Coronavirus grants now tax-free

Legislation aimed at ensuring coronavirus small business grants are not subject to income tax has now passed both houses of Parliament. Treasury Laws Amendment (2020 Measures No. 5) Bill 2020 passed Parliament late on Thursday. The bill amends income tax law to make certain grant payments received by eligible businesses non-assessable non-exempt income so that these […]

Getting your clients ready for the next phase of recovery

It’s been a year no one really expected: a pandemic shut the economy and the Australian government opened a tap of stimulus worth A$259 billion so far. That government support has helped many small businesses hit hard by restrictions imposed to limit the spread of COVID-19. It’s helped businesses pay employees, access capital via one-off […]

NSW State Budget

The 2020-21 New South Wales Budget focuses on stimulus and job creation to overcome the impacts of COVID-19. Here are the highlights as they affect businesses. The New South Wales (NSW) Government handed down its 2020-21 Budget on 17 November 2021. It includes several large-scale announcements to boost the economy and create jobs as the […]

Federal Budget – October 2020

PERSONAL TAXATION Personal tax cuts brought forward to 1 July 2020 In the Budget, the Government announced that it will bring forward to 1 July 2020 the personal tax cuts (Stage 2) that were previously legislated in 2018 to commence from 1 July 2022. The Stage 3 tax changes remain unchanged and commence from 1 July 2024, as previously legislated: Stage 2 tax […]

Death And Taxes: ATO Improvements Coming Soon?

In a bid to improve the experience of taxpayers when dealing with the ATO in relation to deceased estates, the Inspector General of Taxation and Taxation Ombudsman (IGTO) has recently completed a report which identified opportunities to improve tax administration and cut unnecessary tax compliance. “We recognised that the death of a loved one is a […]