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,...

We want to make sure you are aware of the changes in the minimum pension rules recently introduced because of COVID19. Providing support for retirees To assist retirees to manage the impact of volatility in financial markets on their retirement savings the Government is temporarily reducing...

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...

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...

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....

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...

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....