Rents Across Australia Fall or Stagnate While Property Prices Rise
House and unit prices are currently at record levels in cities across Australia after rock-bottom interest rates and government stimulus provoked a rush of buying. This has coincided with government assistances such as JobKeeper and mortgage holidays helping prevent a wave of distressed selling during the peak of the covid-19 pandemic. The price of housing […]
Small Business in The Age of Covid-19
Small businesses are crucial to sustaining a healthy economy as they employ almost half of all Australians currently in the workforce. The covid-19 pandemic has caused huge disruption to the way small businesses operate. After being forced to close overnight in March 2020 and then re-open to limited capacity two months later restaurants, gyms and […]
Why Now Is the Best Time to Change Accountants
It is important to hire an accountant that adds value to your business by helping you realise your tax benefits and supports you with difficult matters related to auditing, tax and payroll among other accounting services. It is also beneficial to have an accountant that delivers considerable savings regarding the day to day operation of […]
Tax Deduction Claims For Education & Training Could Soon Be Widened
Australian taxpayers might soon be able to claim deductions for training and education programs unrelated to their chosen area of profession. Changes surrounding FBT exemptions for retraining and reskilling included in the recent federal budget have been implemented to encourage Australian workers to upgrade their skillset to make themselves more desirable to employers for a […]
Getting A Licence to Legally Distil Alcohol In Australia
For Australians wanting to distil their own alcohol, it is important to know that you have to pay tax on the alcohol you produce. Similar to driving a car, an individual must obtain a licence if they wish to distil alcohol. A licence is issued by The Australian Tax Office and can be obtained for […]
Tax Deductions for Self-Education Expenses
Australian workers are currently able to claim tax deductions on self-education expenses when the education activities are directly connected to the income arising from their current employment activities. To be tax deductable the self-education must also maintain or improve the specific skills or knowledge that is required in your current work activities. Furthermore, the self-education […]
Victorian Government Grants Tax and Stamp Duty Relief for Those Effected by The 2020 Bushfire Crisis
Families, individuals and businesses who had their properties destroyed or significantly damaged by bushfires in Victoria were given an ex-gratia relief for their 2020 land tax assessment. Land tax has been revoked on properties that are currently providing free accommodation for people who can no longer live in their old home due to the impact […]
Business Advice for Practitioners in The Cosmetic Injection Industry
The cosmetic injection industry enjoyed a significant growth in 2020 and is a sector that has continued to thrive throughout the covid-19 pandemic despite many other industries struggling to make a profit. Botox and dermal fillers are leading the way in an ever-expanding cosmetic market, that defies the weaker economic conditions. We expect that whilst […]
The New “Simplified Liquidation Process” Introduced On 1st January 2021
A new Simplified Liquidation process was one of the key components of the Federal Governments recent changes made to Australia’s corporate insolvency framework. The changes were introduced on 1st January 2021, the Simplified Liquidation process aims to be a streamlined Creditors Voluntary Liquidation (“CVL”) for companies that are insolvent and have liabilities of less than […]
The 80¢ Per Hour Work-From-Home Deduction Method Has Been Extended Until 30th June 2021
A significant number of Australian business owners and employees are working from home as a result of the covid-19 pandemic. A direct consequence of working from home is that additional expenses are accumulated by workers in relation to their income-producing activities. These additional expenses include more money spent on lighting, heating, clean and cooling. Working […]
