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What’s changing on 1st July 2022?

FOR BUSINESS Superannuation guarantee increase to 10.5% The Superannuation Guarantee (SG) rate will rise from 10% to 10.5% on 1 July 2022 and will continue to increase by 0.5% each year until it reaches 12% on 1 July 2025. If you have…
Shaun Farrugia

Guest speaker on a live event

We are excited to announce that Shaun will be a guest speaker on a live event with Wheatley Finance. Good Debt, Bad Debt. Wednesday March 23rd 2022. 12–2pm https://www.wheatleyfinance.com/event/ In this online event (Zoom), Wheatley…
Trusts and trust distribution changes

Trusts and Trust Distribution changes in 2022

Late last month, the Australian Taxation Office (ATO) released a package of new guidance material that directly targets how trusts distribute income. Many family groups will pay higher taxes (now and potentially retrospectively) as a result…

A letter to santa

If Santa was an Australian tax resident: a laugh A lighter look at the complexity of Australian taxation laws and the year that has been.   To santa, Thank you for the opportunity to provide strategic business, tax and compliance…
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What is Director ID?

In its 2020 Budget Digital Business Plan, the Australian government announced the full implementation of the Modernising Business Registers (MBR) program. The program is designed to both establish the new Australian Business Registry Services…

Covid-19 support to roll back

COVID-19 support will roll back as states and territories reach vaccination targets. The National Plan, the road map out of COVID-19, does more than provide greater freedoms at 70% and 80% full vaccination rates, it withdraws the steady stream…
stapled super
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What is a Stapled Super Fund?

  There's a change to superannuation that means to comply with 'choice of fund' rules you might need to do something extra when a new employee starts to work for you. Previously, if a new employee doesn't choose their own super…
Construction grant
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Construction support

On the 2nd October the Victoria Government announced they would support construction businesses with cash grants for the 2 week closure of the construction industry. Applications are now open. If you are a managed business client of ours,…
October support for businesses
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Victorian business support for October

The Victorian Government has announced additional funding to help support businesses for the next 6 weeks up until a point where we should be at 80% double vaccination rate.In this article we have outlined the following:   1. Business…
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1st July 2021 changes

We’ve summarised the key 1st July 2021 changes and their implications. Most of them relate to superannuation: Super guarantee rate increase to 10% On 1 July 2021, the Superannuation Guarantee (SG) rate will rise from 9.5% to 10% -…
March business tax update
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Tax updates: March 2021

Individuals and small business owners who have taken advantage of the government’s COVID-19 support programs will find themselves increasingly under the tax man’s microscope in coming months. This is just one of the key developments occurring…

100% true blue

There is something that was on our radar for our business goals, and that was to be completely Xero focused. We find the Xero platform superior over others and find it far more beneficial to be highly skilled with the best rather than some…
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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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,…
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…
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…
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…

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…
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…
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…
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…
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…
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…
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…
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…

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…

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.

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…

Covid-19 assistance

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

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…
coronavirus stimulus package for business

The Stimulus Package: What you need to know

12/03/2020 The Government has announced a $17.6 billion investment package to support the economy as we brace for the impact of the coronavirus. The yet to be legislated four part package focuses on business investment, sustaining employers…
Self Managed Super Fund rules
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5 key SMSF rules

The lure of greater control over your retirement savings with a self-managed super fund may be enticing but the freedom to chart your own destiny also comes with the responsibility to comply with the rules. An SMSF is a private super…
Calculating Super Guarantee
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Calculating Super Guarantee: The new rules

From 1 July 2020, new rules will come into effect to ensure that an employee’s salary sacrifice contributions cannot be used to reduce the amount of superannuation guarantee (SG) paid by the employer. Under current rules, some employers…
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Super Guarantee Amnesty Resurrected

The Government has resurrected the Superannuation Guarantee (SG) amnesty giving employers that have fallen behind with their SG obligations the ability to “self-correct.” This time however, the incentive of the amnesty is strengthened by…
ATO calling SMSF trustees

SMSF trustees being contacted by ATO

The investment strategies of Self Managed Superannuation Funds (SMSFs) are under scrutiny with the Australian Taxation Office (ATO) contacting 17,700 trustees about a lack of asset diversity. The ATO is concerned that, “a lack of diversification…
small business tax gap
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The small biz tax gap

Last month, the ATO released statistics showing small business is responsible for 12.5% ($11.1 billion) of the total estimated ‘tax gap’. These new figures give visibility to tax compliance issues within the small business sector…
ATO takes gloves off for overseas income

ATO take ‘gloves off’ on overseas income

Five years ago, the Australian Taxation Office (ATO) offered a penalty amnesty on undisclosed foreign income. Five years on, the ATO has again flagged that underreporting of foreign income is an issue but this time the gloves are off. How…
Uber taxi FBT ruling
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FBT and Uber style ride sharing

When an employee uses a taxi service for travel to or from work or if the employee is sick, it is generally exempt from Fringe Benefits Tax (FBT) under the FBT taxi travel exemption. The question is, what about Uber and other ride sharing services,…
Optimised Accounting sponsoring a bike ride

Sponsoring a charity bike ride

We are excited to share that we are a major sponsor for a charity bike ride coming up in October. Some of our long time clients will be participating in this ride, and we are happy to support them! The bike ride will go towards MND…
1 July changes from the ATO
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1st July changes: what you need to know

As of 1st July 2019 there were some changes that came into affect. This includes: Insurance inside Superannuation funds We let you know the tax tip-offs from the ATO Laundry expenses are going to be reviewed Who owns the assets…
Optimised budget wrap-up 2019
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2019 Budget wrap-up

How will the 2019 Federal Budget effect me and my business? Treasurer Josh Frydenberg's main talking point was that this budget will bring us back to surplus. Back in black, back on track. Here are the most important bits: Small/medium…

How do I know it’s really the ATO calling me?

We have had a few phone calls regarding some scam phone calls from some very dodgy people claiming to be the ATO. It's important that you know what to do, and you don't fall into their trap. So, someone is calling you claiming to be the…
Long Service Leave changes in Victoria

Changes to Long Service Leave from 1 November 2018

From 1 November 2018 the new Long Service Leave legislation will come in to effect in Victoria. The fundamental that Long Service Leave starts accruing after 7 years of continuous service still remains, however much more flexibility has…
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Budget wrap-up 2018

Tuesday night Scott Morrisson handed down what can be best described as an pre-election Budget and in our opinion a very tax centric budget. No major announcements of increases or decreases in service spend and It is still expected that…
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Dissecting the PM’s Tax cut teaser

You may have heard the PM drop a big hint earlier this week that tax cuts are coming for middle-income Aussie families. However it was all very light on detail, so here’s what to make of it. In case you missed it, here’s the tidbit…
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2017 Budget wrap-up

We have put together a summary of the key tax and financial changes that were announced in last night’s federal budget. This was Scott Morrison's 2nd budget and is focused on increased transport infrastructure spending which will support…
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Your 2 minute guide to the tax and super changes that affect you and your business.

Below is a summary of the key tax and superannuation changes that were announced in this years federal budget. There are some wins for business – aimed to stimulate ‘Jobs & Growth’ which was this year's slogan. There are plenty…