Measures

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Business Tax

Economic Stimulus Package Released by the PM

The Morrison Government has today announced a $17.6 billion economic plan to keep Australians in jobs, keep businesses in business and support households and the

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Business Tax

Superannuation Amnesty – Now Law

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GST

New GST Law for Directors!

Last week the Government passed legislation which may make company directors personally liable for any unpaid/overdue GST of their business. 21 Day GST Director Penalty

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Uncategorised

Single Touch Payroll – Not too Late

for Businesses with Less than 20 Employees…. The ATO advises that it’s not too late to join the other 550,000 employers who are reporting through

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Business Tax

ATO Bushfire Relief

If you or your business has been impacted by the recent bushfires, the ATO don’t want you to be concerned about your tax affairs. The

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News

Superannuation Amnesty is back on the table!

The Government’s superannuation amnesty for employers is now back on the table! The Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 was introduced into the

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Uncategorised

Members Only Tax Helpline

Do you have a tax-related question that you need guidance on? Send us an email. Your MTS Members Helpline is staffed by Qualified Accountants who

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Business Tax

Can You Claim GST Credits?

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Uncategorised

Single Touch Payroll (STP) Have you missed the deadline?

If you missed the 30 September Single Touch Payroll (STP) reporting date, it’s not too late! Make the move and get started by following one

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Business Tax

ATO Announces Motor Vehicles Data Matching Program

  One of the largest claims made by business and by employees for that matter is the use of a vehicle for business or work

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Superannuation

Does Your SMSF Investment Strategy Meet Diversification Requirements?

On the 9th August, the ATO announced it will contact, at the end of August, about 17,700 self-managed super fund (SMSF) trustees and their auditors

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Uncategorised

Record Keeping is King

From an income tax standpoint, it’s in your interests to keep good records of your transactions and activities. Keeping good records is not only required

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General

Low and Middle Income Tax Offset Now Law

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General

Single Touch Payroll for Micro Employers

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General

SINGLE TOUCH PAYROLL

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News

National Minimum Wage to Increase by 3%

Get set for a 3.0% wage increase – 2019 Annual Wage ReviewThe Fair Work Commission has announced a 3.0% increase to minimum wages.The new national

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News

FBT

FBT Issues on ATO Radar With the date for lodging and paying FBT approaching (21 May), on Wednesday 1st May, the ATO reminded employers that

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Business Tax

The New Importance of Tax Compliance

New legislation could see businesses lose tax deductions for payments to employees and contractors. This article details this new law, and provides a checklist of

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General

Super Guarantee Amnesty Update

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Business Tax

Update – Instant Asset Write-off Changes now Legislated

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Business Tax

2019 Federal Budget Wrap

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Income Tax & FBT

Drought Assistance

With large swathes of Eastern Australia in the midst of one of the most severe droughts in years (indeed Autumn rainfall was the least since

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Uncategorised

SINGLE TOUCH PAYROLL

Information for employers Single Touch Payroll reporting starts from 1 July 2018 for employers with 20 or more employees. To find out if you need to

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General

Trust Resolutions That Don’t Make The Grade

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Business Tax

NON-COPRPORTATE TAX CUTS – SBITO

The Government has passed legislation increasing the rate of the Small Business Income Tax Offset (SBITO). This article details this change and its tax impact.

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Uncategorised

DEPRECIATION FOR NON-BUSINESS TAXPAYERS

For individuals not in business, who are preparing their tax return over the coming months, depreciable items you acquire for work purposes can in certain

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Business Tax

Company Tax Rate Clarification

The Government has just announced that it will introduce legislation into Parliament to clarify confusion around the applicable tax rate for companies. By way of

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Uncategorised

The 2017 Federal Budget

Key Highlights from the Budget The 2017 Federal Budget was handed down last night. Following is a brief summary of some of the headline measures that

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Uncategorised

Christmas & The Taxman

Christmas Parties Instead of gifts, it’s quite common for employers to host a Christmas Party for their staff (often including spouses) at a restaurant. Where

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Business Tax

Federal Budget 2016 – What You Need To Know

The 2016 Federal Budget was handed down on Tuesday 3 May. Following are some of the headline announcements that the Government intends to implement in

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Business Tax

New Queensland Building and Construction Commission (QBCC) Licence Monitoring Requirements

Posted on March 4, 2016 at 11:52 am As part of the Queensland Government reforms of the building and construction industry, from October 2014 licensees

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Business Tax

The Tax Reforms Being Mooted from Each Side of Politics

Posted on February 25, 2016 at 6:44 pm   Due to the crushing nature of the Federal Government’s Budget deficit ($37 billion) and dwindling commodity

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