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$450 per month threshold for super guarantee eligibility removed

$450 per month threshold for super guarantee eligibility removed Currently, employees need to earn $450 per month to be eligible to be paid the superannuation guarantee. This threshold will be removed so all employees will be paid super guarantee regardless of their income earned. The Retirement Income Review estimated that around 300,000 individuals would receive

Temporary loss-carry back extension – 21/22 Budget issues

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 years to offset previously taxed profits in the 2018-19, 2019-20, 2020-21 and 2021-22 income years. Under this measure tax losses can be applied against taxed profits in a previous year,

2021-05-26T00:45:43+00:00May 17th, 2021|Categories: Accounting News, Financial News, Tax News|Tags: , , , |

Temporary full expensing extension – 2021/22 Federal Budget issues

Temporary full expensing extension Businesses with an aggregated turnover of less than $5 billion will be able to continue to fully expense the cost of new depreciable assets and the cost of improvements to existing eligible assets in the first year of use. Introduced in the 2020-21 Budget, this measure will enable an asset’s cost

2021/22 Critical Federal Budget issues – You & Your Family

The 2021-22 Federal Budget has been handed down by Treasurer Josh Frydenberg. 5 eca Budget update covers some of critical issues that could impact you and your family. Low and middle income tax offset extended As widely predicted, the Low and Middle Income Tax Offset (LMITO) will be extended for another year. The LMITO

Federal Budget 2021-22: The Balancing Act Budget

The 2021-22 Federal Budget has been handed down by Treasurer Josh Frydenberg. This Federal Budget is a balancing act between a better than anticipated deficit ($106 bn), an impending election, and the need to invest in the long term. It is also a human budget (cynics would say voter focussed), with $17.7 billion dedicated to

2021-05-19T03:21:13+00:00May 17th, 2021|Categories: Accounting News, Financial News, Tax News|Tags: , |

ATO signals crackdown on 4 ineligible work-from-home claims(Summary of Accounting Daily article)

Taxpayer Should be careful when they claim home office expenses in their tax returns. ; below are the only summary of Accounting daily article by John Buckley(john.buckley@momentummedia.com.au) Summary: four key ineligible work-from-home claims Personal expenses like coffee, tea and toilet paper ==> aren’t directly related to earning income Expenses related to a laptop, as well

Tax (CGT) exemption for ‘granny flat’ arrangements

To protect older Australians, the Government has moved to formalise ‘granny flat arrangements’ by providing an incentive to protect all parties in the arrangement. Typically, granny flat arrangements occur when an older person transfers some sort of consideration (often title to property or proceeds from the sale of property) to their adult child in exchange

2021-06-09T00:28:40+00:00May 10th, 2021|Categories: Accounting News, Financial News, Tax News|Tags: , , , , |

Super due is on 28 September 2020

Super due is on 28 October 2020 Employers: Your next super guarantee payments are due to your employees’ super funds by Wednesday 28 October. If you’re having difficulty meeting your super obligations because of COVID-19, contact us to discuss your situation and the options available on 1800 806 216. For more information on super guarantee

2021-05-11T06:04:17+00:00October 13th, 2020|Categories: ATO Update, Superannuation, Tax News|Tags: |

Foreign Income

ATO Tax Tip: Declare Your Foreign Income Tax tip: Do you earn income from overseas sources? Don’t forget to declare it on your tax return! Foreign income can include: • pensions and annuities • employment income • investment income • business income • capital gains on overseas assets. Learn more at link below ATO Foreign

2021-05-11T06:04:58+00:00October 12th, 2020|Categories: ATO Update, Financial News, Tax News|Tags: |

Service Australia Coronavirus Supplement has extended

Service Australia Coronavirus Supplement has extended The Government has extended the Coronavirus Supplement for eligible income support payments, at a rate of $250pf from Friday 25 September. We understand you might have questions about this change and how it will relate to your reporting period, so we've prepared a handy table to guide you. •

2020-10-15T08:13:43+00:00September 23rd, 2020|Categories: ATO Update, Tax News|
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