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Important EOFY 2020 actions for businesses
We all would like to reduce our tax exposure and minimise risk of an audit by the regulators. This end of financial year update outlines the actions to take to do exactly that: Summary of key...
Important EOFY 2020 actions for Individuals
Our 2020 EOFY update and actions for individuals will give you an overview of tax changes and some actions you can take to reduce your tax exposure and minimise risk of an audit. What's New: 2020-21...
50% Accelerated Depreciation
Date New assets acquired from 12 March 2020 and first used or installed ready for use for a taxable purpose by 30 June 2021 Applies to Businesses with aggregated turnover less than $500m ...
More JobKeeper Changes…
On Friday afternoon, (24/04) the Government announced further changes to the JobKeeper program, and clarified some rules. We have highlighted them below: GST turnover: Cash vs accruals - Everyone...
How to record Cash Boost Payment inside Xero
Record your BAS as a purchase bill Note: in this example, client pays quarterly GST and monthly PAYG and therefore will be eligible to receive a credit equal to 300% of his March PAYGW, ie. 3 x...
How to Register (Enrol) for JobKeeper
JobKeeper applications are now open as at 20 April 2020. You can register via the Business portal. More information here:...
JobKeeper – Detailed Rules Announced – Frequently Asked Questions I
On Tuesday 16 April Treasury finally released the long awaiting rules for the $130bn JobKeeper program. The same day the ATO released some practical detail on how the administration of the program...
Transfer Pricing amid COVID-19
How far through the COVID-19 crash are we? What impact will it have on the economy here in Australia? What impact will it have on global economies? Currently no one has the answer to any of these...
Coronavirus Stimulus: Round 3 – $1,500 JobKeeper subsidy
Date From 30 March 2020 for six months For employees employed at and from 1 March 2020 First payments in first week of May 2020 Applies to Based on comparable periods: Employers <$1 bn that have...
Individuals – How Does The Second Stimulus Package Help You?
The second Government stimulus boosts income support payments, introduces targeted changes to the superannuation rules. In Summary Individuals Early release of superannuation – individuals in...
Business support in the Second $66.1 bn Stimulus Package: What You Need To Know
The Government yesterday released a second, far reaching $66.1 bn stimulus package that provides cash flow support of up to $100,000 for small business employers, and relaxes corporate insolvency...
State Government Stimulus Packages
New South Wales In a move many have been expecting, NSW has followed the other states and announced a number of measures to assist small business. This is likely the first wave of measures, with...