Temporary loss carry back extension

Sam MartelWednesday, 19 May 2021

Date of effect: Losses from the 2019-20, 2020-21, 2021-22 or 2022-23 income years. Companies with an aggregated turnover of less than $5 billion will be able to carry back losses from the 2019-20, 2020-21, 2021-22 and 2022-23 income year...

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Low deposit loans for first home buyers and single parents

Melisa WheatleyTuesday, 18 May 2021

2% deposit home loans for single parentsDate of effect: 1 July 2021. The Government will guarantee 10,000 single parents with dependants to enable them to access a home loan with a deposit as low as 2% under the Family Home Guarantee. Similar...

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Temporary full expensing extension

Melisa WheatleyMonday, 17 May 2021

Date of effect: Assets acquired from 7:30pm AEDT on 6 October 2020 and first used or installed ready for use by 30 June 2023. Businesses with an aggregated turnover of less than $5 billion will be able to continue to fully expense the cost of...

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Tax planning

Sam MartelFriday, 09 April 2021

The 2021 financial year has been a whirlwind. With COVID-19 restrictions easing to almost nothing, businesses have learnt to adapt quickly to change. The new rules for temporary full expensing of assets and the write off of all general asset pools...

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Crypto currency trading

Sam MartelTuesday, 06 April 2021

The ATO are watching the rise in crypto currency trading and have issued a warning to taxpayers that there can be tax consequences. Although the reporting of this type of trading is limited, we have seen an instance where a transaction was caught ...

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Small business fees and charges rebate

Melisa WheatleyThursday, 01 April 2021

If you are a sole trader, the owner of a small business or a not-for-profit organisation in NSW, you may be eligible for a small business fees and charges rebate of $1500.This rebate helps businesses recover from the impacts of COVID-19 and encour...

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Temporary full expensing provisions

Sam MartelMonday, 01 March 2021

We still feel the “temporary full expensing” provisions are not well known. The ATO website does not make it clear that the previous instant asset write-off threshold of $150,000 is now unlimited.Tax planning is going to be critical this year to m...

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The new unlimited instant asset write off

Melisa WheatleyTuesday, 01 December 2020

Legislation has now passed giving effect to some of the key tax changes announced in the 2020-21 Federal Budget, including the immediate expensing rules for depreciating assets.These changes allow businesses with a turnover of less than $5 billion...

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End of financial year review and tax planning

Sam MartelMonday, 15 June 2020

The 2020 financial year has been incredible. We have now seen the end of the worst drought on record and as COVID-19 restrictions are lifted, we are noticing an upward swing in business confidence.Many businesses have experienced a difficult finan...

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Did you know the Government can contribute to your super fund?

Melisa WheatleyThursday, 13 February 2020

If you are a low or middle income earner, and you make a personal contribution into your superfund, the government may also make a Co-contribution, to a maximum of $500 per year.The amount the government contributes, depends on your income and how...

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