Business Resilience Package
To help your business navigate through these extremely difficult times, the Government has provided some financial assistance with their recently announced ‘Business Resilience Package’. Due to the Victorian Government’s Stage 3 & Stage 4 Restrictions put in place to combat…
2020/21 Federal Budget
1. Personal income tax changes 1.1 Changes to personal income tax rates The Government has announced that it will bring forward changes to the personal income tax rates that were due to apply from 1 July 2022, so that these…
SRO – Corona virus relief measures for Victorians
The corona virus pandemic has, and continues to have, a significant impact on Victoria from both a health and economic perspective. The State Revenue Office has summarised the corona virus tax and fee relief measures that they are administering below:-
JobKeeper Payment Scheme Fact Sheet
The JobKeeper Payment is a scheme, administered by the Australian Taxation Office (ATO), aimed at supporting businesses and not-for-profit organisations significantly affected by COVID-19, to help keep more Australians in jobs. Whilst it was originally due to run until 27…
COVID-19 Government income supplements
The COVID-19 pandemic is impacting Australians health and back pocket. The Government have taken some bold steps to provide incentives like income supplements and tax breaks to keep the economy going.
PAYG AND DEDUCTIONS FOR PAYMENTS TO WORKERS
The ATO has reminded business taxpayers they can no longer claim deductions for certain payments to workers if they have not met their PAYG withholding obligations from 1 July 2019.
FEDERAL COURT PROVIDES CLARIFICATION ON THE PSI RULES
The Federal Court recently handed down two decisions relating to the personal services income(‘PSI’) rules.
USES OF FINANCIAL REPORTS
Financial statements may be used by different stakeholders for a multitude of purposes. Owners and managers require financial statements to make important business decisions affecting its continued operations. Financial analysis is then performed on these statements, providing management with a more…
Financial statements are prepared according to agreed upon guidelines. In order to understand these guidelines, it helps to understand the objectives of financial reporting. The objectives of financial reporting are to provide information that
ATO WATCHING FOREIGN INCOME
The ATO is urging taxpayers who receive any foreign income from investments, family members or working overseas to make sure they report it this tax time. New international data sharing agreements allow the ATO to track money across borders and…