The Federal Government Expands the SME Loan Scheme
Small and medium-sized enterprises (SMEs) are now eligible to borrow up to $5 million dollars as part of the federal government’s decision to expand its loan scheme. The recently announced expansion will be included in the governments post-JobKeeper support package which aims to financially assist SMEs. The SME recovery loan scheme will be an […]
Struggling Businesses Are Concerned About What the End of JobKeeper Will Mean for Their Future
Struggling businesses and their employees are concerned about what is going to happen to them once JobKeeper ends on the 28th March 2021. Economists are predicting that over 100,000 jobs could be lost when the government ends the covid-19 welfare supplement later this month. When covid-19 shattered Australia’s economy in March 2020, millions of people […]
The Federal Government’s SME Recovery Loan Scheme
In an effort to reduce the economic struggle caused by the covid-19 pandemic, the federal government has announced an extension of its small and medium-sized enterprise loan scheme. Following the conclusion of JobKeeper the government will continue to work with lenders to offer assistance to Australian businesses who are still in need of access to […]
Fringe Benefits Tax Year End Planner
Fringe Benefits Tax (FBT) is a tax imposed on employers for specific benefits they provide to their employees or their employees family or friends. FBT’s purpose for its existence is to prevent tax leakage from businesses deducting the cost of provide those however income tax is not collected on the employee side. Some major examples […]
The Small Business Ombudsman Calls for FBT To Be Scrapped
The Small Business Ombudsman believes that removing the fringe benefits tax, and enabling GST to be remitted at the point of sale, would potentially make the tax system more small business friendly. A recent research paper published by Australia’s Small Business and Family Enterprise Ombudsman has listed 25 recommendations that aspire to create a tax […]
Tips for Boosting Your Superannuation and Retirement Savings
For many Australians there is a huge gap between how much money they think they need to save in comparison to much they really need to save in order to safely retire. Australia’s average life expectancy in 82 and a half years of age. If someone was hoping to retire at age 65 it would […]
New Partnership Profit Guidelines Introduced by the ATO
Three years after first commencing a review of how professional firms engage in income splitting the ATO has released its highly anticipated partnership profit guidelines. The new guidelines will be introduced on 1st July 2021. The ATO has published a drat copy of the guidelines under the name Practical Compliance Guideline 2021/22. This document explains […]
Accounting Advice for Recently Appointed Barristers
Congratulations on your recent appointment, if you have recently been appointed as a barrister, from a business structure perspective you will be operating as a sole trader. You will therefore need to apply to obtain an ABN (Australian Business Number). During your time spent in previous roles of employment you have been operating as a […]
Recent Changes Made to Director Resignations
The Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020 (the Act) was introduced on Thursday 18th February 2021 with the purpose of preventing illegal phoenix activity. These new rules will impact when a directors resignation takes place and will prevent resignations from occurring which would leave a company without a director remaining. The Act will also […]
How Owners of Bitcoin And Other Cryptocurrencies Will Be Taxed
The price of Bitcoin and many other cryptocurrencies has surged in recent years. One bitcoin currently equals just under $60,000 Australian dollars. As result of this financial phenomena many investors around the world have managed to make large sums of money in a short period of time. At the same time, many inexperienced investors have […]
