Individual Tax Planning 2021   Personal Tax Rate Changes From 1 July 2020, the top threshold of the 19% personal income tax bracket is increased from $37,000 to $45,000 and the top threshold of the 32.5% bracket is increased from...

Business Tax Planning 2021   Small Business Specific (Aggregated turnover <$10M) Prepaid Expenses Claim expenses prepaid up to 12 months in advance, many of which would include interest, insurances, rent or lease payments. GST Accounting Method Review whether there is...

Casual Employees (and their new rights to become Permanent)   Effective:27 March 2021Requirements:All businesses to issue Casual Employees with a “Casual Employment Information Statement”Casual Employee Definition:“If they accept an offer for a job from an employer knowing that there is...

NSW Small Business Fees and Charges Rebate of $1,500 (increased to $3,000)   Eligibility Total Australian wages below the NSW Government 2020-2021 payroll tax threshold of $1.2 million Have an Australian Business Number (ABN) registered in NSW and/or have business...

Time To Review Your Financial Health   With the end of the financial year just around the corner it is the perfect time to review your financial health. The recent lock-down period has given us a chance to slow down...

Trust Tax Planning 2020   Annual Distribution Resolutions or Minutes of Meeting Trustee resolutions and minutes of meeting regarding the annual distribution of trust income must be documented prior to 30 June each financial year or, if the trust deed...

SMSF Tax Planning 2020   COVID-19 Temporary Minimum Pensions Government has reduced the minimum annual payment required by 50%: AgeNormal Minimum % withdrawalReduced rates for 2020, 2021, 2022Under 654%2%65-745%2.5%75-796%3%80-847%3.5%85-899%4.5%90-9411%5.5%95 or more14%7% Minimum Pension Amounts If you are a member of...

Employer Tax Planning 2020   Staff Bonuses/Director Fees These expenses may be tax deductible prior to payment, as long as you are committed to paying these amounts. You will need to quantify the amounts, inform the staff and keep evidence...

Individual Tax Planning 2020   IMPORTANT: Time Limited Tax Deduction Based on recent Australian Beurau of Statistics (ABS), chances are you are eligible for this tax deduction prior to 30 June 2020. If your current accountant has not already provided...

Business Tax Planning 2020   Small Business Specific (Aggregated turnover <$10M) Prepaid Expenses Claim expenses prepaid up to 12 months in advance, many of which would include interest, insurances, rent or lease payments. GST Accounting Method Review whether there is...