With the other government COVID-19 economic supports such as the JobKeeper and JobSeeker winding down in the next few months, businesses that are seeking to employ additional workers but need a bit of help can apply for the JobMaker Hiring Credit Scheme. Unlike the JobKeeper where the payment has to be passed onto employees, the…
Concessional and Non-Concessional Contribution Caps From 1 July 2021, the concessional and non-concessional contribution caps are set to increase due to indexation for the first time ever since July 2017. The concessional contribution cap, originally set at $25,000 from 1 July 2017, is indexed by average weekly ordinary time earnings (AWOTE) in increments of $2,500.…
Will 2020 Crisis Continue in 2021? 2020 was hard on small businesses worldwide. Australia fared better than many countries. However, the damage to SMEs was huge and many of them closed with many more at risk of doing so in 2021. The biggest problem for small businesses that came from the COVID-19 pandemic are cash…
It can be frightening to realise you made a mistake in your tax returns after you’ve already submitted them, but luckily there are ways to correct your mistake! Individuals are able to lodge an amendment through their myGov account by selecting ‘ATO online services’ and then ‘manage tax returns’. Importantly, you should wait until your…
Australians are taxed on their worldwide income which must be declared in their tax returns. Each of the following categories is included in foreign income and need to be declared during yearly tax returns. Income from employment and personal services Income from work conducted and services provided outside of Australia should be declared as if…
The ATO has identified scenarios where businesses lodging Single Touch Payroll (STP) reports is no longer necessary. STP-enabled software allows you to run payroll, pay your employees as normal, and give them a payslip. It also sends information about your salaries and wages, pay as you go (PAYG) withholding, and super liability information to the ATO.…
Knowing what type of legal expenses are tax-deductible is valuable information when it comes to budgeting and allocating funds for emergencies. Legal expenses that pay for business operations integral to producing an assessable income are tax-deductible. However, if the legal fee is capital, domestic or private in nature, then it will not be tax-deductible unless…
