NSW Government announces $1 billion support package for businesses

2022-02-01T23:51:21+10:00February 1st, 2022|COVID-19, General, News|

On Sunday, the NSW government announced a $1 billion support package for businesses with a turnover between $75,000 and $50 million. This is in addition to the rent relief extension to mid-March previously announced. The package, which commences from February 1 includes: Up to $5k per week for Feb 2022 - A lump sum payment of 20%

Overseas gifts and loans in the spotlight

2021-11-30T12:18:52+10:00December 16th, 2021|ATO, General, News|

The ATO has recently issued an alert on gifts or loans from overseas. The ATO is particularly concerned about schemes and arrangements designed specifically to circumvent Australian tax laws. In general, Australian-resident taxpayers need to declare their worldwide income in their Australian tax return. Some schemes however disguise offshore capital gains or income as

SMSF COVID-19 Audit Relief Extended

2021-11-30T12:13:19+10:00December 5th, 2021|ATO, COVID-19, General, News, SMSF|

The ATO has extended COVID-19 relief for SMSF trustees. The relief measures, which protect trustees from COVID-19 related contraventions of the super laws, now extend from the 2019-20, 2020-21 and 2021-22 financial years. The relief measures provide: ·  Residency relief where the pandemic has prevented members from returning to Australia. This measure prevents the

How to set up your Director ID

2022-04-04T20:02:31+10:00November 14th, 2021|ATO, General, News|

Directors are now required to register for a unique identification number that they will keep for life. What is a director ID? A director ID is a 15 digit identification number that, once issued, will remain with that director for life regardless of whether they stop being a director, change companies, change their name,

Tax and the Normalisation of Cryptocurrency

2021-11-10T23:14:27+10:00November 11th, 2021|ATO, General, News|

The Australian Taxation Office recently updated its guidance on tax and cryptocurrency. In early November, the Commonwealth Bank announced that it is now Australia’s first bank to offer customers the ability to buy, sell and hold crypto assets, directly through the CommBank app. You know when the banks come on board, cryptocurrency has become

NSW commercial landlord hardship fund

2021-11-03T23:16:14+10:00November 3rd, 2021|COVID-19, General, News|

The NSW government has introduced a hardship fund for smaller landlords whose main source of income is impacted by providing rental relief to retail or commercial tenants who have been financially impacted by the 2021 COVID-19 lockdown. Under the scheme, landlords can apply for a payment of up to $3,000 per month, per property

Unwinding COVID-19 Relief

2021-10-05T22:29:34+10:00October 5th, 2021|COVID-19, General, News|

COVID-19 support will roll back as states and territories reach vaccination targets. The National Plan, the road map out of COVID-19, does more than provide greater freedoms at 70% and 80% full vaccination rates, it withdraws the steady stream of Commonwealth financial support to individuals and businesses impacted by COVID-19 lockdowns and border closures.

What now? Unwinding the Pandemic

2021-09-13T09:18:51+10:00September 13th, 2021|COVID-19, General, News|

Australia’s two largest states and the ACT are in lockdown as the Delta strain of COVID-19 takes its toll while others are standing firm on a policy of eradication. The result is a country at a policy impasse and divided by border restrictions. And, it is not just businesses in lockdown that are in

Business in a post pandemic environment

2021-08-10T20:46:09+10:00August 16th, 2021|COVID-19, General|

Countries that have experienced the worst of the pandemic give Australian businesses an insight into what to expect in a post-lockdown environment. Australia, like New Zealand, has managed COVID-19 on an elimination basis. That is, lockdowns and border closures to keep the virus out. And, it has worked comparatively well with New Zealand suffering

Important NSW business support payments update

2021-08-10T20:45:12+10:00August 10th, 2021|ATO, COVID-19, General|

Service NSW has provided some additional guidance on key aspects of the NSW business support payments and it seems like some of the eligibility conditions have been updated as well. Decline in turnover flexibility Firstly, some additional flexibility is being provided when it comes to passing the decline in turnover test to access the

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