Running a business can be an isolating experience. And, with COVID-19 lockdowns and disruptions to trade, the pressure can be intense.

Mental Health Support for Business Owners

Running a business can be an isolating experience. And, with COVID-19 lockdowns and disruptions to trade, the pressure can be intense. NewAccess for Small Business Ownersis a free and confidential mental health program developed by Beyond Blue to give small business owners the support they need. Whether you’re just feeling stressed, or completely overwhelmed about…
Growing your business value

Growing Your Business Value

Over the next decade, as the baby boomer bubble of small and medium sized business owners roll through the system, Australia will experience one the largest transfers of business wealth in its history. Succession planning is more important than ever. Not just because of the transfer of wealth, but because of the polarising impact of…
ATO reveals STP reporting options for closely held payees

ATO Reveals STP Reporting Options for Closely Held Payees

Employers with closely held payees will now have three options to report payments through Single Touch Payroll, following guidance from the ATO. The ATO has confirmed that STP reporting for closely held payees will commence from 1 July, after it had granted these employers a one-year exemption in the midst of the pandemic last year.…
Small Retail Business Owner in VIC

Victoria Launches Small Business Digital Rebate

Victorian businesses will now have access to a $1,200 rebate to put towards adopting new digital products, including cloud accounting tools, to assist them in their COVID-19 recovery. Victoria’s Small Business Digital Adaptation Program is now open for registrations until 28 February 2021. The program, part of the state government’s $3 billion Business Resilience Package,…
Man working in cafe and wondering about Tax Deductions For Investing In Your Business

Tax Deductions for Investing in Your Business

Stimulating investment is high on the Government’s agenda. To encourage spending, the 2020-21 Budget introduced a measure that allows businesses with turnover under $5bn* to immediately deduct the cost of new depreciable assets and the cost of improvements to existing assets in the first year of use. This means that an asset’s cost will be…
JobMaker: What we Know So Far

JobMaker Hiring Credits: What We Know So Far

We’ve had quite a few questions about the JobMaker hiring credit announced in the 2020-21 Federal Budget. The legislation enabling the JobMaker scheme has not passed Parliament as yet and until this occurs, the JobMaker rules are not certain and may change. More details should be available soon and we’ll let you know as soon…
Small Business Owner unhappy as he misses out on loss carry back

Small Business Shut Out From Loss Carry Back

Thousands of small businesses are set to miss out on accessing the temporary loss carry back provisions due to its limitation to corporate entities. The National Tax and Accountants’ Association has now written to Treasurer Josh Frydenberg to call for the expansion of the loss carry back provisions to non-corporate entities such as sole traders, partnerships and trusts.…
JobKeeper: The Next Steps

JobKeeper: The Next Steps

The first tranche of JobKeeper ended on 27 September 2020. We look at the issues for those seeking to qualify for the second tranche of JobKeeper and for those no longer eligible. Wrapping Up JobKeeper If your business is no longer eligible for JobKeeper payments, there are a few things you need to do: Advise…
AustralianTaxation Office BAS Form

New JobKeeper 2.0 Rule Removes ‘Smorgasbord’ of Attribution Options

The new rules regarding the basis of accounting that an entity is required to use in calculating actual GST turnover for JobKeeper 2.0 could now throw up fresh issues for businesses. The Tax Commissioner’s determination issued on Wednesday has now set out that supplies must be allocated to a period on a GST reporting basis,…
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