Small Business
Tax-Free Restructures
Thinking of restructuring your business but concerned about the tax consequences of doing so? Small Business Entities (SBE’s with a turnover of up to $10
Here’s a sneak peak at what our experts have been busy preparing…
Thinking of restructuring your business but concerned about the tax consequences of doing so? Small Business Entities (SBE’s with a turnover of up to $10
Current ATO audit activity is extensive. Recently, the ATO Commissioner forecast that 2 in 10 businesses would be subject to some sort of audit activity
If you have made a significant capital gain during the year, as we come towards the final few months of the financial year, is it
Because of indexation, the superannuation contribution caps are set to increase from 1 July 2021 as follows: Concessional cap to $27,500 (up from $25,000) Non-concessional
Many lodgement and payment deadlines are looming for business including those relating to Activity Statements, Superannuation, and more…… MARCH 2021 1-14 March JobKeeper
The Government last week confirmed that the wage subsidy scheme, JobKeeper, will come to an end as scheduled on 28 March 2021 (though there may
Fuel tax credit rates changed at the start of this month. If you use fuel in heavy vehicles or other machinery for your business, you
Many Key dates are looming for businesses including those relating to Activity Statements, Superannuation, and more. JANUARY 2021 21 January – Due date for lodgement
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
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,
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
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
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
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
With the JobKeeper extension commencing in two weeks, we provide the latest publically available information – Extension from 28 September 2020 The original JobKeeper scheme
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
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
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
Congratulations to Michael & Lucy! Our award recipients in Taxation Law, well done on your outstanding achievements. MyTaxSavers Prize Awarded to the Bachelor of Business
Many key dates are looming for business including those relating to Activity Statements, GST, Superannuation, Income Tax Returns, and more… SEPTEMBER 2020 21 September –
Congratulations to Michael & Lucy! Our award recipients in Taxation Law, well done on your outstanding achievements. MyTaxSavers Prize Awarded to the Bachelor of Business
Key dates 31 August 2020 – wage condition for new employees For the fortnights commencing on 3 August 2020 and 17 August 2020, we are
Key Dates for Business July 2020 01 July – First day of the 2020/2021 financial year 21 July – Monthly Activity Statements (June 2020) due
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
For those businesses that trade out of a Discretionary (Family) Trust it is an annual mandatory requirement of the ATO that all Discretionary Trusts prepare
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.
Businesses will be able to access the boosted $150,000 instant asset write-off scheme for a further six months to the end of the year. By
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%
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
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
As a consequence of COVID-19, many employees are now working from home. To make it easier for people to claim deductions when working from home,
Employers will be eligible for the Job Keeper subsidy if: their business has a turnover of less than $1 billion and their turnover has fallen
Prime Minister Scott Morrison, on 30/03/2020, has announced a $130 billion support package to help employers and employees. The idea behind these measures is that
Over the weekend (29/03/2020), more relief was announced for business including: Deferral of Loan Repayments A little over a week ago, the Australian Banking Association announced
Support from the Federal Government For Sole Traders: ▪️Increased & accelerated income support: you’re able to access the $550 per fortnight Coronavirus supplement payment through
As the anticipated economic impact from the Coronavirus worsens, the Government on the weekend beefed up its assistance package that was originally announced last week
23/03/20 The Federal Parliament has rushed through $84 billion in financial support for workers, students and businesses affected by the coronavirus outbreak, before wrapping up
THE HON. JOSH FRYDENBERG MP, TREASURER: Since the government announced its first stimulus package just over a week ago, the global and the domestic economic
In response to the expected impact of the coronavirus (COVID – 19), the Government last week announced a range of measures that it and the
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
The ATO earlier this week announced a series of administrative concessions for taxpayers impacted by the coronavirus (COVID-19), as follows: deferring by up to four
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
This week the Parliament passed legislation to enact the Superannuation Amnesty. The Amnesty is designed to encourage employers to come forward and disclose past quarters
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
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
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
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
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
To claim GST credits on your purchases, you must be able to demonstrate you’re in business through activities such as: aiming to make a profit
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
One of the largest claims made by business and by employees for that matter is the use of a vehicle for business or work
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
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
The Federal Government’s Personal Income Tax Plan is now officially law. For 2018/2019 (the financial year just gone) the centrepiece of this plan was an
If as an employer you are not ready for Single Touch Payroll (STP) don’t panic! Although 1 July has rolled around, smaller employers (those with
1 July Employers with less than 20 employees should start transition to Single Touch Payroll (STP) Single Touch Payroll (STP) is a new way of
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
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
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
The Government’s proposed Superannuation Guarantee (SG) Amnesty will not proceed. To recap, the SG amnesty was to be available for the 12-month period from 24
In the Budget on Tuesday, the Government announced that it would increase the instant asset write-off threshold to $30,000 and extend it to medium sized
Following is a brief summary of some of the headline Budget measures. BUSINESS * Instant Asset Write-Off Boosted and Expanded – Two key changes have
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
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
A recent decision by the Full Court of the Federal Court has shone a spotlight on year end Trust Resolutions that should be a reminder
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.
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
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
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
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
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
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
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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