Entries by Admin

Lost paper receipts see 1 in 4 SMEs miss out by thousands

A new report conducted by Aussie fintech company Slyp and big four bank NAB surveyed over 300 businesses to identify the impact paper receipts have on SMEs come tax time. According to the research, 25 per cent of those surveyed have lost up to $10,000 by simply misplacing receipts. A further 8 per cent of those […]

Explanatory Memorandum – July 2021

Temporary COVID Disaster Payment now available The Federal Government has announced a temporary COVID Disaster Payment to assist workers who reside or work in a Commonwealth declared hotspot, who are unable to attend work and earn an income as a result of state-imposed health restrictions that last for longer than one week. The payment, available […]

Client Alert – July 2021

Temporary COVID Disaster Payment now available The Federal Government has announced a temporary COVID Disaster Payment to assist workers who live or work in a Commonwealth declared hotspot, who are unable to attend work and earn an income as a result of state-imposed health restrictions that last for longer than one week. The payment, available […]

Superannuation Guarantee Changes from 1 July 2021

Superannuation Guarantee rate increases to 10% on 1 July 2021 The Superannuation Guarantee (SG) rate as currently legislated will increase from 9.5% to 10% with effect from 1 July 2021 with further increases of 0.5% per year to come from 1 July 2022 until it reaches 12% from 1 July 2025 onwards. The SG rate increases were not affected […]

Explanatory Memorandum – June 2021

Are you ready for Tax Time 2021? Don’t jump the gun and lodge too early Tax time 2021 is almost here, but it’s likely to be anything but routine. Many individuals on reduced incomes or who have increased deductions may be eager to lodge their income tax returns early to get their hands on a […]

Client Alert – June 2021

Are you ready for Tax Time 2021? Don’t jump the gun and lodge too early Tax time 2021 is almost here, but it’s likely to be anything but routine. Many people on reduced incomes or who have increased deductions may be eager to lodge their income tax returns early to get their hands on a […]

Tax Depreciation Business Incentive Summary Information

The latest Federal Budget announced a welcome extension to the full expensing policy. BMT tax Depreciation Quantity Surveyors provide 3 tables summarising all the 2020 to 2023 business stimulus incentives available for plant & equipment purchases for small, medium and large businesses. The tables show qualifying dates and thresholds to make it easy for you to quickly […]

Federal Budget 2021 – 2022

Federal Budget 2021 – 2022 PERSONAL TAXATION Personal tax rates unchanged for 2021–2022 In the Budget, the Government did not announce any personal tax rates changes, having already brought forward the Stage 2 tax rates to 1 July 2020 in the October 2020 Budget. The Stage 3 tax changes will commence from 1 July 2024, […]

Client Alert – May 2021

Independent resolution process for small businesses now permanent Small businesses now have another pathway to resolve tax disputes, with the ATO making its independent review service a permanent option for eligible small businesses (those with a turnover of less than $10 million) after a successful multi-year pilot. The service’s original pilot commenced in 2018 and centered […]

NSW Payroll Tax Avoidance Penalties Set for 400% Increase

NSW Minister for Finance and Small Business Damien Tudehope on Wednesday announced a package of new tax laws which will see fines of $110,000 and imprisonment issued to businesses committing wage theft, and empower Revenue NSW to name and shame offenders. “The new legislation, including harsher penalties and naming taxpayers who have underpaid payroll tax […]