Recent Changes Made to Income Insurance
For the large majority of Australians in the workforce our ability to earn an income is our greatest and sole financial asset. The loss of our ability to work and generate an income can have serious repercussions on our financial stability and our goals for the future. Medical and health problems can often leave an […]
IPA Supports A New Deduction to Help Australians Retrain and Reskill
The Institute of Public Accountants is pushing for the federal government to implement a new tax deduction to encourage Australians to retrain and reskill. The IPA, contents that a new deduction will fill a gap in the tax system that has neglected taxpayers who have been made to pay full cost of retraining and […]
Federal Government Extends Apprenticeship Wage Subsidy Scheme Until 30th September 2021
Prime Minister Scott Morrison has announced that the federal government will be extending its wage subsidy scheme for apprentices and trainees until the end of September 2021. It is anticipated that the extension will result in another 70,000 new jobs being created. The scheme has already created over 100,000 apprenticeships since it was introduced on […]
Extending The SME Guarantee Scheme To Help Australia’s Tourism Industry Recover From Covid-19
The Federal Government has chosen to extend its small and medium-sized enterprise loan scheme. The SME recovery loan scheme will be an adaptation of the SME Guarantee Scheme which was introduced in March 2020. The scheme provides loans of up to $5 million, 80% of the loan is guaranteed by the government and 20% is paid […]
Boosting the Creative Economy and Employing Australians In Entertainment Sectors
In a bid to boost the creative economy, the federal government announced the $250 million support package called “The Covid-19 Creative Economy JobMaker Package” on 25th June 2020. This support package includes a $90 million Show Starter Loans Scheme. These much-needed support packages are being delivered as part of the Coronavirus SME Guarantee Scheme. The […]
Preparing for The End of JobKeeper
On 28th March 2021, the Australian Government is planning to phase out JobKeeper. The payment was originally introduced in March 2020 at the start of the covid-19 pandemic to encourage affected businesses to keep staff employed during the nationwide lockdown. JobKeeper is a wage subsidy payment made via the tax system. On top of […]
How Covid-19 Has Changed the Workplace: The Pros and Cons of Working from Home
The covid-19 pandemic has changed the way millions of people around the world work. Working from home rather than commuting to an office space has become the new normal and is a trend that will likely remain common long into the future for years after the pandemic is finished. There are some key benefits to […]
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 […]
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 […]
JobMaker: Hiring Young Australians In The Age Of Covid-19
There are almost 360,000 fewer jobs in Australia when compared to the number of jobs that existed 12 months ago. Currently over 900,000 Australians are still looking for work. Over 1.5 million Australians are still on JobSeeker and the majority of these people are under the age of 35. The Australian Government has introduced a […]