Business and Tax articles

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invest in your business
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Tax deductions for investing in your business

Stimulating investment is high on the Government’s agenda. To encourage spending, the 2020-21 Budget introduced a measure that allows businesses with turnover under $5bn* to immediately deduct the cost of new depreciable assets and the…
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FBT rules working from home

FBT changes under COVID: What are the rules?

The COVID-19 pandemic is raising some interesting questions for small business employers in relation to their Fringe Benefit Tax (FBT) liabilities. With many employees working from home, common employee benefits are often not being supplied,…
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Xero firsts - training for new users to xero
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Videos for new users to Xero

Xero have just created quite a few videos to help explain and go through some simple how-to's for those new to Xero. Worth a watch if you're new to Xero and still figuring things out. …
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2020 Budget wrap-up

This years budget is all about jobs In what has been billed as one of the most important budgets since the Great Depression, and the first since the onset of the COVID-19 pandemic dragged Australia into its first recession in almost 30 years,…
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Opportunities amid the Covid-19 disruption

COVID-19 is resulting in significant disruption to well-established business paradigms, impacting businesses, sectors and stocks across the board. However as Albert Einstein once said “in the middle of difficulty lies opportunity”. That…
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Preventing a Tsunami of Insolvencies

The Government has stepped in to prevent a wave of insolvencies when the COVID-19 support measures run their course in December 2020. Temporary insolvency and bankruptcy protections are in place until 31 December 2020 to enable businesses to…
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JobKeeper 2.0

JobKeeper from 28th September

The first tranche of JobKeeper ended on 27 September 2020. Those needing further support will need to reassess their eligibility and prove an actual decline in turnover.  To receive JobKeeper from 28 September 2020, eligible employers…
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3rd round of business support fund grants

3rd round of Victorian grants

The Victorian Government has announced a third round of the Business Support Fund to provide direct financial support to businesses impacted by restrictions in Victoria. The amount of the grant is between $10,000 and $20,000 depending on the…
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Business Survival & Adaptation Package

More support for Victorian Businesses

Over 2 days, the Victorian Government has announced two new support packages delivering over $3 billion in “cash grants, tax relief and cashflow support." There are almost no details on the packages as yet – just the announcements. We…
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covid devalued your business?

Has COVID-19 devalued your business?

If you are selling your business, merging, acquiring, or inviting in new investors, you need to understand the value of your business. But, to what degree does the pandemic impact on value? Should you discount or hold firm to pre COVID-19…
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Forecasting during a pandemic

Forecasting during a pandemic

Now, more than ever, business operators should have a plan in place to manage during uncertain times. Even if your business is not directly impacted, it’s likely your customers, your supply chain, and your workforce will be to some extent. So,…
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building resilience business owner

Building resilience to spring back stronger than ever

Our resilience has been tested of late and continues to be, with the ongoing situation of the coronavirus pandemic throwing challenges our way.  Resilience has certainly become a now frequently used buzzword, but what does it actually mean?…
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Covid support states and territories

Covid-19 support – State based

In addition to general waivers, reductions or rebates on some Government licensing and fees, each State and Territory has some form of support accessible to certain businesses impacted by COVID-19. Australian Capital Territory Support Description Closes Rate…
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CGT on inheritance

Understanding CGT when you inherit

Receiving an inheritance is always welcome, but people often forget the tax man will take a keen interest in their good fortune. When ownership of an asset is transferred, it triggers a capital gain or loss with potential tax implications.…
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JobKeeper 2.0

JobKeeper 2.0

The first tranche of JobKeeper ends on 27 September 2020. Those needing further support will need to reassess their eligibility and prove an actual decline in turnover. To receive JobKeeper from 28 September 2020, eligible employers need…
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Stage 4 lockdown – support for business

Additional business support has been announced to help eligible businesses with the latest restrictions. Weren't previously eligible for JobKeeper? Although you may not have qualified for JobKeeper originally, stage 4 lockdown may have…
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victoria business support fund

Business Support Fund Expansion

This article is an August 2020 update, for the latest BSFe information please head back to our blog page.   Businesses which have already received a $5,000 BSFe grant, or have applied for one, will not need to re-apply. Successful…
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jobseeker changes

JobSeeker changes

On 21 July 2020, The Government announced changes the COVID-19 income support measures. We explore the details. Coronavirus supplement The Coronavirus supplement will continue, albeit on a reduced rate of $250 per fortnight (from $550), from…
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Business Support Fund

Victorian Business Support Fund

The Victorian Government has announced that Stage 3 ‘Stay at Home’ will be in reinstated across metropolitan Melbourne and Mitchell Shire from 11:59 on 8 July 2020 to help slow the spread of coronavirus (COVID-19) in Victoria. These restrictions…
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tax from your couch

Tax Returns

Now that we have used Tax from Your Couch for two Individual Tax seasons, we can confirm that this way of doing tax returns is a permanent feature of Optimised Accounting. Tax from your couch   The process: First, get in touch.…
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ATO targeting covid fraud

ATO targeting Covid-19 fraud

We always knew that a Government scheme swiftly distributing cash during a crisis was going to come with equally swift compliance and review measures, particularly when eligibility was self-assessed. Two major Australian Taxation Office…
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Leadership through challenging times

As all leaders can attest to, no leadership role is smooth sailing. There will inevitably be the occasional storm coming over the horizon, with different challenges you need to respond to. Sometimes these challenges will be unprecedented,…
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What happens if you don’t pay your super on time?

In the past, monitoring of superannuation payments was not as stringent as it is now. If employees did not regularly read their super statements or check their balances, it is entirely possible that super could go unpaid - and unnoticed by the…
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Parental leave changes
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Increased flexibility for Parental Leave for self employed

From 1 July 2020, parents accessing the Government’s parental leave pay (PPL) scheme will have greater flexibility and options. Targeting the self-employed and small business owners, the changes introduce a new flexible paid parental…
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business due date calendar
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2020 Business due date calendar

On the back of the popularity of last years due date calendar, we have created a new one for this year. We usually hand out these posters during pre-EOFY tax planning sessions, however this year these were done on Zoom. If you would like to get your hands on one of these posters, please let us know.
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Family trusts under ATO scrutiny

Family trusts have stood the test of time as a means of protecting family and business wealth, and managing the distribution of trust income in a tax-effective way. But the misuse of these tax benefits by a small minority periodically puts trusts…
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home builder grant

HomeBuilder: What is it and how do you access it?

The Government has announced grants of $25,000 to encourage people to build a new home or substantially renovate their existing home. The HomeBuilder scheme targets the residential construction market by providing tax-free grants…
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EOFY checklist

It always takes some planning to get your finances in order for the end of financial year, and this year may look a little different, come June 30. The COVID-19 pandemic may have impacted your circumstances and therefore your situation could…
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australia tax changes 2020
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What’s changing on 1st July 2020?

  Company tax rate reduces to 26% for base rate entities Cents per km rate for work-related car expenses increase to 72 cents Expected reforms to allow 66 and 67 years olds to make voluntary superannuation contributions without…
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Could your business do with a cashflow boost?

The two cash flow boosts provided by the federal government to help businesses deal with the COVID-19 emergency have largely been overshadowed by the JobKeeper program, but they could provide valuable financial support to organisations that…
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ATO jobkeeper audit

The ATO’s JobKeeper audit targets

“…while it is all very well to talk of 'turning points', one can surely only recognise such moments in retrospect.” Kazuo Ishiguro, The Remains of the Day The JobKeeper subsidy has progressed beyond the rush for eligibility and entered…
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working from home

Calculating your working from home deductions

With many people now working from home because of COVID-19, some of the expenses your employer normally pays – such as electricity, heating and cooling – are now coming out of your wallet. Although some employers may provide a daily…
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JobKeeper is open!

JobKeeper registrations are now open. We have created an updated video which explains all the changes that have come through in the last few weeks since the JobKeeper payment was announced. This can be found below. Our fee details…
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Guest post: Depreciation on investment properties

We have a guest post from our friends over at Capital Claims Tax Depreciation. How claiming for depreciation boosts cash flow Right now cash flow is front of mind for so many landlords.  With the economy hurting, maximising cash flow from…
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Instant Asset Write Off explained

*UPDATE* (November 2020) A new article goes over the updates to Instant Asset Write-Off over here. *UPDATE* (June 2020) $150K Instant Asset Write-Off has been extended until 30th December 2020. Read Josh Frydenberg's media release…
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working remotely

5 tips for working remotely (productively)

In the current climate, many businesses are needing to make changes to accommodate staff working remotely. If you are able to work from home the ensuing changes to your work habits can be challenging to negotiate, however there are things you…
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Covid-19 FAQ’s

We’ve had alot of questions about assistance for businesses affected by Covid-19, so we are starting to compile them.
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2nd Stimulus Package

23/03/2020 2nd Coronavirus Stimulus Package The Government yesterday released a second, far reaching $66.1 bn stimulus package that boosts income support payments, introduces targeted changes to the superannuation rules, provides cash flow…
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Covid-19 assistance

A constantly updated blog article with Covid-19 assistance measures and support for businesses.
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coronavirus-stimulus-package-explained

CORONAVIRUS STIMULUS PACKAGE: A VIDEO FROM SHAUN Shaun Farrugia has put together a video to explain the Government’s proposed Coronavirus Stimulus Package for business owners. Today I’m going to give you some information…
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