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Key superannuation changes introduced in the Federal Budget 2021 have been passed in both Houses of Parliament. These include: Removing the work test for older Australians 67 to 74 Allowing people up to age 74 to use the bring forward…

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There are a range of resources available for small business in Qld. Please click on the link for more information.

https://www.business.qld.gov.au/running-business/support-assistance/qsbc/resources

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If you have a home based business the ATO now have a fact sheet on what expenses can be claimed. Available here: www.ato.gov.au/uploadedFiles/Content/MEI/Downloads/TaxTimeToolkit_SB_home-based-business.pdf

Rent is a major business expense. There may be tax implications when you give or receive rent concessions as a result of COVID-19. It’s important to understand these changes and your obligations as a landlord or tenant. The rent concession…

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Anyone who received a payment under the Covid-19 early release of super scheme can no longer make deductible contributions until they have re-contributed the amount withdrawn under the scheme. This applies up until 30th June 2030. In some cases the…

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The ATO has introduced a new data matching program that will extract data from insurance policies held on “lifestyle assets” (aircraft, vessels, horses etc). Policies for 2020-21 through to 2022-23 will be examined for the following assets where the value…

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The ATO has put together some excellent resources for calculating your work from home expenses during Covid whether you’re an employee, a sole trader or working on your business. If you’re an employee who works from home, you may be…

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Early release superannuation payments are tax free and should not be included in your PAYG withholding payment summary annual report, or your tax return. If your employer includes these amounts in your PAYG withholding payment summary annual report, please contact…

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Government-funded online learning up to $5,000 is now available to you for free. The program is available to: Anyone who owns a business in Queensland Anyone who aspires to own a business in Queensland Employees in Queensland Anyone who has…

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Running a business is exciting – so exciting that it’s easy to forget some of the more mundane but critical aspects like regulatory and legal obligations.  Here, we run through some key risks and requirements facing businesses in Australia today. This article…

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