This financial year we are seeing some improvement in the overall economy but combined with the removal of government assistance packages; nonetheless, we are still being impacted by COVID-19, as the last fourteen days in Victoria have shown. One never knows what is around the corner.
Following on from the success of the JobSeeker, JobKeeper, we have yet another scheme that was introduced last month as part of the 2020/2021 budget – JobMaker.
On 21 July 2020 the Government announced that the JobKeeper Payment (‘JKP’) would be extended until 28 March 2021 (i.e., for a further six months beyond its original end date of 27 September 2020).
As we are this year faced with the advent of the impact of the Corona virus, many businesses – particularly SMEs – are focussed on surviving, knowing they'll have tax losses (In fact, tax loss utilisation will be an enduring topic of interest because of COVID-19).
The Government has sought to take action against employers who have failed in their obligations to pay their employees superannuation.
As we are well into the tax season, this year we thought it best to remind people that they need to lodge their returns by the middle of May 2020.
As part of the Morrison re-election promise and originally introduced in the 19/20 Budget, millions of Australians may be entitled to a new offset that is effectively equivalent to a tax rebate of up to $1080.
Single Touch Payroll: From 1 July 2019, employers who employ less than 20 people will be required to change the way they report wages and superannuation to the ATO.
As the end of the financial year fast approaches, it makes good business sense to turn your attention to ways of minimising your tax legally.
As the start of the year has well and truly commenced and the long hot summer holidays are slowly drawing to a close, it is time to consider how recently graduated students from the arts schools might launch themselves in to their career.