Victorian Treasurer, Tim Pallas, handed down the State budget on Thursday 20 May, which included a raft of tax changes that will impact a number of Victorian businesses. Payroll Tax Increase in the payroll tax threshold An increase in the tax-free threshold for payroll tax from $650,000 to $700,000 will be brought forward to 1 July 2021. The Victorian Government estimates that approximately 500 businesses will no longer be liable… Read more
Do you want to avoid paying more than you should come tax time? Or a frantic last minute search for missing financial records? New building & construction business owners have a lot on their plate and can easily lose track of an approaching tax deadline or financial data needed to submit their return. Organisation is key when preparing for tax time. As is taking advantage of the many tools and resources… Read more
On Tuesday 6 October, Treasurer Josh Frydenberg handed down the 2020/21 Federal Budget, which was one of the most eagerly anticipated Budgets in recent memory given the economic impacts felt across the country in the wake of the ongoing COVID-19 situation. Some described it as the most important Budget since World War II, given the rising levels of national debt and unemployment that we have witnessed in the past eight… Read more
The Government has introduced a JobMaker Hiring Credit to incentivise businesses to take on additional young job seekers. From 7 October 2020, eligible employers are able to claim $200 a week for each additional eligible employee they hire aged 16 to 29 years old and $100 a week for each additional eligible employee aged 30 to 35 years old. New jobs created until 6 October 2021 will attract the credit… Read more
Good news! This week the government announced that the Instant Asset Write-off has been extended for six months, taking the initiative to 31 December 2020. Australian businesses with less than $500 million annual turnover will be able to take advantage of the write-off and invest in assets to support their business. This government initiative is designed to help the economy reopen and boost economic growth. The instant asset write-off applies… Read more