Tag: federal government

NSW and Victoria Government Boosts Support For Business

New South Wales and Victoria State Governments have both announced an increased level of business support measures to lessen the burden of recent state lockdowns, while the federal government has also increased its support for individuals as the covid-19 crisis continues to drag on. NSW Government Opens Applications For JobSaver On Monday 26th July, applications […]

Important Information About Tax Cuts And Super Changes Introduced on 1st July 2021

Tax relief for workers and businesses, higher superannuation payments and housing assistance for first home buyers are just some of the changes set to occur at the start of the new financial year on Thursday 1st July, as a number of measures from the 2021 federal budget come into effect. Arguably the most significant change […]

ATO Declares It Won’t Use e-Invoicing to Facilitate Tax Compliance

The Australian Tax Office (ATO) has announced that it has no plans to use e-invoicing as a way of facilitating tax compliance, despite fears that Australia may eventually move to emulate other countries by scrutinising e-invoicing data. The ATO has assured businesses that the Tax Office has not been granted the authority to view the […]

The Australian Government Is Planning More Insolvency Reforms

Small businesses across Australia that operate via a trust will now be considered for further protection, as the federal government contemplates further insolvency reforms as part of the May 2021 federal budget. On Monday 3rd May, the Treasury announced that the Australian Government will be holding a consultation regarding how trusts are currently being treated […]

How The 2021 Federal Budget Will Impact Australian Small Businesses

On Tuesday 11th May, the Australian unveiled what’s been described as one of the most important and hotly anticipated federal budgets in recent decades. As Australia aims to bounce back from the covid-19 pandemic, there is a huge focusing on needing to ensure that Australia maintains a strong economic recovery, with the goal of supporting […]

The Australian Government Announces $1.2 Billion Digitalisation Package

The Australian Government has announced that it intends to make a huge investment in digital education for works, along with artificial intelligence, incentivising investment in game, refreshing government services, digitising SMEs, data management, emerging aviation technologies and cyber security. The ambitious new technology package is worth $1.2 billion was announced on Thursday the 6th May […]

Federal Government Announces Superannuation Boost For 300,000 Australian Workers

As part of the 2021 Federal Budget, The Australian Government has announced that businesses part-time and casual employees will now have to pay for their superannuation as the government discontinues the $450 minimum income threshold. Under the current rates, employees earning under $450 a month are not required to be paid the superannuation guarantee by […]

The Australian Government Removes Work Test for Voluntary Superannuation Contributions

The Australian Government has announced that older Australians in SMSFs will be able to contribute earnings or savings directly into superannuation funds with the repeal of the “work test”. As part of the May 2021 Federal Budget, new changes will enable individuals aged between 67 to 74 years to make or receive non-concessional including under […]

Nearly 500,000 Small Business Trading Without Digitalisation

Nearly 500,000 small businesses across Australia are currently trading with little to no digitalisation measures, while 34 percent of business who have were found to be more profitable as a result.  On Tuesday 11th May MYOB published the findings of new research which discovered that 466,062 small and medium-sized businesses have been left in the […]