Coronavirus cash flow boost payments explained
As a part of the second round of economic stimulus in response to the COVID-19 pandemic, the government legislated a measure to boost cash flow for employers. To recap, the measure ensures that an eligible employer receives an amount equal to 3 times the amount of tax withheld from ordinary salary and wages as disclosed …
COVID-19 Cashflows for SME
As a part of the second round of economic stimulus in response to the COVID-19 pandemic, the government legislated a measure to boost cash flow for employers. To recap, the measure ensures that an eligible employer receives an amount equal to 3 times the amount of tax withheld from ordinary salary and wages as disclosed …
COVID-19 JobKeeper Stimulus
In this latest round of Coronavirus stimulus, the government has bought out the big guns in an effort to help people keep their jobs amidst the economic downturn. The “JobKeeper Payment” is a part of a $130bn wage subsidy scheme that is designed to provide a fortnightly payment of $1,500 per employee. This new payment …
Client Choice Awards 2020 Finalist – Lucas & Co
Client Choice Awards recognise best practice in the professional services industry and are based on clients’ votes for professional services firms in Australia and New Zealand. There are no panels, judges or self-nominations. Clients’ ratings are meticulously and independently researched by beaton, the leading Voice of Your Clients specialists. Award categories include: Accounting and Consulting …
Small business CGT concessions: when do I qualify?
Have you considered the powerful tax and superannuation planning opportunities that the small business CGT concessions can offer your business? They allow you to reduce – or sometimes, completely eliminate – the capital gain from the sale of a business asset, whether it’s held directly by your business entity or in another related structure. The …
New ATO power to disclose business tax debts
If your business has outstanding tax debts, watch out for a proposed new tool in the ATO’s debt recovery arsenal. New laws before Parliament will allow the ATO to report some debts to credit reporting bureaus, who will then be permitted to use this tax debt information in preparing credit worthiness reports. This could adversely affect your credit status and spell trouble when it comes to getting approval for finance.
New ATO guidelines: is your passive company running a “business”?
It’s often obvious when a company is carrying on a business. But many clients have companies set up in their family or business groups, whose “business” status may be less clear. Common examples include companies that simply hold assets used by another entity in the group, that receive trust distributions, or that appear to be …
Uber drivers not employees
The Fair Work Ombudsman has completed its investigation relating to Uber Australia Pty Ltd and its engagement of drivers, concluding that the relationship between Uber Australia and the drivers is not an employment relationship.
