As the silly season is upon us once again it is probably appropriate to provide some reminders as to the tax consequences of making gifts to and holding Christmas parties for your employees. ON PREMISE PARTIES If the party is held on business premises, on a normal...
The Coronavirus has presented a fast evolving and significant challenge to global health systems and economies. The Government has acted decisively in the national interest to support households and businesses and address the significant economic consequences of the Coronavirus. To support the economic recovery, the Government...
The Victorian Government’s Sole Trader Support Fund helps eligible non-employing businesses in sectors that continue to be affected by coronavirus (COVID-19) restrictions. The roadmaps show that many sectors will remain closed, restricted or heavily restricted as metropolitan Melbourne and regional Victoria move towards reopening.Grants from this...
Various relief measures and initiatives have been introduced by the Government over the last 6 months in response to the COVID-19 pandemic. One of these initiatives has been to introduce land tax relief by way of deductions, deferrals and in some cases waivers for land...
The Government’s JobKeeper Payment will help keep more Australians in jobs and support businesses affected by the significant economic impact of the Coronavirus.On 21 July 2020, the Government announced an extension of the JobKeeper Payment until 28 March 2021, targeting support to those businesses and not-for-profits who continue...
On September 13 the Victorian Government announced the Business Resilience Package - $3billion in cash grants, tax relief and cash flow support that will be delivered to Victorian Businesses most affected by the COVID-19 restrictions.The package is aimed at helping businesses survive and prepare for...
The Victorian Government has announced that Stage 3 ‘Stay at Home’ restrictions will be in reinstated across metropolitan Melbourne and Mitchell Shire with restrictions in place for at least the next six weeks.Businesses within metropolitan Melbourne and Mitchell Shire that are affected by the return...
Following its release of step-by-step instructions for business owners looking to apply for JobKeeper Payment, the Tax Office has now published guidance for sole traders and businesses that operate in the form of a company, trust or partnership.Sole traders and some other entities (such as...
Working from home? You’re now eligible for a new 80 cents per hour tax shortcut.The ATO has announced new rules which will make it easier for Australians to work from home during the Coronavirus lockdown.The new “Shortcut Method” allows people to claim 80 cents per hour,...
With the JobKeeper Payment legislation being passed through Parliament last Thursday the ATO has now provided more details on how the process will work.For background information on the JobKeeper Payment please see the Treasury JobKeeper Payment summaryThe JobKeeper Payment scheme is effective from 30 March...
With the JobKeeper Payment being approved by Parliament last Thursday and the first fortnightly pay period already finished as of the 12 April, if you are an employer you do need to be getting organised.Please see our recent communication regarding how to register for the...
We want to make sure you are aware of the changes in the minimum pension rules recently introduced because of COVID19.Providing support for retireesTo assist retirees to manage the impact of volatility in financial markets on their retirement savings the Government is temporarily reducing...
The “Backing business investment” initiativeFrom 12 March 2020, businesses purchasing assets costing more than $150,000 before 30 June 2021 will be able to write off 50% in the year of purchase with the balance subject to normal rules. Those businesses using the ‘small business pool’...
Provides up to $100,000 back to small and medium-sized businesses, with a minimum payment of $20,000 for eligible businesses. The payments will provide cash flow support to businesses with a turnover of less than $50 million and not-for-profit entities that employ staff. The payment will...
We have been receiving a lot of enquiries from clients about the Government assistance being offered to small business and how these can be accessed. While the details will be finalised by Parliament in the coming week we have included below a summary of those...
The Government has announced its economic response to the Coronavirus in the form of a $17.6 billion economic stimulus package. The package has been marketed as a measure to protect the economy by maintaining confidence, supporting investment and keeping people in their jobs.The Key Tax...
When estate planning, most people focus what will happen to family and assets after they pass, often neglecting to consider what would happen if they were to become ill or incapacitated.Falling ill can be a very stressful and traumatic time for you and your family,...
Background – what’s the issue? Engaging employees can be frustrating for all types of businesses and industries. To engage an employee, it often involves most of the following steps (amongst others):interpreting employment awards and government legislation; tracking and paying annual leave, sick leave and long...
While anxiety and stress are quite often inevitable, it can take a severe toll on the state of your mental health and quality of life if not handled properly.In Australia, 1 in 4 people are affected by anxiety, making it more common than some may...
The Reserve Bank of Australia (RBA) reduced the official cash rate by 0.25% last month, with the intent of jumpstarting Australia’s economy. With the official cash rate now at a record low of just 1%, it’s important to consider the implications for investors....
If you own a business, then it should be a primary focus of your financial profile and wealth creation strategy. Good business advice is probably the most important advice of all and can have significant impact on your personal tax planning and investment strategies....
Using a discretionary trust enables income to be distributed to companies and trusts associated with family members. A discretionary trust enables income with different tax characteristics to be streamed to family members individually. The structure can also be applied to non-family beneficiaries....
A common misconception with negative gearing is that it can only be used for property. False. Negative gearing can be used for any asset where some or all the purchase price is borrowed. ...
Self-managed super funds often come into consideration during financial planning, particularly for high-income earners. Here’s a quick run down of the top 8 insights from the 2019 SMSF Benchmark Report released by Class in March this year....
Positive gearing lets you make a profit on your investment from day one. Provided there is no capital loss, this can be a great way to make money. Problem is: everyone else has thought of that, too. Positive gearing a decent property investment is hard....
There are two ways to think about the price of anything. The first is the number of dollars it would cost to purchase that thing. The second is to think about what else we could spend our money on. This is called ‘opportunity cost’ and...
This Guide to Preparing a Medical Practice Business Plan has been developed to assist both doctors and practice managers understand the potential of their practices. It contains numerous practical tips and advice and identifies the main issues connected to planning and successfully running the practice....
Superannuation, or ‘super’ as it is more often known, is a cornerstone of most people’s personal financial management. Learn more about self managed super funds within this comprehensive article....
Canstar claims to be Australia's biggest financial comparison site, with extensive information related to banking, insurance, investments and superannuation, business products and more. So it goes without saying that when a list of trusted Independent Financial Advisers in Australia is released by Canstar, we would...
A discretionary trust is also known as a family trust. This is significant because the beneficiaries are all, or predominantly, members of the same family. The name ‘discretionary trust’ is derived from the role performed by the trustee....
Index funds are a form of managed fund, but they are very different from the others. For reasons discussed within this article, the name ‘managed’ fund might be a misnomer....
Labor has announced that if they are ushered into Government at the next federal election, they will (amongst other things) stop negative gearing...
We stand by our ten principles of investing, and they have been our investment philosophy for more than a decade....
Setting up a new medical practice requires considerable planning, time, and often financial investment. It is critical to plan ahead, not just on the physical aspects of the medical practice such as the location, building fit out and personnel, but also the administrative aspects....
Staff are easy to hire but not so easy to fire. This video outlines the considerations you should take when hiring for your medical practice....