{"id":11,"date":"2016-01-01T00:29:40","date_gmt":"2016-01-01T00:29:40","guid":{"rendered":"http:\/\/www.dni-accounting.com\/?page_id=11"},"modified":"2024-04-26T10:42:53","modified_gmt":"2024-04-25T23:42:53","slug":"news","status":"publish","type":"page","link":"https:\/\/www.dni-accounting.com\/zh\/news\/","title":{"rendered":"\u6700\u65b0\u4fe1\u606f"},"content":{"rendered":"<h3><strong>News on 26 April 2024<\/strong><\/h3>\n<h1 class=\"standard-article-title\">AAT upholds ATO decision on self-education expenses<\/h1>\n<section id=\"content-header\" class=\"StructuredContentPageLayout_content-page__title__8QJai\">\n<div class=\"AtoDefaultPageHeader_header__MO01Y\">\n<p class=\"AtoDefaultPageHeader_header__description__13iSh\" data-testid=\"description\"><em>The tribunal has dismissed an appeal relating to self-education expenses claimed as deductions by a dental technician.<\/em><\/p>\n<p>The Administrative Appeals Tribunal has found that expenses incurred as part of completing examinations and practical assessments by a dental technician were not deductible in a recent decision,\u00a0<em>Ionita and Commissioner of Taxation (Taxation)\u00a0<\/em>[2024] AATA 808.<\/p>\n<p>The applicant in the case was qualified as a dentist in Romania and moved to Australia in 2012 to commence working as a dental technician in 2013.<\/p>\n<p>She wanted to become registered to practise as a dentist in Australia. This required her to meet the requirements of the Dental Board of Australia, including undertaking an initial assessment and then completing written and practical examinations facilitated by the Australian Dental Council of Australia.<\/p>\n<p>She sought to claim tax deductions for costs associated with her examinations to become registered as a dentist in Australia as well as associated meals, accommodation, and flight expenses.<\/p>\n<p>The deductions were claimed for the income years ending 30 June 2015, 30 June 2017, 30 June 2018, and 30 June 2019.\u00a0<\/p>\n<p>In notices of assessment issued by the ATO, the Commissioner of Taxation found that the expenses were not deductable as there was not a sufficient connection between her income-earning activities and the self-education expenses.<\/p>\n<p>The tribunal had to consider whether the was a sufficient nexus between the expenses incurred and the applicant\u2019s income-earning activity as a dental technician.<\/p>\n<p>AAT senior member Dr Michelle Evans-Bonner said based on the legislative framework, this connection would exist if:<\/p>\n<ul>\n<li>The self-education undertaken by the applicant was necessary to maintain her income-earning activities as a dental technician.<\/li>\n<li>The self-education improved her skills or knowledge necessary to perform her role as a dental technician.<\/li>\n<li>The self-education led to an increase in income in her role as a dental technician.<\/li>\n<\/ul>\n<p>The Commissioner of Taxation submitted that the applicant\u2019s employer did not require her to undertake the assessment or examinations as part of her dental technician role nor was there any regulatory requirement that she do so for her role as a dental technician.<\/p>\n<p>The ATO also noted that there was no such requirement in her employment contract or job description and she obtained her employment prior to undertaking the initial assessment and remained employed in the absence of completing all the assessments and examinations.<\/p>\n<p>It also stated that the assessment and examinations relate exclusively to becoming eligible for registration as a dentist in Australia and therefore the expenses were incurred at a point too soon to be regarded as incurred in gaining or producing the applicant\u2019s assessable income.<\/p>\n<p>While the applicant received pay rises, the ATO said the applicant had not provided sufficient evidence to show the increase in salary was a result of sitting the assessment or the examinations.<\/p>\n<p>The tribunal noted that the letter from her employer did not specifically state that her pay increases were due to her completion of the assessment and the examinations.<\/p>\n<p>\u201cThe overall timing and pattern of wage increases [seem] to have no discernible correlation to the Applicant\u2019s completion of her assessment and examinations,\u201d said Evans-Bonner.<\/p>\n<p>The tribunal also found that the evidence did not support a finding that the assessment or the examinations were required to maintain the applicant\u2019s skills as a dental technician.<\/p>\n<p>\u201cShe was already a qualified dentist overseas. Her employment contract did not require her to undertake any study to maintain her skills, nor did any professional body,\u201d said Evans-Bonner.<\/p>\n<p>She also agreed with the commissioner\u2019s submission that it was not clear how the assessment, written examinations, or practical examinations had the effect of maintaining or improving the applicant\u2019s skills as a dental technician.<\/p>\n<p>\u201cThe evidence is in the form of general assertions, and it is not clear how sitting examinations to certify suitability for registration as a dentist in Australia improved the Applicant\u2019s skills as a dental technician,\u201d she said.<\/p>\n<p>She also noted that while the industry is the same for both roles, the roles appear to be different.\u00a0<\/p>\n<p>\u201cFor example, the role of a dentist is patient-centred focus in treating, educating and advising patients about their oral hygiene and health and includes performing procedures under anaesthetic, prescribing medications and referring patients to specialists,\u201d she said.<\/p>\n<p>\u201cIn contrast, the role of a dental technician does not involve any patient contact, but rather involves working in a laboratory and includes receiving orders from a dental prosthetist or dentist to, for example, make plaster and stone models, impression trays, construct ceramic restorations, refine and repair dentures and the like.\u201d<\/p>\n<p class=\"AtoDefaultPageHeader_header__description__13iSh\" data-testid=\"description\">The tribunal found that the expenses were not deductable under section 8-1(1)(a) of the\u00a0<em>ITAA 1997\u00a0<\/em>as there was an insufficient connection between the expenses completed in the examinations and assessments by the applicant and her income-earning activity as a dental technician.<\/p>\n<\/div>\n<\/section>\n<h3><strong>News on 7 March 2024<\/strong><\/h3>\n<h1 class=\"standard-article-title\">Claiming working from home expenses<\/h1>\n<section id=\"content-header\" class=\"StructuredContentPageLayout_content-page__title__8QJai\">\n<div class=\"AtoDefaultPageHeader_header__MO01Y\">\n<p class=\"AtoDefaultPageHeader_header__description__13iSh\" data-testid=\"description\">Two ways to calculate a work from home deduction for Tax Time 2024.<\/p>\n<\/div>\n<\/section>\n<section id=\"content-page-upper\" class=\"StructuredContentPageLayout_content-page__content__Cay7b\"><\/section>\n<section id=\"content-nav\" class=\"StructuredContentPageLayout_content-page__page-nav__208JD\" data-color=\"ato-general\"><\/section>\n<section id=\"content-body5f5d2f65-aca8-4e35-9c26-9525df268921\" class=\"StructuredContentPageLayout_content-page__content__Cay7b\" dir=\"ltr\" data-color=\"ato-general\" data-testid=\"content-body5f5d2f65-aca8-4e35-9c26-9525df268921\">\n<div class=\"PageContent_page-content-wrapper__NZAUH\">\n<div class=\"AtoContentWrapper_rich-text-content__HY8CB\">\n<div>\n<p>Before you know it, it will be tax time again<em>.\u00a0<\/em>If your clients have been working from home this financial year, they&#8217;ll probably have some\u00a0<a href=\"https:\/\/www.ato.gov.au\/individuals-and-families\/income-deductions-offsets-and-records\/deductions-you-can-claim\/working-from-home-expenses\">work-related expenses<\/a>\u00a0they can claim.<\/p>\n<p>There are 2 ways to calculate a work from home deduction:<\/p>\n<ul>\n<li><a href=\"https:\/\/www.ato.gov.au\/individuals-and-families\/income-deductions-offsets-and-records\/deductions-you-can-claim\/working-from-home-expenses\/fixed-rate-method-67-cents\">fixed rate method<\/a><\/li>\n<li><a href=\"https:\/\/www.ato.gov.au\/individuals-and-families\/income-deductions-offsets-and-records\/deductions-you-can-claim\/working-from-home-expenses\/actual-cost-method\">actual cost method<\/a><\/li>\n<\/ul>\n<p>Using the fixed rate method, they can claim a rate of\u00a0<strong>67 cents\u00a0<\/strong>per hour worked at home.<\/p>\n<p>This amount covers additional running expenses, including electricity and gas, phone and internet usage, stationery, and computer consumables. A deduction for these costs cannot be claimed elsewhere in their tax return.<\/p>\n<p>They can, however, separately claim any depreciating assets, like office furniture or technology. To help with this, try our\u00a0<a href=\"https:\/\/www.ato.gov.au\/calculators-and-tools\/depreciation-and-capital-allowances-tool?=redirected_depreciationtool\">depreciation and capital allowances tool.<\/a><\/p>\n<p>The most important thing is that they have the right records.<\/p>\n<p>For the\u00a0<strong>fixed rate method<\/strong>, this includes a record of:<\/p>\n<ul>\n<li>the total number of hours worked from home (for the entire year)<\/li>\n<li>the additional running expenses covered by the rate per hour that they incurred (for example, phone bill, electricity bill)<\/li>\n<li>any depreciating assets (and how much of their use of that asset was work-related).<\/li>\n<\/ul>\n<p>For the\u00a0<strong>actual cost method<\/strong>, they\u2019ll need a record of:<\/p>\n<ul>\n<li>their hours worked from home (whether that be the total hours, or a continuous four-week period representing the usual pattern of work, if their hours are consistent throughout the year)<\/li>\n<li>their additional running expenses (for example, phone bills, electricity bills)<\/li>\n<li>how the deduction was calculated.<\/li>\n<\/ul>\n<p>For more information, visit\u00a0<a href=\"https:\/\/www.ato.gov.au\/individuals-and-families\/income-deductions-offsets-and-records\/deductions-you-can-claim\/working-from-home-expenses\">www.ato.gov.au\/home<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<h3><strong>News on 29 February 2024<\/strong><\/h3>\n<h1 class=\"standard-article-title\">Superannuation contribution caps to increase from 1 Jul 2024<\/h1>\n<p><strong>Superannuation contribution caps to increase from 1 July 2024<\/strong><\/p>\n<p>The Federal Government has announced some key changes to the superannuation system that will take effect\u00a0<strong>from 1 July 2024<\/strong>.<\/p>\n<p>Key changes include an increase in the concessional and non-concessional contribution caps, the bring forward caps, and the total superannuation balance thresholds that apply to determine the maximum amount of bring forward non-concessional contributions available to members.<\/p>\n<p><strong>Concessional and non-concessional contribution caps<\/strong><\/p>\n<p>The announcement includes an increase in the standard concessional and non-concessional contribution caps, which determine how much money can be put into super each year with lower tax rates.<\/p>\n<p>The concessional contribution cap, which applies to employer and salary-sacrificed contributions, as well as personal contributions claimed as a tax deduction, will increase\u00a0<strong>from $27,500 to $30,000<\/strong>. This can mean that superannuation fund members can reduce their taxable income by contributing more to their super.<\/p>\n<p>The non-concessional contribution cap (<strong>NCC<\/strong>), which applies to after-tax contributions, will increase\u00a0<strong>from $110,000 to $120,000<\/strong>. This can mean that superannuation fund members can add more to their superannuation balance from their own savings or inheritances, without paying extra tax.<\/p>\n<p>This is the first time the contribution caps have been increased in three years.<\/p>\n<p><strong>Non-concessional contribution cap and the bring forward rule<\/strong><\/p>\n<p>The increase to the NCC cap under the bring forward rules will not apply to clients who have already triggered the \u201cbring forward rule\u201d in either this income year (ending 30 June 2024) or last year (ended 30 June 2023). Both of these income years are still within their bring forward period.<\/p>\n<p>From 1 July 2024, the maximum NCC cap under the bring forward rules will be<strong>\u00a0increased from $330,000 to $360,000<\/strong>\u00a0(which is three times $120,000).<\/p>\n<p>Members wanting to maximise their NCCs using the bring forward rule may want to consider keeping any NCCs this year (ending 30 June 2024) under the current $110,000 limit. Then after 1 July 2024, trigger the bring forward rule with the higher $360,000 limit, which could allow a member to get an additional $30,000 of NCC into their superannuation fund.<\/p>\n<p>We note that the NCC bring forward rule is available to members that are under age 75 (67 prior to 1 July 2022), which means that individuals under age 75 in the income year in which they make a NCC can bring forward up to three times their annual NCC, provided that they meet the relevant conditions.<\/p>\n<p><strong>Total superannuation balance<\/strong><\/p>\n<p>Another change is the limit for total superannuation balance and transfer balance for members with no existing pension. The total superannuation balance is the amount of money a person has in all their super accounts, while the transfer balance is the amount of money a person can move from their super account to a retirement income stream, such as an account-based pension.<\/p>\n<p>From 1 July 2024, the total superannuation balance (<strong>TSB<\/strong>) thresholds, used to determine the maximum amount of bring-forward NCCs available to an individual, will be adjusted as follows:<\/p>\n<table style=\"height: 295px;\" width=\"749\">\n<tbody>\n<tr>\n<td width=\"207\">\n<p><span style=\"text-decoration: underline;\"><strong>TSB as at 30 June 2024<\/strong><\/span><\/p>\n<\/td>\n<td width=\"208\">\n<p><span style=\"text-decoration: underline;\"><strong>Maximum NCC cap<\/strong><\/span><\/p>\n<\/td>\n<td width=\"685\">\n<p><span style=\"text-decoration: underline;\"><strong>\u00a0 Bring forward period<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"207\">\n<p>&lt; $1.66 million<\/p>\n<\/td>\n<td width=\"208\">\n<p>$360,000<\/p>\n<\/td>\n<td width=\"685\">\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3 years<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"207\">\n<p>$1.66 to &lt; $1.78 million<\/p>\n<\/td>\n<td width=\"208\">\n<p>$240,000<\/p>\n<\/td>\n<td width=\"685\">\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2 years<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"207\">\n<p>$1.78m to &lt; $1.9 million<\/p>\n<\/td>\n<td width=\"208\">\n<p>$120,000<\/p>\n<\/td>\n<td width=\"685\">\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1 year<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"207\">\n<p>$1.9 million +<\/p>\n<\/td>\n<td width=\"208\">\n<p>$0<\/p>\n<\/td>\n<td width=\"685\">\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>We note that the\u00a0<strong>general transfer balance cap<\/strong>\u00a0will remain at $1.9 million for income year ending 30 June 2025.<\/p>\n<h3>\u00a0<\/h3>\n<h3><strong>News on 15 November 2023<\/strong><\/h3>\n<h1 class=\"standard-article-title\">Average refund plummets by $580, total payout down $5.4bn<\/h1>\n<p>Tax refunds have plunged by an average of more than $580 this year for the millions who filed their returns by the October 31 deadline, ATO figures reveal.<\/p>\n<div class=\"\">\n<p>Data supplied to Accountants Daily revealed 10.5 million taxpayers put in returns by last month\u2019s date, up from 10.2 million last year, with half of those self-prepared and the other half done by tax agents.<\/p>\n<p>But a combination of changes this year, from the end of the low and middle income tax offset \u2013 the so-called LMITO \u2013 to revised rules about work-from-home expenses have taken a big chunk out of refunds.<\/p>\n<div class=\"module row\">\n<div class=\" col-md-0 \">\n<div class=\"kevel-wrapper\"><span style=\"font-size: revert;\">The LMITO had provided eligible individuals earning up to $126,000 a tax offset of up to $1,500 when they lodged their returns while the ATO made strict record-keeping a condition of WFH claims from March in a move that blindsided many taxpayers.<\/span><\/div>\n<\/div>\n<\/div>\n<div class=\"premium\">\u00a0<\/div>\n<p>This year\u2019s 10.5 million taxpayers had been paid total refunds of 18.2 billion, the ATO disclosed, equivalent to an average of $1,733 each.<\/p>\n<p>But last year\u2019s 10.2 million taxpayers received a whopping $23.6 billion, or an average of $2,314 each.<\/p>\n<p>The difference adds up to an average of $581 for every taxpayer.<\/p>\n<p>An ATO spokesperson said that figure failed to account for taxpayers who received bills for amounts owed or ended the year all-square, and for those who actually received refunds the difference would be less.<\/p>\n<p>Director of tax communications at H&amp;R Block, Mark Chapman, who warned about the consequences of LMITO ending and the cost of the WFH changes earlier this year, said the decline was in line with his expectations.<\/p>\n<p>\u201cThe absence of LMITO was inevitably going to lead to smaller refunds and the change to working-from-home deductions has also been a factor,\u201d he said.<\/p>\n<p>\u201cThe ATO were adamant that it wasn\u2019t about reducing the size of refunds but it clearly has been. People are finding it harder to claim the deductions that they claimed last year so basically it\u2019s job done \u2013 their refunds have gone down.\u201d<\/p>\n<p>He said the average refund figure concealed different results depending on how much each taxpayer earned.<\/p>\n<p>\u201cFor anybody who was earning more than $126,000, they won&#8217;t have been impacted by the abolition of LMITO at all. So there must be some other factor that led to a reduction in their refunds.\u201d<\/p>\n<p>\u201cFor people who were earning less than 126,000, a large part of it might have been the loss of LMITO, which gave them a refund of between $675 and $1,500.<\/p>\n<p>\u201cIt all evens out, so $581 seems about right.\u201d<\/p>\n<p>He said the revised WFH rules had failed to register with many taxpayers, and that was an additional factor.<\/p>\n<p>\u201cPeople just didn&#8217;t know this was going to happen. When this change was first announced at the start of this year people weren&#8217;t paying attention. Their minds weren&#8217;t on their tax affairs so it just went over their heads \u2013 and that was potentially catastrophic in terms of their claims.\u201d<\/p>\n<p>The revised rules required strict record-keeping of actual hours worked from 1 March to access a new fixed rate method after the short-cut method, introduced during the pandemic, was abolished for FY23.<\/p>\n<p>Mr Chapman said by 1 July, it was too late for many to take the necessary steps.<\/p>\n<p>However, he said the WFH changes had driven some taxpayers into H&amp;R Block to try to maximise their refunds in other ways.<\/p>\n<p>\u201cThey basically want to try and make up any difference by claiming all of the other deductions that they may not have previously had the knowledge to have to have claimed. So it&#8217;s actually been useful for our business.\u201d<\/p>\n<\/div>\n<p>https:\/\/www.accountantsdaily.com.au\/tax-compliance\/19297-average-refund-plummets-by-580-total-payout-down-5-4bn?utm_source=Accountants%20Daily&#038;utm_campaign=15_11_23&#038;utm_medium=email&#038;utm_content=1&#038;utm_emailID=f9f4f4745b319abd4bd6b5168c9a8e9bb8666cb4c8d8276e26dafa709defa52e<\/p>\n<h3><strong>News on 1 November 2023<\/strong><\/h3>\n<h1>ATO flags small business tax debt, SG as target areas<\/h1>\n<p><em>Addressing collectable debt and improving small business tax performance continue to be critical focus areas, the ATO warns in its annual report.<\/em><\/p>\n<p>The ATO says addressing collectable debt, improving small business tax performance and strengthening superannuation guarantee (SG) will be important focus areas in its strategy for the remainder of FY24.<\/p>\n<p>In its annual report for 2022\u201323, the Tax Office said small business collectable debt reached $50.2 billion at 30 June 2023, an 89 per cent increase from 30 June 2019.<\/p>\n<p>\u201cIt\u2019s our responsibility to ensure a level playing field as we support businesses who are doing the right thing and paying on time,\u201d Commissioner of Taxation Chris Jordan stated in the report.<\/p>\n<p>Mr Jordan said the ATO has already taken strong and deliberate action against those unwilling to work with the Tax Office as it increased its activities across debt collection.<\/p>\n<p>While small business currently had the largest proportion of the collectable debt book, Mr Jordan said the ATO remained focused on non or late payment in every payment group in the tax system.<\/p>\n<p>\u201cWe want to encourage a culture of paying tax on time and in full,\u201d he said.<\/p>\n<p>In its annual report, the ATO said it informed clients of their obligations and the actions the regulator might take if they chose not to engage with the Tax Office.<\/p>\n<h6><a href=\"https:\/\/www.accountantsdaily.com.au\/tax-compliance\/19225-ato-flags-small-business-tax-debt-sg-as-target-areas?utm_source=Accountants%20Daily&amp;utm_campaign=27_10_23&amp;utm_medium=email&amp;utm_content=3&amp;utm_emailID=f9f4f4745b319abd4bd6b5168c9a8e9bb8666cb4c8d8276e26dafa709defa52e\">htps:\/\/www.accountantsdaily.com.au\/tax-compliance\/19225-ato-flags-small-business-tax-debt-sg-as-target-areas?utm_source=Accountants%20Daily&amp;utm_campaign=27_10_23&amp;utm_medium=email&amp;utm_content=3&amp;utm_emailID=f9f4f4745b319abd4bd6b5168c9a8e9bb8666cb4c8d8276e26dafa709defa52e<\/a><\/h6>\n<h3><strong>News on 18 May 2023<\/strong><\/h3>\n<h1>SEVEN WAYS THE BUDGET IMPACTS YOUR BUSINESS<\/h1>\n<h4>Energy costs, asset write-offs, and cyber security were just some areas targeting small-business owners in Tuesday night\u2019s budget.<\/h4>\n<p>Tuesday night\u2019s (9 May) Federal Budget contained some recognition of the pressure small businesses have been under. And hopefully, it means help is on its way.<\/p>\n<p>\u201cWe know economic conditions have been challenging for Australia\u2019s small businesses, which is why the budget delivers this support,\u201d said the Minister for Small Business, Julie Collins.<\/p>\n<p>\u201c[The budget] provides targeted, responsible support, improves the overall business operating environment, and helps to reduce energy price pressures.\u201d<\/p>\n<p>From staffing to operating costs to cyber security, here are some ways the budget will impact your small business.<\/p>\n<h3>1. Write off asset changes<\/h3>\n<p>Businesses that need new equipment, computers, furniture, cars, or other assets can benefit from changes to the instant asset write-off threshold to $20,000 from 1\u00a0July 2023 until 30\u00a0June 2024.<\/p>\n<p>That means if your business has a turnover of less than $10 million, you\u2019ll be able to immediately deduct assets costing less than $20,000, provided they\u2019re first used or installed between 1\u00a0July 2023 and 30\u00a0June 2024. It will be applied on a per-asset basis, so you can write off multiple assets.<\/p>\n<p>This is a watered-down version of previous measures introduced during the pandemic.<\/p>\n<h3>2. Lower power bills<\/h3>\n<p>With soaring power bills contributing significantly to business operating costs, $650 in bill relief is on its way from July.<\/p>\n<p>The total amount of bill relief will vary by state, so check\u00a0<a href=\"https:\/\/www.energy.gov.au\/government-priorities\/energy-programs\/energy-bill-relief-fund\/energy-bill-relief-fund-small-businesses\">here<\/a>\u00a0for more information. To be eligible, your business must be on a separately metered business tariff with your electricity retailer \u2013 so if you run a business from home, you probably won\u2019t qualify.<\/p>\n<p>Meanwhile,\u00a0<a href=\"https:\/\/www.mybusiness.com.au\/how-we-help\/be-more-efficient\/manage-costs\/smes-score-20k-tax-break-for-going-green\">as announced shortly before the budget<\/a>, small and medium businesses can claim deductions of up to $20,000 when they install energy-efficient equipment, such as electrifying their heating and cooling systems and installing batteries and heat pumps.<\/p>\n<p>Try our\u00a0<a href=\"https:\/\/www.mybusiness.com.au\/how-we-help\/our-services\/cost-efficiency\/energy-comparison-service\">free energy comparison tool.<\/a>\u00a0Your business could compare, switch and save with our free energy comparison service.<\/p>\n<h3>3. Big changes to super payments<\/h3>\n<p>Meanwhile, businesses need to be on top of payroll with big changes on the way.<\/p>\n<p>Gone are quarterly super payments \u2013 from 1\u00a0July\u00a02026, they\u2019ll have to be paid at the same time as wages. This will enable employees to track their entitlements to ensure they are being paid on time and in full.<\/p>\n<p>Also, the Australian Taxation Office (ATO) will receive funding to upgrade its data capabilities and design a new compliance system, which will identify underpaid super in real time.<\/p>\n<p>For help with payroll and other aspects of managing your people, have a look at\u00a0<a href=\"https:\/\/www.mybusiness.com.au\/how-we-help\/our-services\/hr-and-workplace\/workplace\">My Business Workplace.<\/a><\/p>\n<h3>4. Reducing business admin and helping lower tax<\/h3>\n<p>Those drowning in paperwork should note that from 1 July 2024, small businesses will be permitted to authorise their tax agent to lodge multiple single touch payroll forms on their behalf. And from 1 July 2025, small businesses will be permitted up to four years to amend their income tax returns.<\/p>\n<p>There are also measures designed to help lower the tax-related administrative burden on businesses, including an expansion of the ATO independent review process for small businesses undergoing an audit and new tax clinics to improve access to tax advice and assistance.<\/p>\n<p>To help small business cash flow, the government will halve the GDP adjustment factor for PAYG and GST instalments to 6% for the 2023\u201324 income year, a reduction from 12%.<\/p>\n<p>Also, if you\u2019re behind in your tax, now\u2019s the time to catch up. The government is proposing a lodgement penalty amnesty program for businesses with a turnover of less than $10 million. This applies to statements lodged from 1 June 2023 to 31 December 2023 that were originally due from 1 December 2019 to 29 February 2022.<\/p>\n<h3>5. Support for your employees<\/h3>\n<p>Employees are the lifeblood of any small business, and measures to help them manage living costs will come as welcome news.<\/p>\n<p>The government will extend eligibility for the single parenting payment to support single principal carers with a youngest child under 14 years of age. At the moment, it\u2019s eight years.<\/p>\n<p>The government will also introduce a number of housing measures to increase support for social and affordable housing across the country and improve access for home buyers.<\/p>\n<p>For those employing parents, it\u2019s worth noting that the government has pledged $55.31 billion over four years to make childcare more affordable \u2013 these changes will be in force from July.<\/p>\n<p>There\u2019s also help for your people to upskill, including 300,000 new fee-free TAFE places to train Australians in critical and emerging sectors.<\/p>\n<p>The government will provide $5.5 million in 2023\u201324 to continue supporting negotiations on a long-term skills funding agreement with the states and territories. Subject to the outcome of these negotiations, they\u2019ve kept $3.7 billion up their sleeve for a five-year National Skills Agreement that will commence on 1 January 2024.<\/p>\n<h3>6. SME cyber protections and AI<\/h3>\n<p>With cyber attacks a growing threat to small businesses, the government will launch a program to train cyber wardens . To learn more about how your business can protect itself against cyber attacks, have a look at\u00a0<a href=\"https:\/\/www.mybusiness.com.au\/how-we-help\/our-services\/business-cyber-security-training-and-resources\">this information<\/a>\u00a0on My Business.<\/p>\n<p>Meanwhile, the government is giving $101.2 million over five years to support small businesses integrating artificial intelligence (AI) and quantum technologies to improve business processes and increase trade competitiveness.<\/p>\n<h3>7. Funding for growth<\/h3>\n<p>And finally, for those with an innovative idea to develop, take note of the government\u2019s new support for SMEs and start-ups trying to commercialise their ideas and grow their operations.<\/p>\n<p>The government will provide $431.9 million over four years, including an Industry Growth Program and continuation of the Single Business Service, which supports SMEs in engagement with all levels of government.<\/p>\n<p><a href=\"https:\/\/www.mybusiness.com.au\/how-we-help\/be-a-better-employer\/managing-people\/seven-ways-the-budget-impacts-your-business?utm_brand=MB&amp;utm_prodcat=content&amp;utm_prod=article&amp;utm_campaigntype=eng&amp;utm_livedate=20230516&amp;utm_target=nat&amp;utm_campaign=mm_newsletter&amp;utm_medium=edm&amp;utm_source=mb&amp;utm_content=business_7_ways_budget_impacts_you\">https:\/\/www.mybusiness.com.au\/how-we-help\/be-a-better-employer\/managing-people\/seven-ways-the-budget-impacts-your-business?utm_brand=MB&amp;utm_prodcat=content&amp;utm_prod=article&amp;utm_campaigntype=eng&amp;utm_livedate=20230516&amp;utm_target=nat&amp;utm_campaign=mm_newsletter&amp;utm_medium=edm&amp;utm_source=mb&amp;utm_content=business_7_ways_budget_impacts_you<\/a><\/p>\n<h3><strong>News on 15 May 2023<\/strong><\/h3>\n<h1 class=\"standard-article-title\">ATO crackdown focuses on rental properties, work claims, CGT<\/h1>\n<p>https:\/\/www.accountantsdaily.com.au\/tax-compliance\/18535-ato-crackdown-focuses-on-rental-properties-work-claims-cgt<\/p>\n<h3><strong>News on 25 Jul 2022<\/strong><\/h3>\n<p>You may have heard of the instant asset write off scheme (IAWO), but you might not know exactly what is the instant asset write off for small businesses and how it actually works.\u00a0\u00a0What\u2019s the purpose of this instant asset write off scheme? As it has been over the last few years, the aim of this scheme is to get cash flowing into the economy and businesses spending while also incentivising the growth of that business.<\/p>\n<p>Now that we live in a post COVID-19 world, the scheme has been expanded in scope and become even more important to aid the recovery of individual businesses like yours, and the economy at large.\u00a0\u00a0\u201cThe instant asset write off\u00a0also helps to\u00a0improve\u00a0cash flow\u00a0for businesses\u00a0by bringing forward tax deductions for eligible expenditure,\u201d Josh Frydenberg, Australian federal government Treasurer.<\/p>\n<h2>Instant asset write off for small businesses<\/h2>\n<p>The instant asset write off for small business is a handy tax saving scheme available for all Australian small businesses.\u00a0\u00a0Basically, if you\u2019ve bought a core piece of depreciating equipment or other work-related business assets, you can save on your tax bill with a nice offset by making an immediate\u00a0tax deduction.\u00a0\u00a0The idea behind the scheme is to encourage spending and business growth by incentivising the purchase and installation of work-related equipment for eligible businesses.<\/p>\n<h2>How does instant asset write off work?<\/h2>\n<p>The instant asset write off scheme works by allowing you to immediately write off the value of a business-related piece of equipment or asset.<\/p>\n<ul>\n<li>For small businesses with annual turnover between $50 million and $500 million, they can now claim a full deduction for new and second-hand assets valued up to $150,000.<\/li>\n<\/ul>\n<p>You must be able to prove that the piece of equipment is central to your business and its operation. This is crucial.\u00a0\u00a0Depending on your business, eligible assets for the instant asset write off can include:<\/p>\n<ul>\n<li>vans, trucks, and vehicles<\/li>\n<li>tools and trade equipment<\/li>\n<li>computers and IT equipment<\/li>\n<li>plant machinery<\/li>\n<li>coffee machine and kitchen equipment<\/li>\n<\/ul>\n<p>Many assets don\u2019t qualify for the scheme, and you\u2019ll need to be sure of your purchase before you proceed down this avenue.\u00a0\u00a0From the ATO:<\/p>\n<ul>\n<li>The asset may be either new or second hand.<\/li>\n<li>It must be directly linked to your business function.<\/li>\n<li>You may claim a portion for personal and for business. So, if you use a delivery van for 30% work use and 70% personal use, you can dice it up and claim that 30% portion.<\/li>\n<li>You may not stockpile. You must have the equipment installed and in use for business purposes by the end of financial year.<\/li>\n<li>You must be an operational business, not a holding for investment purposes.<\/li>\n<\/ul>\n<p>How to calculate and how much is instant asset write off?\u00a0\u00a0Fresh changes to the scheme were announced in the 2020 federal budget, so you may not be aware of its current state. The scheme was also extended in the 2021 federal budget.<\/p>\n<p>The instant asset write off has been boosted yet again in the form of \u2018temporary full expensing\u2019, which is intended to increase both cash flow and small business investment.<\/p>\n<ul>\n<li>Until 30 June 2023, businesses with a turnover of up to $5 billion will be able to deduct the full cost of an eligible asset in the first year it\u2019s used or installed.<\/li>\n<li>SMEs turning over up to $50 million can now apply \u2018full expensing\u2019 to all second-hand assets.<\/li>\n<li>Businesses turning over between $50 million and $500 million can now claim a full deduction for second-hand assets of up to $150,000 in value.<\/li>\n<\/ul>\n<p>\u00a0Who can access the instant asset write off?<\/p>\n<p>Any Australian small business that purchased business related equipment, and complies with the above specifications for eligibility, can utilise the instant asset write off scheme.\u00a0\u00a0Just because you can doesn\u2019t mean you should. Will your business actually benefit from instant asset write off? Perhaps not.\u00a0\u00a0First and foremost, you need to make sure that the purchase will help grow your business.<\/p>\n<p>If your business is in a tenuous position, or the future of your cashflow is in doubt, reconsider your need to purchase assets.<\/p>\n<p>There are several ways in which this tax offset would be of no benefit:<\/p>\n<ul>\n<li>You\u2019re operating at a loss.<\/li>\n<li>You don\u2019t really need the equipment as a core part of your operations.<\/li>\n<li>You don\u2019t have the capital to buy the equipment before any tax benefit kicks in.<\/li>\n<li>The equipment doesn\u2019t directly contribute to cashflow.<\/li>\n<\/ul>\n<p>Think seriously about whether you actually need anything. Many businesses don\u2019t. This isn\u2019t a free ticket after all, as you\u2019ll have to stump the initial costs and benefit from the write off later.\u00a0\u00a0You must also make sure your purchase is covered before you proceed. If unsure, speak to an advisor.<\/p>\n<h2>How to apply and record instant asset write off?<\/h2>\n<p>When approaching the topic of how to apply and record the instant asset write off, get your advisor involved.\u00a0\u00a0Accountants and finance experts excel in this area, and they should be your first port of call before you lay down cash with a view to take advantaging of the scheme.\u00a0\u00a0How to calculate the IAWO scheme from the ATO:<\/p>\n<ul>\n<li>The whole price of the equipment or asset must be under the threshold ($150,000 for most small businesses).<\/li>\n<li>The threshold will be calculated as either inclusive or exclusive of GST, depending on whether your business is registered for GST or not.<\/li>\n<li>To calculate the amount you\u2019re eligible to claim, be sure you first subtract the portion of the equipment you use for private or personal use.<\/li>\n<li>The remaining balance used for business is your taxable portion.<\/li>\n<li>Regardless of how much you use for private use and how much the taxable portion is, the entire cost of the asset must still be under the threshold.<\/li>\n<\/ul>\n<p>Understanding what is and how does the instant asset write off work for small businesses is best understood in conjunction with your advisor. Failing that, be sure to consult the ATO\u00a0<a href=\"https:\/\/urldefense.proofpoint.com\/v2\/url?u=https-3A__www.ato.gov.au_Business_Depreciation-2Dand-2Dcapital-2Dexpenses-2Dand-2Dallowances_Simpler-2Ddepreciation-2Dfor-2Dsmall-2Dbusiness_Instant-2Dasset-2Dwrite-2Doff_-3F-3Dredirected-5Finstantassetwriteoff&amp;d=DwMFaQ&amp;c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&amp;r=dSueH6KgRD7Ovl04kun_xRz7GUahEme_Q3Ph2NjJtfw&amp;m=UK0gIm_wr3dRdcvXUKTmqxpTI05vgwPADUsxj6I4smo&amp;s=bFNMmpa90TtYDgmtsVBil3Vk8z5EzMFE4hj__SpyRTQ&amp;e=\"><strong>here<\/strong><\/a>\u00a0to come to a full understanding of the instant asset write off scheme.<\/p>\n<p>Should you have any questions, please feel free to contact us.<\/p>\n<h3><strong>News on 23 May 2022<\/strong><\/h3>\n<p><strong>Some highlights on the recent Federal Budget 2023<\/strong><\/p>\n<p><strong>One-off cost of living tax offset<\/strong><\/p>\n<p>To help address the increasing cost of living, the Government has proposed a one-off $420 cost of living tax offset for low- and middle-income earners. The existing low- and middle-income tax offset will be extended for another year. If enacted, eligible workers could get up to $1,500 back at tax time.<\/p>\n<p><strong>One-off cash payment<\/strong><\/p>\n<p><strong>As part of the 2021 Budget, the Government announced a number of initiatives that are now law and take effect from 1 July 2022.\u00a0<\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>SG rate will increase to 10.5%<\/strong><\/p>\n<p>The superannuation guarantee (SG) rate will increase from 10% to 10.5% on 1 July 2022. The SG rate is the minimum amount of super you&#8217;re required to pay, by law, on ordinary time earnings. This increase is in line with the Government&#8217;s plan to increase the SG rate to 12% by 2025.<\/p>\n<p><strong>Super guarantee percentage<\/strong><\/p>\n<p>Table\u00a021: Super guarantee percentage<\/p>\n<table width=\"573\">\n<tbody>\n<tr>\n<td width=\"253\">\n<p>Period<\/p>\n<\/td>\n<td width=\"103\">\n<p>General super guarantee (%)<\/p>\n<\/td>\n<td width=\"217\">\n<p>Super guarantee (%) for Norfolk Island (transitional rate) (from 1\u00a0July 2016)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"253\">\n<p>1\u00a0July 2020 \u2013 30\u00a0June 2021<\/p>\n<\/td>\n<td width=\"103\">\n<p>9.5<\/p>\n<\/td>\n<td width=\"217\">\n<p>5<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"253\">\n<p>1\u00a0July 2021 \u2013 30\u00a0June 2022<\/p>\n<\/td>\n<td width=\"103\">\n<p>10<\/p>\n<\/td>\n<td width=\"217\">\n<p>6<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"253\">\n<p>1\u00a0July 2022 \u2013 30\u00a0June 2023<\/p>\n<\/td>\n<td width=\"103\">\n<p>10.5<\/p>\n<\/td>\n<td width=\"217\">\n<p>7<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"253\">\n<p>1\u00a0July 2023 \u2013 30\u00a0June 2024<\/p>\n<\/td>\n<td width=\"103\">\n<p>11<\/p>\n<\/td>\n<td width=\"217\">\n<p>8<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"253\">\n<p>1\u00a0July 2024 \u2013 30\u00a0June 2025<\/p>\n<\/td>\n<td width=\"103\">\n<p>11.5<\/p>\n<\/td>\n<td width=\"217\">\n<p>9<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"253\">\n<p>1\u00a0July 2025 \u2013 30\u00a0June 2026<\/p>\n<\/td>\n<td width=\"103\">\n<p>12<\/p>\n<\/td>\n<td width=\"217\">\n<p>10<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"253\">\n<p>1\u00a0July 2026 \u2013 30\u00a0June 2027<\/p>\n<\/td>\n<td width=\"103\">\n<p>12<\/p>\n<\/td>\n<td width=\"217\">\n<p>11<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"253\">\n<p>1\u00a0July 2027 \u2013 30\u00a0June 2028 and onwards<\/p>\n<\/td>\n<td width=\"103\">\n<p>12<\/p>\n<\/td>\n<td width=\"217\">\n<p>12<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>$450 salary threshold for SG contributions removed<\/strong><\/p>\n<p>From 1 July 2022, the $450 monthly threshold for the payment of SG contributions will be removed.\u00a0<\/p>\n<p>This means you&#8217;ll be required to make SG contributions to all eligible employees aged 18 years and over, regardless of how much the employee is paid.\u00a0<\/p>\n<p>Employees aged under 18 years will be eligible for superannuation if they work more than 30 hours in a week, regardless of how much they&#8217;re paid.\u00a0<\/p>\n<p>For more information read the <a href=\"https:\/\/urldefense.proofpoint.com\/v2\/url?u=https-3A__www.e.cbussuper.com.au_link_id_zzzz62859ec76ecf8605Pzzzz6254ad9d9b389816_page.html&amp;d=DwMFaQ&amp;c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&amp;r=dSueH6KgRD7Ovl04kun_xRz7GUahEme_Q3Ph2NjJtfw&amp;m=CJq9kvqnHTXaeIyDaeSSU0HIrQOsEHsBHckfCdaTQa8&amp;s=D2DshVEkG2DYIVuuuIwZE0UOw3SVBGgoPluYKR_qkiw&amp;e=\">ATO&#8217;s recent announcement<\/a>.\u00a0<\/p>\n<p><strong>Work test for older Australians removed<\/strong><\/p>\n<p>From 1 July 2022, employees aged under 75 years will be able to make or receive personal (after tax) and salary-sacrificed contributions without meeting the work conditions &#8211; known as the <strong>work test<\/strong> or <strong>work test exemption<\/strong>.\u00a0<\/p>\n<p>The existing contribution cap limits will still apply and employees may also be able to use the bring forward rule. These employees will still need to meet the work test to claim any personal super contribution deductions.\u00a0<\/p>\n<p>For more information read the <a href=\"https:\/\/urldefense.proofpoint.com\/v2\/url?u=https-3A__www.e.cbussuper.com.au_link_id_zzzz62859ec770d4b882Pzzzz6254ad9d9b389816_page.html&amp;d=DwMFaQ&amp;c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&amp;r=dSueH6KgRD7Ovl04kun_xRz7GUahEme_Q3Ph2NjJtfw&amp;m=CJq9kvqnHTXaeIyDaeSSU0HIrQOsEHsBHckfCdaTQa8&amp;s=tjrmu9CoFDEYfzr341yHOBK3glMyI5FT39U_EuBeTkg&amp;e=\">ATO&#8217;s acceptance of member contributions and work test<\/a> webpage.<\/p>\n<h3><strong>News on 13 April 2022<\/strong><\/h3>\n<p><strong>Some highlights on the recent Federal Budget 2023<\/strong><\/p>\n<p><strong>One-off cost of living tax offset<\/strong><\/p>\n<p>To help address the increasing cost of living, the Government has proposed a one-off $420 cost of living tax offset for low- and middle-income earners. The existing low- and middle-income tax offset will be extended for another year. If enacted, eligible workers could get up to $1,500 back at tax time.<\/p>\n<p><strong>One-off cash payment<\/strong><\/p>\n<p>Pensioners and others receiving eligible government concession holders, will receive a one-off, income tax-exempt payment of $250. This will be paid automatically in April 2022 to eligible recipients.<\/p>\n<p><strong>$450 salary threshold for super contributions removed<\/strong><br \/>From 1 July 2022, the $450 monthly threshold for the payment of superannuation guarantee (SG) contributions will be removed. This means you\u2019ll be required to make SG contributions to all eligible employees, regardless of how much the employee is paid.<\/p>\n<p>For more information read the <a href=\"https:\/\/urldefense.proofpoint.com\/v2\/url?u=https-3A__www.e.cbussuper.com.au_link_id_zzzz6255fd7b81f83265Pzzzz5df1c0f974215151_page.html&amp;d=DwMGAw&amp;c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&amp;r=9Jf2CiaWXHA5Nx-VzY1g5RqfY9z5NkkYoUjndcKfb50&amp;m=DxWBKETCIV0eMzoFqtaLTjbxdD_N_VETdCO55UFAf_Q&amp;s=bapOiT5h9Er5e92XcMVf9REYQ7iyeO0eyizpLp01nV4&amp;e=\">ATO\u2019s recent announcement<\/a>.<\/p>\n<h3><strong>News on 3 February 2022<\/strong><\/h3>\n<p>NSW small businesses have been thrown a lifeline with a $1 billion support package announced on Sunday by the NSW government.<\/p>\n<p>The state\u2019s peak business organisation, Business NSW, said the package would help a wide variety of businesses that had been hard hit by the Omicron surge.\u00a0<\/p>\n<p>The package, which starts February 1, includes:\u00a0<\/p>\n<ul>\n<li>a lump-sum payment of 20% of weekly payroll with a minimum payment of $500 per week and a maximum payment of $5,000 per week. It is for businesses with a turnover between $75,000 and $50 million that suffered a 40% downturn in January and projected to do the same in February.\u00a0<\/li>\n<li>The Small Business Fees and Charges rebate program extended from $2,000 to $3000, and employing businesses will be able to use the rebate to obtain rapid antigen tests (<a href=\"https:\/\/urldefense.proofpoint.com\/v2\/url?u=https-3A__www.businessaustralia.com_resources_news_businesses-2Din-2Dthe-2Drat-2Drace-2Dbeware-2Dof-2Dfringe-2Dbenefits-2Dtax&amp;d=DwMFaQ&amp;c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&amp;r=dSueH6KgRD7Ovl04kun_xRz7GUahEme_Q3Ph2NjJtfw&amp;m=Xw5stAIDn7521teNDIiMW9eHsvfPbNUw3iLxP79KgHE&amp;s=pq4a-_SPMqjwIl3gHbMfXy8KBf5NyKqvnnJEWpPWKi8&amp;e=\">RATs<\/a>).<\/li>\n<li>Commercial landlord relief will be extended until 13 March.<\/li>\n<\/ul>\n<h3><strong>News on 17 December 2021<\/strong><\/h3>\n<p>Dear customers, business associates and friends,<\/p>\n<p>My team and I want to thank you for your ongoing support of us in 2021.<\/p>\n<p>Our office will be closed from Friday 17<sup>th<\/sup> December and will be re-opened Monday 10<sup>th<\/sup> January 2022.<\/p>\n<p>My team and I wish you and your family a wonderful festive season and a happy, healthy and prosperous 2022.\u00a0 We look forward to working for you in 2022.<\/p>\n<p>Regards,<\/p>\n<p>Donny Tsui<\/p>\n<p>Senior Partner<\/p>\n<h3><strong>News on 4 November 2021<\/strong><\/h3>\n<h3>The Australian Government has announced the full implementation of Modernising Business Registers (MBR) program as part of its Digital Business Plan. As an effect, the government has introduced Director Identification Number (Director ID \/ DIN)\u00a0<\/h3>\n<p>\u00a0<strong>What is a Director Identification Number (DIN)?<\/strong><\/p>\n<p>The Director Identification Number (director ID) is a unique identifier that a director will apply for once\u00a0but will stay with a director for life, offering greater identity security.\u00a0You will need a director identification number (DIN \/ Director ID) if you&#8217;re a director of a company or a corporate trustee of a self-managed super fund (SMSF), registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation. The objective of this rollout is to create a fairer business environment by helping prevent the use of false and fraudulent director identities. This will go a long way to better identifying and eliminating director involvement in unlawful activity.<\/p>\n<p><strong>How and when to apply for DIN?<\/strong><\/p>\n<p>Directors will be able to apply for a Director ID from November 2021 on the new Australian Business Registry Services (ABRS) online and log in using the myGovID app to complete the application process.\u00a0Furthermore, they will need to provide proof of identity documentation to verify their identity. A director can choose to provide their tax file number when applying for a DIN, which should expedite the application.<\/p>\n<p>Directors will need to apply for their director ID by themselves to verify their identity. No one can apply for it on their behalf.<\/p>\n<p><strong>When will\u00a0directors need to apply?<\/strong><\/p>\n<p>Transitional arrangements will allow\u00a0directors to become familiar with the new requirement. When you need to have a director ID will depend on when you were appointed as a director. The table below illustrates the same in detail.<\/p>\n<p><strong>How director ID works?<\/strong><\/p>\n<p>A director ID is a 15-digit identifier given to a director (or someone who intends to become a director) who has verified their identity with ABRS.<\/p>\n<p>Directors will only ever have one director ID. They&#8217;ll keep it forever even if they &#8211; change companies, stop being a director, change their name, move interstate or overseas.<\/p>\n<p><strong>Why you need a director ID?<\/strong><\/p>\n<p>All directors are required by law to verify their identity with ABRS before receiving a director ID.<\/p>\n<p>This is important because it will help to:<\/p>\n<ul>\n<li>prevent the use of false or fraudulent director identities<\/li>\n<li>make it easier for external administrators and regulators to trace directors\u2019 relationships with companies over time<\/li>\n<li>identify and eliminate director involvement in unlawful activity, such as illegal phoenix activity.<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><strong>How can agents assist their impacted clients?<\/strong><\/p>\n<p>An agent or advisor cannot apply on behalf of the director, but they can still provide assistance to their clients by providing guidance on the verification and application process, including if their client is required to get a director ID.<\/p>\n<p>Agents can support their clients by:<\/p>\n<ul>\n<li>letting them know about the new requirement, when and how to apply<\/li>\n<li>encouraging their clients to set up their myGovID to a Standard identity strength, if they have not done so already, and<\/li>\n<li>guide and support their clients through the process of applying for a Director ID.<\/li>\n<\/ul>\n<p><strong>How does it affect the current company registration process?<\/strong><\/p>\n<p>For now, there will be no change to how you register a company with us, hence there is no requirement include the DIN in your company application form or any changes to company forms (484, etc). This will take place in the future as the ABRS builds the new registry platform, and we will keep you up-to-date with any developments during this course.<\/p>\n<p>Should you have any questions, you can talk to your accountant or us\u00a0to learn more about the MBR program.<\/p>\n<p><strong>News on 7 October 2021<\/strong><\/p>\n<h2><strong>JobSaver now available for charitable not-for-profits (NFPs)<br \/><a href=\"https:\/\/servicensw.e-newsletter.com.au\/link\/id\/zzzz615e98b47f1a6949Pzzzz6156bbe2a70f8912\/page.html\">Eligible NFPs\u00a0<\/a>can apply for JobSaver if they have experienced a turnover decline of at least 15% and less than 30% because of the public health orders.<\/strong><\/h2>\n<p>The JobSaver program has been extended to charitable NFP organisations that have experienced a turnover decline of at least 15% and less than 30% as a result of the public health orders.<\/p>\n<p>NFPs are eligible for this program if they are charitable and their primary purpose, under Australian Charities and Not-for-profits Commission (ACNC) classifications, is to:<\/p>\n<ul>\n<li>advance social or public welfare (including disability and health social support services), or<\/li>\n<li>prevent or relieve the suffering of animals (for example, animal welfare organisations).<\/li>\n<\/ul>\n<p>For more information about eligibility for charitable NFP organisations that have experienced the required decline in turnover.<\/p>\n<p><strong>News on 15 July 2021<\/strong><\/p>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td>\n<h2>Government support micro and small business during lockdown<\/h2>\n<h2>The Australian and NSW Governments announced new measures<\/h2>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td width=\"566\">\n<table width=\"100%\">\n<tbody>\n<tr>\n<td>\n<p>New measures to support small businesses during the current NSW lockdown were announced yesterday. These include:<\/p>\n<ul>\n<li>Increased small business support payments of $7,500 and $10,500 or $15,000, depending on the decline in business turnover<\/li>\n<li>A \u201cJobSaver\u201d employee retention scheme providing cashflow support to businesses to help them retain staff. The cash boost will be up to 40% of weekly payroll with a payment of between $1,500 to a maximum of $10,000 per week, provided staffing levels are maintained at the level as of 13 July 2021. Non-employing businesses are eligible for $1,000 p\/w<\/li>\n<li>$1,500 grants per fortnight for microbusinesses (annual turnover between $30,000 and $75,000) that have suffered at least a 30% decline in turnover.<\/li>\n<li>Payroll tax deferrals for all businesses and a 25% concession for medium-sized businesses that have suffered a 30% revenue decline<\/li>\n<li>A requirement on landlords to participate in mediation before taking actions to evict or lock out tenants<\/li>\n<li>Up to 100% land tax concessions for commercial landlords who provide rent relief<\/li>\n<li>A $75 million support package for the performing arts sector to be administered by Create NSW<\/li>\n<li>A support package for the accommodation sector worth $26 million<\/li>\n<li>An increase in the payment amount for stood down workers from $500 to $600 per week for those who lost more than 20 hours, and to $375 for those who lost between 8 and 20 hours, and for it to be available to workers outside of the Greater Sydney lockdown areas<\/li>\n<li>Expanded mental health services with programs targeted at young people and CALD communities<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>News on 29 June 2021<\/strong><\/p>\n<h2><strong>Small businesses urged to pay attention to key areas and act now in EOFY tax planning<\/strong><\/h2>\n<p>Dear customers and business associates,<\/p>\n<p>The end of financial year is only a few days away.\u00a0 There are some last minute tips for your tax planning:-<\/p>\n<ul>\n<li>Super guarantee (SG): SG contributions must be paid by 30 June 2021 to qualify for a tax deduction in the 2020\u201321 financial year. The superannuation fund must receive these contributions by 30 June. He\u00a0said some clearing houses can take more than a week to submit the payment to the super fund, so it would be\u00a0advisable to ensure that superannuation is paid by mid-June where possible.<\/li>\n<\/ul>\n<ul>\n<li>Temporary full expensing (previously known as the instant asset write-off): Policies have been expanded again in the last two federal budgets as part of the government\u2019s COVID-19 initiative to encourage business spending to improve cash flow. There is now no limit to the amount a small business can write off under this concession and, unlike larger businesses, small businesses with aggregated turnover less than $50 million receive a full write-off for secondhand assets. While the May 2021 federal budget extended the concession all the way up until 30 June 2023, there is still a timing advantage where claims can be made in 2020\u201321.<\/li>\n<\/ul>\n<ul>\n<li>Loss carry-back: Another concession introduced in the October 2020 federal budget and extended for a further 12 months in the May 2021 Budget, this concession allows a company (i.e. not available to partnerships, trusts or individuals) to \u201ccarry back\u201d tax losses incurred in any of the 2019\u20132020, 2020\u201321, 2021\u201322 and 2022\u201323 income years to an earlier year as far back as 2018\u201319. A refund could be claimed on lodgement of tax returns from the 2020\u20132021 year onwards, representing the tax saving that would have arisen if the tax loss had been available to claim in the earlier year.<\/li>\n<\/ul>\n<ul>\n<li>Small business CGT concessions: Those operating a small business may be eligible for these concessions on the sale of business assets by a company or on the sale of shares in a company carrying on a business. The concessions may be available where aggregated turnover is less than $2 million or total net assets (excluding the family home and superannuation fund balances) less than $6 million, although the eligibility rules are quite strict, having been tightened significantly in recent years.<\/li>\n<\/ul>\n<ul>\n<li>Income deferral: Businesses may wish to delay tax payments on assessable income this financial year by deferring invoices until after 30 June. Income from the payments won\u2019t be taxed until the following financial year.<\/li>\n<\/ul>\n<p>Should you have any queries, please contact us.<\/p>\n<p><strong>News on 21 June 2021<\/strong><\/p>\n<h2><strong>Minimum wage to increase by 2.5%<\/strong><\/h2>\n<p>Following the Annual Wage Review 2021, the Fair Work Commission has announced a 2.5% increase to minimum wages. This will also apply to all award wages, with the award increase happening in 3 different stages.<\/p>\n<p>You don\u2019t need to do anything now. We will let you know when the new minimum wages are available in our pay tools.<\/p>\n<p>See our <a href=\"https:\/\/urldefense.proofpoint.com\/v2\/url?u=https-3A__updates.fairwork.gov.au_link_id_zzzz60c9b3ee5dd4e012Pzzzz6049e303295fa575_page.html&amp;d=DwMGAw&amp;c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&amp;r=dSueH6KgRD7Ovl04kun_xRz7GUahEme_Q3Ph2NjJtfw&amp;m=wEoCNpE3DLmJanKel-XbX1TSKc-zr1NttHrgZDKsAdI&amp;s=gjDecuy0xzTI49BdZ_w-pvgOmDstla2Wwe5JA3ZxZBA&amp;e=\"><u>Annual Wage Review 2021<\/u><\/a> page for more information.<\/p>\n<p><strong>News on 3 June 2021<\/strong><\/p>\n<h2>Super Guarantee rate rising 1 July<\/h2>\n<p>On 1\u00a0July 2021, the super guarantee rate will rise from 9.5% to 10%. If you have employees, you will need to ensure your payroll and accounting systems are updated to incorporate the increase to the super rate.<\/p>\n<p>If you need help to work out how much super you need to pay for your employees after 1\u00a0July, you can use our\u00a0<a href=\"https:\/\/www.ato.gov.au\/Calculators-and-tools\/Super-guarantee-contributions\/\">super guarantee contributions calculator<\/a>.<\/p>\n<p>It\u2019s important you pay your workers the correct amount of super. Our\u00a0<a href=\"https:\/\/www.ato.gov.au\/Calculators-and-tools\/Super-guarantee-eligibility\/\">superannuation guarantee eligibility decision tool<\/a>\u00a0will help you determine if your employees are eligible for super, including any contractors treated as employees for super purposes.<\/p>\n<p>The super rate is scheduled to progressively increase to 12% by July 2025. You can find the scheduled rate increases and dates on our website.<\/p>\n<p><strong>News on 13 May 2021<\/strong><\/p>\n<h2><strong>Australian Federal Budget 2021-22<\/strong><\/h2>\n<p>On\u00a011 May 2021, the Government handed down the 2021\/22\u00a0Federal Budget.\u00a0Whilst this marked a return to the traditional timing of the budgetary processes, the content of the 2021\/22 Budget\u00a0continues to remind us that our economy and way of life has still not returned to full normality post the events of COVID-19.\u00a0<\/p>\n<h2>Highlights<\/h2>\n<h3><a href=\"https:\/\/www.macquarie.com.au\/advisers\/federal-budget-2021\/professionals.html#personal-tax\">Personal income tax<\/a><\/h3>\n<ul>\n<li>Retaining LAMITO (Low And Middle Income Tax Offset) in the 2021-22 income year.<\/li>\n<li>Modernising the individual tax residency rules \u2013 a person who is physically present in Australia for 183 days or more in any income year will be an Australian tax resident.<\/li>\n<li>Reducing compliance costs for individuals claiming self-education expense deductions.<\/li>\n<li>Medicare levy thresholds for 2020-21.<\/li>\n<\/ul>\n<h3><a href=\"https:\/\/www.macquarie.com.au\/advisers\/federal-budget-2021\/professionals.html#business-owners\">Business owners<\/a><\/h3>\n<ul>\n<li>Temporary full expensing extension until 30 Jun 2023.<\/li>\n<li>Temporary loss carry-back extension.<\/li>\n<li>Digital Economy Strategy \u2014 self-assessing the effective life of intangible depreciating assets.<\/li>\n<li>Addressing Workforce Shortages in Key Areas \u2014 JobTrainer Fund \u2014 extension.<\/li>\n<li>Building Skills for the Future \u2014 Boosting Apprenticeship Commencements wage subsidy \u2014 expansion.<\/li>\n<li>Getting Vulnerable Australians Back into Work \u2014 additional support for job seekers.<\/li>\n<li>SME Recovery Loan Scheme.<\/li>\n<li>Employee Share Schemes \u2014 removing cessation of employment as a taxing point and reducing red tape.<\/li>\n<li>Patent Box \u2014 tax concession for Australian medical and biotechnology innovations.<\/li>\n<\/ul>\n<h3><a href=\"https:\/\/www.macquarie.com.au\/advisers\/federal-budget-2021\/professionals.html#super\">Superannuation<\/a><\/h3>\n<ul>\n<li>First Home Super Saver Scheme \u2014 increasing the maximum releasable amount to $50,000.<\/li>\n<li>First Home Super Saver Scheme \u2014 technical changes.<\/li>\n<li>Reducing the eligibility age for downsizer contributions.<\/li>\n<li>Repealing the work test for voluntary superannuation contributions.<\/li>\n<li>Removing the $450 per month threshold for superannuation guarantee eligibility.<\/li>\n<li>Early release for victims of family and domestic violence.<\/li>\n<li>Legacy retirement product conversions.<\/li>\n<li>SMSFs \u2014 relaxing residency requirements.<\/li>\n<li>Transfer of superannuation to the KiwiSaver Scheme.<\/li>\n<\/ul>\n<h3><a href=\"https:\/\/www.macquarie.com.au\/advisers\/federal-budget-2021\/professionals.html#nfp\">Not-for-profits and philanthropy<\/a><\/h3>\n<ul>\n<li>Not-for-profits \u2014 enhancing the transparency of income tax exemptions.<\/li>\n<li>Philanthropy \u2014 updates to the list of specifically listed deductible gift recipients.<\/li>\n<\/ul>\n<h3><a href=\"https:\/\/www.macquarie.com.au\/advisers\/federal-budget-2021\/professionals.html#child-care\">Child care<\/a><\/h3>\n<ul>\n<li>Child care subsidy.<\/li>\n<li>Other measures.<\/li>\n<\/ul>\n<h3><a href=\"https:\/\/www.macquarie.com.au\/advisers\/federal-budget-2021\/professionals.html#social-security\">Social security<\/a><\/h3>\n<ul>\n<li>Increasing the Flexibility of the Pension Loans Scheme.<\/li>\n<li>Enhancing Welfare Integrity Arrangements.<\/li>\n<li>Increased support for unemployed Australians.<\/li>\n<\/ul>\n<h3><a href=\"https:\/\/www.macquarie.com.au\/advisers\/federal-budget-2021\/professionals.html#aged-care\">Aged care<\/a><\/h3>\n<ul>\n<li>Whole-of-government response to Royal Commission into Aged Care Quality and Safety.<\/li>\n<\/ul>\n<p><strong>News on 3 Feb 2021<\/strong><\/p>\n<p><strong>Businesses can get $10k a year for each new employee, says ATO<\/strong><\/p>\n<p>Businesses could potentially receive up to more than $10,000 over a year for each eligible additional employee hired, says Australian Taxation Office deputy commissioner James O\u2019Halloran.<\/p>\n<p>Contact us for more details.<\/p>\n<p><strong>News on 25 Jan 2021<\/strong><\/p>\n<p>Dear customers, business associates and friends,<\/p>\n<p>We would like to inform you that we will be moving to our new office which is 210\/2 Pembroke Street, Epping 2121 on 26 Jan 2021.<\/p>\n<p>In fact, it is only a minute on foot away from our previous office.\u00a0 Below please find the map showing how to go from our old office to the new office for your reference.<\/p>\n<p>Please drop by to have a cup of coffee if you are in the area.<\/p>\n<p>Should you have any questions, please contact us.<\/p>\n<p>Yours faithfully,<\/p>\n<p>Donny Tsui<\/p>\n<p><strong>News on 18 Dec 2020<\/strong><\/p>\n<p>Dear customers, friends and business associates,<\/p>\n<p>As this challenging year draws to a close, we trust that some of the difficulties of the last 12 months are now behind all of us.\u00a0 We would like to express our sincerest appreciation for your support throughout 2020.<\/p>\n<p>We hope we were able to assist you. This year end means the beginning of a new one with new possibilities and we are dedicated to continuing to help you reach your goals in 2021.<\/p>\n<p>From all of us at D &amp; I Accounting, we want to say a big thank you for being an invaluable part of our business and wish you a Merry Christmas and a bigger and better year ahead.<\/p>\n<p><strong>Our office will close on Friday, 18 December 2020 and return on Monday, 4 January 2021.<\/strong>\u00a0<\/p>\n<p>Regards,<\/p>\n<p>Donny Tsui<\/p>\n<p><strong>News on 12 Dec 2020<\/strong><\/p>\n<h1><strong>Businesses will now be able to register for the JobMaker Hiring Credit scheme ahead of the first quarterly claim period starting in February next year.<\/strong><\/h1>\n<p>Under the scheme, eligible businesses can access the payment for up to 12\u00a0months for each eligible additional employee they hire between 7\u00a0October 2020 and 6\u00a0October 2021, and will be able to claim up to $200 a week for each additional eligible employee they hire aged 16\u00a0to\u00a029\u00a0years, and up to $100 a week for those aged 30\u00a0to\u00a035\u00a0years.<\/p>\n<p>Employees need to have completed a minimum average of 20\u00a0hours (worked or paid) per week during the time they were employed in the JobMaker period.<\/p>\n<p>ATO Deputy Commissioner James O\u2019Halloran said the ATO is working hard to make it as easy as possible for employers to access the government\u2019s JobMaker Hiring Credit payment.<\/p>\n<p>He also encouraged businesses to check their eligibility and take this first step to register for the scheme from this week and then employers will be ready to move to quickly make a claim in February 2021, as they cannot claim if they are not registered.<\/p>\n<p>\u201cWe encourage employers to register from now to ensure their hiring credits can be paid promptly from when the first quarterly claim period opens in February 2021,\u201d Mr O\u2019Halloran said.<\/p>\n<p>\u201cEmployers are reminded that new employees must have received the Parenting Payment, Youth Allowance (Other) or JobSeeker Payment for at least 28\u00a0consecutive days (or\u00a0two fortnights) within the 84\u00a0days (or\u00a0six fortnights) of being hired to allow for a claim to be made by the employer.<\/p>\n<p>\u201cThere are some key dates to keep in mind, and simple steps employers can take now, but please remember that not everything needs to be done from next week.\u201d<\/p>\n<p>The federal government established the JobMaker Hiring Credit payment to help accelerate growth in the employment of young people during the COVID-19 economic recovery.<\/p>\n<p><strong>News on 7 Oct 2020<\/strong><\/p>\n<h1>Federal Budget 2020-2021<\/h1>\n<p>Tax cuts, more incentives for business investment and payments for pensioners and aged care: tonight\u2019s Federal Budget was a wide-ranging fiscal program to cushion the impact of the Covid-19 pandemic and kickstart an economic recovery.<\/p>\n<h2><strong>WINNERS<\/strong><\/h2>\n<h3><strong>Taxpayers\u00a0<\/strong><\/h3>\n<p>Key to the government\u2019s strategy is to put money in the pockets of taxpayers in the hope they will boost spending and the resulting demand will help lift the economy out of recession.\u00a0<\/p>\n<p>To that end, more than 11 million taxpayers will receive a tax cut backdated to July 1 this year.<\/p>\n<p>Stage Two of the legislated tax cuts will be brought forward by two years, lifting the 19 per cent threshold from $A37,000 to $A45,000, and the 32.5 per cent threshold from $A90,000 to $A120,000.\u00a0<\/p>\n<p>This would result in a tax relief of up to $A2745 for singles, and up to $A5490 for dual income families compared with 2017-18.\u00a0<\/p>\n<h3><strong>Established businesses<\/strong><\/h3>\n<p>The budget includes a range of measures designed to encourage established businesses to spend on plant and equipment, invest in research and development, and also hire or retain workers.\u00a0<\/p>\n<p>The Instant Asset Write Off for businesses will be extended to businesses with a turnover of up to $A5 billion and will be further extended until June 2022.\u00a0<\/p>\n<p>There is also relief for businesses which have been \u201cdoing it tough\u201d during the pandemic, with a measure which will enable them to use their losses earlier.\u00a0<\/p>\n<p>Losses incurred to June 2022 can be offset against prior profits made in or after the 2018\/19 financial year.\u00a0<\/p>\n<p>To encourage businesses to hire younger Australians, the government has announced a new program called JobMaker, which will contribute $A200 per week, payable for one year, towards the hiring of people aged 16-35 who are currently on JobSeeker.\u00a0<\/p>\n<p>The payment for those aged 30-35 is $A100 per week.\u00a0<\/p>\n<p>The government estimates that the combination of the immediate expensing of capital expenditure and loss carry-back measures will create an additional 50,000 jobs nationally.\u00a0<\/p>\n<p>For R&amp;D, the budget removes the cap on refunds and lifts the rate.\u00a0<\/p>\n<h3><strong>Apprentices\u00a0<\/strong><\/h3>\n<p>In vocational training, the budget commits an additional $A1.2 billion to create 100,000 new apprenticeships and traineeships, with a 50 per cent wage subsidy for businesses who employ them.\u00a0<\/p>\n<h3>Infrastructure projects<\/h3>\n<p>In keeping with its plan to boost jobs, the budget expands the government\u2019s 10-year infrastructure pipeline, bringing to $A14 billion the new and accelerated infrastructure projects which would support an estimated 40,000 new jobs.\u00a0<\/p>\n<p>The projects span the nation, and include major road upgrades in several states and rail projects in Victoria and Western Australia, and new bridges in Tasmania and the ACT.\u00a0<\/p>\n<p>An additional $A2 billion is also earmarked for road safety upgrades.\u00a0<\/p>\n<p>According to Frydenberg, \u201cFunding for these shovel-ready projects will be provided on a use it or lose it basis. If a state drags its feet, another state will get the money. We need works to start, not stall.\u201d\u00a0<\/p>\n<h3>Pensioners<\/h3>\n<p>Aged pensioners will receive an additional $A250 payment from December and a further $A250 payment from March next year.\u00a0<\/p>\n<p>There is also a package for senior Australians who wish to continue living in their own homes, with $A1.6 billion earmarked for an additional 23,000 home care packages, bringing the total to 180,000 places.\u00a0<\/p>\n<h3>Manufacturing<\/h3>\n<p>As the pandemic has exposed issues in Australia\u2019s globally reliant supply chain, the focus has switched back to manufacturing for national resilience as well as job creation.<\/p>\n<p>The budget includes a $A1.3 billion Modern Manufacturing plan to target six key industries, from food and beverage manufacturing to renewable energy and the space industry.\u00a0<\/p>\n<h3>Regional Australia<\/h3>\n<p>While much of the national focus has been on the pandemic, regional Australia is still suffering the economic impact of the drought and bushfires.\u00a0<\/p>\n<p>The budget includes $A2 billion in concessional loans for farmers, and $A2 billion for water infrastructure projects across the country to expand the national water grid.\u00a0<\/p>\n<p>$A350 million has been allocated to support regional tourism, while $A317 million is earmarked for exporters to continue to access global supply chains.\u00a0\u00a0<\/p>\n<h3>The NDIS and mental health services\u00a0<\/h3>\n<p>The budget includes an additional $A3.9 billion for the National Disability Insurance Service, with the Treasurer assuring \u201cevery Australian\u201d that the NDIS would \u201calways be fully funded\u201d under a coalition government.\u00a0<\/p>\n<p>The budget also doubles the number of Medicare psychological services funded through the Better Access Initiative from 10 to 20.\u00a0<\/p>\n<h3>First home buyers\u00a0<\/h3>\n<p>As telegraphed before the budget, the government announced an additional 10,000 places for first home buyers of new homes under the First Home Loan Deposit Scheme.\u00a0<\/p>\n<p>The budget also includes an additional $A1 billion in low cost finance for the construction of affordable housing, and $A150 million in the Indigenous Home Ownership Program for new homes in regional areas.\u00a0<\/p>\n<h3>Women in STEM and female entrepreneurs\u00a0<\/h3>\n<p>Recognising that women have made up the majority of those who lost their jobs during the pandemic, the Budget includes the government\u2019s second Women\u2019s Economic Security Statement, with $A240 million in programs and support.\u00a0<\/p>\n<p>These focus on new cadetships and apprenticeships for women in science, technology, engineering and mathematics, job creation and entrepreneurialism.\u00a0<\/p>\n<h2>LOSERS<\/h2>\n<h3>Long-term or older unemployed\u00a0<\/h3>\n<p>While these people received a $A550 fortnightly coronavirus supplement to their JobSeeker payments in March, this has been cut to $A250 and is scheduled to end by December 31.\u00a0<\/p>\n<p>The budget makes no mention of whether this supplement will be continued or if JobSeeker will be increased on a permanent basis, and there are no targeted programs for unemployed people older than 35.\u00a0<\/p>\n<h3>Self-funded retirees\u00a0<\/h3>\n<p>Already struggling due to record low interest rates, which have crimped the returns from the term deposits many of them rely on, this group \u2013 who do not get the aged pension \u2013 receive nothing in the budget.\u00a0<\/p>\n<h3>New businesses\u00a0<\/h3>\n<p>While there are incentives for existing businesses, the instant asset write off is the main measure which new businesses can take advantage of.\u00a0<\/p>\n<p>There are no specific incentives or programs to encourage start-ups and new businesses.\u00a0<\/p>\n<p>\u201cCPA Australia is disappointed that the budget does not include any specific assistance for those new to business. These entrepreneurs also need help to survive having already missed out on JobKeeper, the Cash Flow Boost and several state government grants,\u201d says Ord.\u00a0<\/p>\n<p><strong>News on 1 Oct 2020<\/strong><\/p>\n<p>Due to the ongoing COVID-19 pandemic and the impact on Australian businesses, the Federal Government extended JobKeeper until March 2021 for qualifying businesses. The extension affects the way you need to process Jobkeeper in your software.\u00a0Here&#8217;s a summary of the key changes:<\/p>\n<p><strong>Extension 1: 28\u00a0September 2020 to 3\u00a0January 2021<\/strong><\/p>\n<ul>\n<li>Tier\u00a01: Full time employees $1,200 per fortnight\u00a0<\/li>\n<li>Tier\u00a02: Part time employees $750 per fortnight\u00a0<\/li>\n<\/ul>\n<p><strong>Extension 2: 4\u00a0January 2021 to 28\u00a0March 2021<\/strong><\/p>\n<ul>\n<li>Tier\u00a01: Full time employees $1,000 per fortnight\u00a0<\/li>\n<li>Tier\u00a02: Part time employees $650 per fortnight\u00a0<\/li>\n<\/ul>\n<p>Your employees will either be a JobKeeper Tier 1 employee or a JobKeeper Tier 2 employee. This is determined by how many hours they worked in the month before becoming eligible for JobKeeper. It is an employer&#8217;s responsibility to determine the JobKeeper tier.<\/p>\n<p><strong>News on 23 May 2020<\/strong><\/p>\n<h1>Instant asset write-off for eligible businesses<\/h1>\n<p>Under instant asset write-off eligible businesses can:<\/p>\n<ul>\n<li>immediately write off the cost of\u00a0<b>each<\/b>\u00a0asset that costs less than the threshold<\/li>\n<li>claim a tax deduction for the business portion of the purchase cost in the year the asset is first used or installed ready for use.<\/li>\n<\/ul>\n<p>Instant asset write-off can be used for both new and second-hand assets. Some exclusions and limits apply.<\/p>\n<p>The instant asset write-off eligibility criteria and threshold have changed over time. You need to check your business&#8217;s eligibility and apply the correct threshold amount.<\/p>\n<h2>Changes from 12 March 2020<\/h2>\n<p>From 12\u00a0March 2020 until 30\u00a0June 2020 the instant asset write-off:<\/p>\n<ul>\n<li>threshold amount for each asset is $150,000 (up from $30,000)<\/li>\n<li>eligibility has been expanded to cover businesses with an aggregated turnover of less than $500\u00a0million (up from $50\u00a0million).<\/li>\n<\/ul>\n<p>For more information, you can visit https:\/\/www.ato.gov.au\/Business\/Depreciation-and-capital-expenses-and-allowances\/Simpler-depreciation-for-small-business\/Instant-asset-write-off\/<\/p>\n<p><strong>News on 30 March 2020<\/strong><\/p>\n<p><strong>Federal Stimulus Package &#8211; JobKeeper Payment<\/strong><\/p>\n<p>In case you haven\u2019t heard, the federal government has announced a JobKeeper Subsidy Payment to assist businesses which are struggling to retain their employees due to the impacts of COVID-19.<\/p>\n<p>To summarise:<\/p>\n<ul>\n<li>Details:\n<ul>\n<li>This is a temporary subsidy open to businesses impacted by COVID-19<\/li>\n<li>The government will provide $1,500 per fortnight per employee for up to 6 months<\/li>\n<\/ul>\n<\/li>\n<li>Eligible Businesses:\n<ul>\n<li>Business turnover less than $1 billion &amp; business will experience more than 30% reduction compared to a year ago; or<\/li>\n<li>Business turnover more than $1 billion &amp; business will experience more than 50% reduction compared to a year ago.<\/li>\n<li>Employee must have been employed as at 1 March 2020 &amp; currently employed (incl. those stood down or re-hired)<\/li>\n<\/ul>\n<\/li>\n<li>Timing:\n<ul>\n<li>First payments to be received in the first week of May<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>If you are interested in applying for this concession, please register your interest at: <a href=\"https:\/\/www.ato.gov.au\/general\/gen\/JobKeeper-payment\/\">https:\/\/www.ato.gov.au\/general\/gen\/JobKeeper-payment\/<\/a> or alternatively <strong>please contact our office to register for your business.<\/strong><\/p>\n<p><strong>News on 18 January 2020<\/strong><\/p>\n<p><strong>Federal Stimulus Package Info<\/strong><\/p>\n<p class=\"xmsonormal\">During these times, a few key areas that is likely to be applicable to you are:<\/p>\n<p class=\"xmsonormal\">1.\u00a0\u00a0\u00a0\u00a0\u00a0 Increasing the instant asset write off to immediately deduct purchases of eligible assets costing less than $150k (including new and second hand assets purchased from 12 March 2020 to 30 June 2020).<\/p>\n<p class=\"xmsonormal\">2.\u00a0\u00a0\u00a0\u00a0\u00a0 Business investment allowance which includes a 50% accelerated depreciation rate on new assets acquired after 12 March 2020 or installed by 30 June 2021.<\/p>\n<p class=\"xmsonormal\">3.\u00a0\u00a0\u00a0\u00a0\u00a0 Boosting Cash Flow for Employers &#8211; Eligible businesses (aggregated turnover under $50m) that withhold tax to the ATO on their employees\u2019 salary and wages will receive a payment equal to 50% of the amount withheld, up to a maximum payment of $25,000. When you lodge the Mar 2020 BAS, ATO will credit the integrated client account to provide this benefit. This cash flow assistance is available for PAYG withholding lodgements for the months of March, April, May and June 2020.<\/p>\n<p><strong>News on 13 January 2020<\/strong><\/p>\n<p><strong><a href=\"http:\/\/click.e.cpaaustralia.com.au\/?qs=4d47e1969909630a41cae2cf008b8a291ac6e8aa4519cc3b605b5802c3c427a39f7bdee94cec3d33d22919267c7ec1ce3fcee62f53bb04df\">Government announces coronavirus stimulus package <\/a><\/strong><br \/>The government has announced a range of measures to support the economy, business and employment in the face of the coronavirus health crisis. The measures include the below.<\/p>\n<p><strong>Cash Flow Boost for employers<\/strong> \u2013 employers with an aggregated annual turnover of under $50 million (based on prior year turnover) will receive a payment of $2,000 to $25,000 from the government to help with cash flow. Eligible businesses will receive a payment equal to 50 per cent of taxes withheld from employees\u2019 salary and wages up to $25,000.\u00a0<\/p>\n<p>Eligible businesses that pay salary and wages will receive a minimum payment of $2,000, even if they are not required to withhold tax.<\/p>\n<p>The payment will be delivered as a credit in the activity statement system from 28 April 2020 upon businesses lodging eligible upcoming activity statements. Where this places the business in a refund position, the ATO will deliver the refund within 14 days.<\/p>\n<p><strong>Increasing the instant asset write off<\/strong> \u2013 the government is proposing to increase the threshold for the instant asset write off from $30,000 to $150,000 and expand access to businesses with an aggregated annual turnover of up to $500 million (up from $50 million). The increase will only be available from 12 March to 30 June 2020 for new or second-hand assets first used or installed ready for use by 30 June 2020.<\/p>\n<p><strong>Accelerated deprecation <\/strong>\u2013 the government is proposing an accelerated deprecation deduction for eligible assets acquired from 12 March and first used or installed by 30 June 2021. Eligible taxpayers will receive a deduction of 50 per cent of the cost of the eligible asset on installation, with existing depreciation rules applying to the balance. Eligible businesses are those with an aggregated turnover below $500 million. Eligible assets are those that can depreciated under Division 40 of the <em>Income Tax Assessment Act 1997 <\/em>(that is\u00a0plant, equipment and specified intangible assets, such as patents), but does not apply to second-hand Division 40 assets, or buildings and other capital works depreciable under Division 43.<\/p>\n<p><strong>Apprentice and trainee wage subsidy<\/strong> \u2013\u00a0the government will offer employers a wage subsidy of 50 per cent of an apprentice\u2019s or trainee\u2019s wage from 1 January to 30 September 2020, capped at $7000 each quarter per each eligible apprentice or trainee. Businesses with less than 20 full-time staff will be eligible, however employers of any size and Group Training Organisations that re-engage an eligible out-of-trade apprentice or trainee will continue to be eligible for the subsidy.<\/p>\n<p><strong>Direct payment to individuals <\/strong>\u2013 the government will make a one-off payment of $750 to around 6.5 million social security, veterans and other income support recipients and eligible concession card holders residing in Australia.<\/p>\n<p>Should you need further details, you can visit Treasury website.<\/p>\n<p><a href=\"https:\/\/treasury.gov.au\/coronavirus?utm_source=exacttarget&amp;utm_medium=email&amp;utm_term=All%20Subscribers&amp;utm_content=https%3a%2f%2ftreasury.gov.au%2fcoronavirus&amp;utm_campaign=CPA+Tax+News+ed+9+-+12+March+2020_12-March-2020\">https:\/\/treasury.gov.au\/coronavirus?utm_source=exacttarget&amp;utm_medium=email&amp;utm_term=All%20Subscribers&amp;utm_content=https%3a%2f%2ftreasury.gov.au%2fcoronavirus&amp;utm_campaign=CPA+Tax+News+ed+9+-+12+March+2020_12-March-2020<\/a><\/p>\n<p><strong>News on 8 December 2019<\/strong><\/p>\n<p>Wishing you a Merry Christmas and a Happy New Year!<br \/>Please be advised that our office will close on Wednesday 18 December 2019 and re-open on Monday 13 January 2020.<br \/>For urgent attention please contact Donny on his mobile 0430 500 227.<\/p>\n<p><strong>News on 1 July 2019<\/strong><\/p>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td colspan=\"2\">Single Touch Payroll (STP) is a new way for employers to report tax and super information to the ATO. It starts from 1 July 2019 for employers with 19 or less employees.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">You&#8217;ll report the following information through an STP ready solution &#8211; such as payroll software:<\/td>\n<\/tr>\n<tr>\n<td width=\"11%\">\u00a0<\/td>\n<td>\n<ul>\n<li>payments to employees such as salaries and wages<\/li>\n<li>pay as you go (PAYG) withholding<\/li>\n<li>super information.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">The way you pay your employees won&#8217;t change, however you will be sending us this information each time you pay them.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">Start reporting any time from 1 July to 30 September 2019. If you can\u2019t start reporting by this time, you&#8217;ll need to apply for a later start date. An online tool to help you do this will be available on our website in April.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">\n<h2>How to get started<\/h2>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"11%\">\u00a0<\/td>\n<td>\n<ul>\n<li>If you already use payroll software &#8211; check to see if it offers STP reporting by talking to your software provider or viewing their website.<\/li>\n<li>If you don&#8217;t use payroll software &#8211; you can choose an STP ready solution or talk to your tax professional for advice on the best solution for your business.<\/li>\n<li>If you use a registered tax or BAS agent &#8211; you can ask them to report through an STP ready payroll solution on your behalf.<\/li>\n<li>If you have 1-4 employees &#8211; you can choose a low-cost STP solution. Find out more at <strong><a href=\"https:\/\/www.ato.gov.au\/STPsolutions\">ato.gov.au\/STPsolutions<\/a><\/strong><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>2016\u5e7402\u670802\u65e5<\/p>\n<p>What&#8217;s new for small business?<\/p>\n<p>Instant asset write-off \u2013 simpler depreciation rules<\/p>\n<p>Small businesses can immediately deduct the business portion of most assets if they cost less than $20,000 and were purchased between 7:30pm on 12\u00a0May 2015 and 30\u00a0June 2017.<\/p>\n<p>This deduction can be used for each asset that costs less than $20,000, whether new or second-hand. The deduction is claimed through a tax return, in the year the asset was first used or installed ready for use.<\/p>\n<p>From 1\u00a0July 2017, the threshold will return to\u00a0$1,000.<\/p>\n<p>Accelerated depreciation for primary producers<\/p>\n<p>From 12\u00a0May 2015, primary producers can immediately deduct the costs of:<\/p>\n<ul>\n<li>fencing, which were previously deducted over a period up to 30\u00a0years<\/li>\n<li>water facilities, previously deducted over three\u00a0years.<\/li>\n<\/ul>\n<p>They can also deduct the cost of fodder storage assets over three\u00a0years, instead of over a period up to 50\u00a0years.<\/p>\n<p>Primary producers who are small businesses are also eligible to claim the\u00a0<a href=\"https:\/\/www.ato.gov.au\/Business\/Small-business-entity-concessions\/Whats-new-for-small-business-\/#Instantassetwriteoffsimplerdepreciationr\">instant asset write-off<\/a>\u00a0until 30\u00a0June 2017.<\/p>\n<p>Deductions for professional expenses for start-ups<\/p>\n<p>From 1\u00a0July 2015, small businesses are entitled to certain deductions when starting up a small business. The range of deductible start-up costs includes professional, legal and accounting advice and government fees and charges.<\/p>\n<p>Small business restructure roll-over (capital gains tax roll-over relief)<\/p>\n<p>In the 2015 Budget, the government announced that it will allow small businesses to change the legal structure of their business without attracting a capital gains tax (CGT) liability at that point.<\/p>\n<p>The exposure draft legislation included a possible extension of the relief to transfers of trading stock, revenue assets and depreciating assets. If passed, these changes will apply to asset transfers that occur on or after 1 July 2016.<\/p>\n<p>The proposed changes are not yet law.<\/p>\n<p>Fringe benefits tax changes for work-related devices<\/p>\n<p>From 1\u00a0April 2016, small businesses will not incur a fringe benefits tax (FBT) liability if they provide their employees multiple work-related portable electronic devices that have similar functions. These include devices that are primarily used for work, such as laptops, tablets, calculators, GPS navigation receivers and mobile phones.<\/p>\n<p>This benefit may be in addition to or part of the employee\u2019s salary or wages package.<\/p>\n<p>Small business income tax offset<\/p>\n<p>From the 2015\u201316 income year, an individual is entitled to a tax offset on the tax payable on the portion of their income that is from:<\/p>\n<ul>\n<li>net small business income from sole trading activities, and\/or<\/li>\n<li>share of net small business income from a partnership or trust.<\/li>\n<\/ul>\n<p>The income tax offset can reduce the tax payable that relates to the individual\u2019s small business income by\u00a05% up to $1,000 each year.<\/p>\n<p>We will work out the offset based on the total net small business income reported in your income tax return.<\/p>\n<p>Company tax cut for small businesses<\/p>\n<p>For income years commencing on or after 1\u00a0July 2015, the small business company tax rate has been reduced from\u00a030% to 28.5%.<\/p>\n<p>The maximum franking credit that can be allocated to a frankable distribution is unchanged at\u00a030%, even if a small business is eligible for the 28.5%\u00a0tax rate.<\/p>\n<p>2015\u5e7412\u670823\u65e5<\/p>\n<p><a href=\"http:\/\/www.demotesting.tk\/DNI_1\/wp-content\/uploads\/2015\/12\/cid_image008_png@01D13978.png\" rel=\"attachment wp-att-67\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-67\" src=\"http:\/\/www.demotesting.tk\/DNI_1\/wp-content\/uploads\/2015\/12\/cid_image008_png@01D13978.png\" alt=\"!cid_image008_png@01D13978\" width=\"105\" height=\"116\" \/><\/a><\/p>\n<p>\u795d\u60a8\u5723\u8bde\u53ca\u65b0\u5e74\u5feb\u4e50\u3002<\/p>\n<p>\u6211\u4eec\u7684\u529e\u516c\u5ba4\u5c06\u4e8e2015\u5e7412\u670824\u65e5(\u661f\u671f\u56db)\u5173\u95ed\uff0c\u91cd\u65b0\u5f00\u653e\u65f6\u95f4\u4e3a2016\u5e741\u67084\u65e5(\u661f\u671f\u4e8c)\u4e0a\u53489\u65f6\u3002<br \/>\u5982\u679c\u7d27\u6025\u4e8b\u60c5\u8bf7\u8054\u7cfbDonny,\u4ed6\u7684\u624b\u673a0430 500 227.<\/p>\n<h3><strong>News on 18 May 2023<\/strong><\/h3>\n<h1>SEVEN WAYS THE BUDGET IMPACTS YOUR BUSINESS<\/h1>\n<h4>Energy costs, asset write-offs, and cyber security were just some areas targeting small-business owners in Tuesday night\u2019s budget.<\/h4>\n<p>Tuesday night\u2019s (9 May) Federal Budget contained some recognition of the pressure small businesses have been under. And hopefully, it means help is on its way.<\/p>\n<p>\u201cWe know economic conditions have been challenging for Australia\u2019s small businesses, which is why the budget delivers this support,\u201d said the Minister for Small Business, Julie Collins.<\/p>\n<p>\u201c[The budget] provides targeted, responsible support, improves the overall business operating environment, and helps to reduce energy price pressures.\u201d<\/p>\n<p>From staffing to operating costs to cyber security, here are some ways the budget will impact your small business.<\/p>\n<h3>1. Write off asset changes<\/h3>\n<p>Businesses that need new equipment, computers, furniture, cars, or other assets can benefit from changes to the instant asset write-off threshold to $20,000 from 1\u00a0July 2023 until 30\u00a0June 2024.<\/p>\n<p>That means if your business has a turnover of less than $10 million, you\u2019ll be able to immediately deduct assets costing less than $20,000, provided they\u2019re first used or installed between 1\u00a0July 2023 and 30\u00a0June 2024. It will be applied on a per-asset basis, so you can write off multiple assets.<\/p>\n<p>This is a watered-down version of previous measures introduced during the pandemic.<\/p>\n<h3>2. Lower power bills<\/h3>\n<p>With soaring power bills contributing significantly to business operating costs, $650 in bill relief is on its way from July.<\/p>\n<p>The total amount of bill relief will vary by state, so check\u00a0<a href=\"https:\/\/www.energy.gov.au\/government-priorities\/energy-programs\/energy-bill-relief-fund\/energy-bill-relief-fund-small-businesses\">here<\/a>\u00a0for more information. To be eligible, your business must be on a separately metered business tariff with your electricity retailer \u2013 so if you run a business from home, you probably won\u2019t qualify.<\/p>\n<p>Meanwhile,\u00a0<a href=\"https:\/\/www.mybusiness.com.au\/how-we-help\/be-more-efficient\/manage-costs\/smes-score-20k-tax-break-for-going-green\">as announced shortly before the budget<\/a>, small and medium businesses can claim deductions of up to $20,000 when they install energy-efficient equipment, such as electrifying their heating and cooling systems and installing batteries and heat pumps.<\/p>\n<p>Try our\u00a0<a href=\"https:\/\/www.mybusiness.com.au\/how-we-help\/our-services\/cost-efficiency\/energy-comparison-service\">free energy comparison tool.<\/a>\u00a0Your business could compare, switch and save with our free energy comparison service.<\/p>\n<h3>3. Big changes to super payments<\/h3>\n<p>Meanwhile, businesses need to be on top of payroll with big changes on the way.<\/p>\n<p>Gone are quarterly super payments \u2013 from 1\u00a0July\u00a02026, they\u2019ll have to be paid at the same time as wages. This will enable employees to track their entitlements to ensure they are being paid on time and in full.<\/p>\n<p>Also, the Australian Taxation Office (ATO) will receive funding to upgrade its data capabilities and design a new compliance system, which will identify underpaid super in real time.<\/p>\n<p>For help with payroll and other aspects of managing your people, have a look at\u00a0<a href=\"https:\/\/www.mybusiness.com.au\/how-we-help\/our-services\/hr-and-workplace\/workplace\">My Business Workplace.<\/a><\/p>\n<h3>4. Reducing business admin and helping lower tax<\/h3>\n<p>Those drowning in paperwork should note that from 1 July 2024, small businesses will be permitted to authorise their tax agent to lodge multiple single touch payroll forms on their behalf. And from 1 July 2025, small businesses will be permitted up to four years to amend their income tax returns.<\/p>\n<p>There are also measures designed to help lower the tax-related administrative burden on businesses, including an expansion of the ATO independent review process for small businesses undergoing an audit and new tax clinics to improve access to tax advice and assistance.<\/p>\n<p>To help small business cash flow, the government will halve the GDP adjustment factor for PAYG and GST instalments to 6% for the 2023\u201324 income year, a reduction from 12%.<\/p>\n<p>Also, if you\u2019re behind in your tax, now\u2019s the time to catch up. The government is proposing a lodgement penalty amnesty program for businesses with a turnover of less than $10 million. This applies to statements lodged from 1 June 2023 to 31 December 2023 that were originally due from 1 December 2019 to 29 February 2022.<\/p>\n<h3>5. Support for your employees<\/h3>\n<p>Employees are the lifeblood of any small business, and measures to help them manage living costs will come as welcome news.<\/p>\n<p>The government will extend eligibility for the single parenting payment to support single principal carers with a youngest child under 14 years of age. At the moment, it\u2019s eight years.<\/p>\n<p>The government will also introduce a number of housing measures to increase support for social and affordable housing across the country and improve access for home buyers.<\/p>\n<p>For those employing parents, it\u2019s worth noting that the government has pledged $55.31 billion over four years to make childcare more affordable \u2013 these changes will be in force from July.<\/p>\n<p>There\u2019s also help for your people to upskill, including 300,000 new fee-free TAFE places to train Australians in critical and emerging sectors.<\/p>\n<p>The government will provide $5.5 million in 2023\u201324 to continue supporting negotiations on a long-term skills funding agreement with the states and territories. Subject to the outcome of these negotiations, they\u2019ve kept $3.7 billion up their sleeve for a five-year National Skills Agreement that will commence on 1 January 2024.<\/p>\n<h3>6. SME cyber protections and AI<\/h3>\n<p>With cyber attacks a growing threat to small businesses, the government will launch a program to train cyber wardens . To learn more about how your business can protect itself against cyber attacks, have a look at\u00a0<a href=\"https:\/\/www.mybusiness.com.au\/how-we-help\/our-services\/business-cyber-security-training-and-resources\">this information<\/a>\u00a0on My Business.<\/p>\n<p>Meanwhile, the government is giving $101.2 million over five years to support small businesses integrating artificial intelligence (AI) and quantum technologies to improve business processes and increase trade competitiveness.<\/p>\n<h3>7. Funding for growth<\/h3>\n<p>And finally, for those with an innovative idea to develop, take note of the government\u2019s new support for SMEs and start-ups trying to commercialise their ideas and grow their operations.<\/p>\n<p>The government will provide $431.9 million over four years, including an Industry Growth Program and continuation of the Single Business Service, which supports SMEs in engagement with all levels of government.<\/p>\n<p><a href=\"https:\/\/www.mybusiness.com.au\/how-we-help\/be-a-better-employer\/managing-people\/seven-ways-the-budget-impacts-your-business?utm_brand=MB&amp;utm_prodcat=content&amp;utm_prod=article&amp;utm_campaigntype=eng&amp;utm_livedate=20230516&amp;utm_target=nat&amp;utm_campaign=mm_newsletter&amp;utm_medium=edm&amp;utm_source=mb&amp;utm_content=business_7_ways_budget_impacts_you\">https:\/\/www.mybusiness.com.au\/how-we-help\/be-a-better-employer\/managing-people\/seven-ways-the-budget-impacts-your-business?utm_brand=MB&amp;utm_prodcat=content&amp;utm_prod=article&amp;utm_campaigntype=eng&amp;utm_livedate=20230516&amp;utm_target=nat&amp;utm_campaign=mm_newsletter&amp;utm_medium=edm&amp;utm_source=mb&amp;utm_content=business_7_ways_budget_impacts_you<\/a><\/p>\n<h3><strong>News on 15 May 2023<\/strong><\/h3>\n<h1 class=\"standard-article-title\">ATO crackdown focuses on rental properties, work claims, CGT<\/h1>\n<p>https:\/\/www.accountantsdaily.com.au\/tax-compliance\/18535-ato-crackdown-focuses-on-rental-properties-work-claims-cgt<\/p>\n<h3><strong>News on 25 Jul 2022<\/strong><\/h3>\n<p>You may have heard of the instant asset write off scheme (IAWO), but you might not know exactly what is the instant asset write off for small businesses and how it actually works.\u00a0\u00a0What\u2019s the purpose of this instant asset write off scheme? As it has been over the last few years, the aim of this scheme is to get cash flowing into the economy and businesses spending while also incentivising the growth of that business.<\/p>\n<p>Now that we live in a post COVID-19 world, the scheme has been expanded in scope and become even more important to aid the recovery of individual businesses like yours, and the economy at large.\u00a0\u00a0\u201cThe instant asset write off\u00a0also helps to\u00a0improve\u00a0cash flow\u00a0for businesses\u00a0by bringing forward tax deductions for eligible expenditure,\u201d Josh Frydenberg, Australian federal government Treasurer.<\/p>\n<h2>Instant asset write off for small businesses<\/h2>\n<p>The instant asset write off for small business is a handy tax saving scheme available for all Australian small businesses.\u00a0\u00a0Basically, if you\u2019ve bought a core piece of depreciating equipment or other work-related business assets, you can save on your tax bill with a nice offset by making an immediate\u00a0tax deduction.\u00a0\u00a0The idea behind the scheme is to encourage spending and business growth by incentivising the purchase and installation of work-related equipment for eligible businesses.<\/p>\n<h2>How does instant asset write off work?<\/h2>\n<p>The instant asset write off scheme works by allowing you to immediately write off the value of a business-related piece of equipment or asset.<\/p>\n<ul>\n<li>For small businesses with annual turnover between $50 million and $500 million, they can now claim a full deduction for new and second-hand assets valued up to $150,000.<\/li>\n<\/ul>\n<p>You must be able to prove that the piece of equipment is central to your business and its operation. This is crucial.\u00a0\u00a0Depending on your business, eligible assets for the instant asset write off can include:<\/p>\n<ul>\n<li>vans, trucks, and vehicles<\/li>\n<li>tools and trade equipment<\/li>\n<li>computers and IT equipment<\/li>\n<li>plant machinery<\/li>\n<li>coffee machine and kitchen equipment<\/li>\n<\/ul>\n<p>Many assets don\u2019t qualify for the scheme, and you\u2019ll need to be sure of your purchase before you proceed down this avenue.\u00a0\u00a0From the ATO:<\/p>\n<ul>\n<li>The asset may be either new or second hand.<\/li>\n<li>It must be directly linked to your business function.<\/li>\n<li>You may claim a portion for personal and for business. So, if you use a delivery van for 30% work use and 70% personal use, you can dice it up and claim that 30% portion.<\/li>\n<li>You may not stockpile. You must have the equipment installed and in use for business purposes by the end of financial year.<\/li>\n<li>You must be an operational business, not a holding for investment purposes.<\/li>\n<\/ul>\n<p>How to calculate and how much is instant asset write off?\u00a0\u00a0Fresh changes to the scheme were announced in the 2020 federal budget, so you may not be aware of its current state. The scheme was also extended in the 2021 federal budget.<\/p>\n<p>The instant asset write off has been boosted yet again in the form of \u2018temporary full expensing\u2019, which is intended to increase both cash flow and small business investment.<\/p>\n<ul>\n<li>Until 30 June 2023, businesses with a turnover of up to $5 billion will be able to deduct the full cost of an eligible asset in the first year it\u2019s used or installed.<\/li>\n<li>SMEs turning over up to $50 million can now apply \u2018full expensing\u2019 to all second-hand assets.<\/li>\n<li>Businesses turning over between $50 million and $500 million can now claim a full deduction for second-hand assets of up to $150,000 in value.<\/li>\n<\/ul>\n<p>\u00a0Who can access the instant asset write off?<\/p>\n<p>Any Australian small business that purchased business related equipment, and complies with the above specifications for eligibility, can utilise the instant asset write off scheme.\u00a0\u00a0Just because you can doesn\u2019t mean you should. Will your business actually benefit from instant asset write off? Perhaps not.\u00a0\u00a0First and foremost, you need to make sure that the purchase will help grow your business.<\/p>\n<p>If your business is in a tenuous position, or the future of your cashflow is in doubt, reconsider your need to purchase assets.<\/p>\n<p>There are several ways in which this tax offset would be of no benefit:<\/p>\n<ul>\n<li>You\u2019re operating at a loss.<\/li>\n<li>You don\u2019t really need the equipment as a core part of your operations.<\/li>\n<li>You don\u2019t have the capital to buy the equipment before any tax benefit kicks in.<\/li>\n<li>The equipment doesn\u2019t directly contribute to cashflow.<\/li>\n<\/ul>\n<p>Think seriously about whether you actually need anything. Many businesses don\u2019t. This isn\u2019t a free ticket after all, as you\u2019ll have to stump the initial costs and benefit from the write off later.\u00a0\u00a0You must also make sure your purchase is covered before you proceed. If unsure, speak to an advisor.<\/p>\n<h2>How to apply and record instant asset write off?<\/h2>\n<p>When approaching the topic of how to apply and record the instant asset write off, get your advisor involved.\u00a0\u00a0Accountants and finance experts excel in this area, and they should be your first port of call before you lay down cash with a view to take advantaging of the scheme.\u00a0\u00a0How to calculate the IAWO scheme from the ATO:<\/p>\n<ul>\n<li>The whole price of the equipment or asset must be under the threshold ($150,000 for most small businesses).<\/li>\n<li>The threshold will be calculated as either inclusive or exclusive of GST, depending on whether your business is registered for GST or not.<\/li>\n<li>To calculate the amount you\u2019re eligible to claim, be sure you first subtract the portion of the equipment you use for private or personal use.<\/li>\n<li>The remaining balance used for business is your taxable portion.<\/li>\n<li>Regardless of how much you use for private use and how much the taxable portion is, the entire cost of the asset must still be under the threshold.<\/li>\n<\/ul>\n<p>Understanding what is and how does the instant asset write off work for small businesses is best understood in conjunction with your advisor. Failing that, be sure to consult the ATO\u00a0<a href=\"https:\/\/urldefense.proofpoint.com\/v2\/url?u=https-3A__www.ato.gov.au_Business_Depreciation-2Dand-2Dcapital-2Dexpenses-2Dand-2Dallowances_Simpler-2Ddepreciation-2Dfor-2Dsmall-2Dbusiness_Instant-2Dasset-2Dwrite-2Doff_-3F-3Dredirected-5Finstantassetwriteoff&amp;d=DwMFaQ&amp;c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&amp;r=dSueH6KgRD7Ovl04kun_xRz7GUahEme_Q3Ph2NjJtfw&amp;m=UK0gIm_wr3dRdcvXUKTmqxpTI05vgwPADUsxj6I4smo&amp;s=bFNMmpa90TtYDgmtsVBil3Vk8z5EzMFE4hj__SpyRTQ&amp;e=\"><strong>here<\/strong><\/a>\u00a0to come to a full understanding of the instant asset write off scheme.<\/p>\n<p>Should you have any questions, please feel free to contact us.<\/p>\n<h3><strong>News on 23 May 2022<\/strong><\/h3>\n<p><strong>Some highlights on the recent Federal Budget 2023<\/strong><\/p>\n<p><strong>One-off cost of living tax offset<\/strong><\/p>\n<p>To help address the increasing cost of living, the Government has proposed a one-off $420 cost of living tax offset for low- and middle-income earners. The existing low- and middle-income tax offset will be extended for another year. If enacted, eligible workers could get up to $1,500 back at tax time.<\/p>\n<p><strong>One-off cash payment<\/strong><\/p>\n<p><strong>As part of the 2021 Budget, the Government announced a number of initiatives that are now law and take effect from 1 July 2022.\u00a0<\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>SG rate will increase to 10.5%<\/strong><\/p>\n<p>The superannuation guarantee (SG) rate will increase from 10% to 10.5% on 1 July 2022. The SG rate is the minimum amount of super you&#8217;re required to pay, by law, on ordinary time earnings. This increase is in line with the Government&#8217;s plan to increase the SG rate to 12% by 2025.<\/p>\n<p><strong>Super guarantee percentage<\/strong><\/p>\n<p>Table\u00a021: Super guarantee percentage<\/p>\n<table width=\"573\">\n<tbody>\n<tr>\n<td width=\"253\">\n<p>Period<\/p>\n<\/td>\n<td width=\"103\">\n<p>General super guarantee (%)<\/p>\n<\/td>\n<td width=\"217\">\n<p>Super guarantee (%) for Norfolk Island (transitional rate) (from 1\u00a0July 2016)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"253\">\n<p>1\u00a0July 2020 \u2013 30\u00a0June 2021<\/p>\n<\/td>\n<td width=\"103\">\n<p>9.5<\/p>\n<\/td>\n<td width=\"217\">\n<p>5<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"253\">\n<p>1\u00a0July 2021 \u2013 30\u00a0June 2022<\/p>\n<\/td>\n<td width=\"103\">\n<p>10<\/p>\n<\/td>\n<td width=\"217\">\n<p>6<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"253\">\n<p>1\u00a0July 2022 \u2013 30\u00a0June 2023<\/p>\n<\/td>\n<td width=\"103\">\n<p>10.5<\/p>\n<\/td>\n<td width=\"217\">\n<p>7<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"253\">\n<p>1\u00a0July 2023 \u2013 30\u00a0June 2024<\/p>\n<\/td>\n<td width=\"103\">\n<p>11<\/p>\n<\/td>\n<td width=\"217\">\n<p>8<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"253\">\n<p>1\u00a0July 2024 \u2013 30\u00a0June 2025<\/p>\n<\/td>\n<td width=\"103\">\n<p>11.5<\/p>\n<\/td>\n<td width=\"217\">\n<p>9<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"253\">\n<p>1\u00a0July 2025 \u2013 30\u00a0June 2026<\/p>\n<\/td>\n<td width=\"103\">\n<p>12<\/p>\n<\/td>\n<td width=\"217\">\n<p>10<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"253\">\n<p>1\u00a0July 2026 \u2013 30\u00a0June 2027<\/p>\n<\/td>\n<td width=\"103\">\n<p>12<\/p>\n<\/td>\n<td width=\"217\">\n<p>11<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"253\">\n<p>1\u00a0July 2027 \u2013 30\u00a0June 2028 and onwards<\/p>\n<\/td>\n<td width=\"103\">\n<p>12<\/p>\n<\/td>\n<td width=\"217\">\n<p>12<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>$450 salary threshold for SG contributions removed<\/strong><\/p>\n<p>From 1 July 2022, the $450 monthly threshold for the payment of SG contributions will be removed.\u00a0<\/p>\n<p>This means you&#8217;ll be required to make SG contributions to all eligible employees aged 18 years and over, regardless of how much the employee is paid.\u00a0<\/p>\n<p>Employees aged under 18 years will be eligible for superannuation if they work more than 30 hours in a week, regardless of how much they&#8217;re paid.\u00a0<\/p>\n<p>For more information read the <a href=\"https:\/\/urldefense.proofpoint.com\/v2\/url?u=https-3A__www.e.cbussuper.com.au_link_id_zzzz62859ec76ecf8605Pzzzz6254ad9d9b389816_page.html&amp;d=DwMFaQ&amp;c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&amp;r=dSueH6KgRD7Ovl04kun_xRz7GUahEme_Q3Ph2NjJtfw&amp;m=CJq9kvqnHTXaeIyDaeSSU0HIrQOsEHsBHckfCdaTQa8&amp;s=D2DshVEkG2DYIVuuuIwZE0UOw3SVBGgoPluYKR_qkiw&amp;e=\">ATO&#8217;s recent announcement<\/a>.\u00a0<\/p>\n<p><strong>Work test for older Australians removed<\/strong><\/p>\n<p>From 1 July 2022, employees aged under 75 years will be able to make or receive personal (after tax) and salary-sacrificed contributions without meeting the work conditions &#8211; known as the <strong>work test<\/strong> or <strong>work test exemption<\/strong>.\u00a0<\/p>\n<p>The existing contribution cap limits will still apply and employees may also be able to use the bring forward rule. These employees will still need to meet the work test to claim any personal super contribution deductions.\u00a0<\/p>\n<p>For more information read the <a href=\"https:\/\/urldefense.proofpoint.com\/v2\/url?u=https-3A__www.e.cbussuper.com.au_link_id_zzzz62859ec770d4b882Pzzzz6254ad9d9b389816_page.html&amp;d=DwMFaQ&amp;c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&amp;r=dSueH6KgRD7Ovl04kun_xRz7GUahEme_Q3Ph2NjJtfw&amp;m=CJq9kvqnHTXaeIyDaeSSU0HIrQOsEHsBHckfCdaTQa8&amp;s=tjrmu9CoFDEYfzr341yHOBK3glMyI5FT39U_EuBeTkg&amp;e=\">ATO&#8217;s acceptance of member contributions and work test<\/a> webpage.<\/p>\n<h3><strong>News on 13 April 2022<\/strong><\/h3>\n<p><strong>Some highlights on the recent Federal Budget 2023<\/strong><\/p>\n<p><strong>One-off cost of living tax offset<\/strong><\/p>\n<p>To help address the increasing cost of living, the Government has proposed a one-off $420 cost of living tax offset for low- and middle-income earners. The existing low- and middle-income tax offset will be extended for another year. If enacted, eligible workers could get up to $1,500 back at tax time.<\/p>\n<p><strong>One-off cash payment<\/strong><\/p>\n<p>Pensioners and others receiving eligible government concession holders, will receive a one-off, income tax-exempt payment of $250. This will be paid automatically in April 2022 to eligible recipients.<\/p>\n<p><strong>$450 salary threshold for super contributions removed<\/strong><br \/>From 1 July 2022, the $450 monthly threshold for the payment of superannuation guarantee (SG) contributions will be removed. This means you\u2019ll be required to make SG contributions to all eligible employees, regardless of how much the employee is paid.<\/p>\n<p>For more information read the <a href=\"https:\/\/urldefense.proofpoint.com\/v2\/url?u=https-3A__www.e.cbussuper.com.au_link_id_zzzz6255fd7b81f83265Pzzzz5df1c0f974215151_page.html&amp;d=DwMGAw&amp;c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&amp;r=9Jf2CiaWXHA5Nx-VzY1g5RqfY9z5NkkYoUjndcKfb50&amp;m=DxWBKETCIV0eMzoFqtaLTjbxdD_N_VETdCO55UFAf_Q&amp;s=bapOiT5h9Er5e92XcMVf9REYQ7iyeO0eyizpLp01nV4&amp;e=\">ATO\u2019s recent announcement<\/a>.<\/p>\n<h3><strong>News on 3 February 2022<\/strong><\/h3>\n<p>NSW small businesses have been thrown a lifeline with a $1 billion support package announced on Sunday by the NSW government.<\/p>\n<p>The state\u2019s peak business organisation, Business NSW, said the package would help a wide variety of businesses that had been hard hit by the Omicron surge.\u00a0<\/p>\n<p>The package, which starts February 1, includes:\u00a0<\/p>\n<ul>\n<li>a lump-sum payment of 20% of weekly payroll with a minimum payment of $500 per week and a maximum payment of $5,000 per week. It is for businesses with a turnover between $75,000 and $50 million that suffered a 40% downturn in January and projected to do the same in February.\u00a0<\/li>\n<li>The Small Business Fees and Charges rebate program extended from $2,000 to $3000, and employing businesses will be able to use the rebate to obtain rapid antigen tests (<a href=\"https:\/\/urldefense.proofpoint.com\/v2\/url?u=https-3A__www.businessaustralia.com_resources_news_businesses-2Din-2Dthe-2Drat-2Drace-2Dbeware-2Dof-2Dfringe-2Dbenefits-2Dtax&amp;d=DwMFaQ&amp;c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&amp;r=dSueH6KgRD7Ovl04kun_xRz7GUahEme_Q3Ph2NjJtfw&amp;m=Xw5stAIDn7521teNDIiMW9eHsvfPbNUw3iLxP79KgHE&amp;s=pq4a-_SPMqjwIl3gHbMfXy8KBf5NyKqvnnJEWpPWKi8&amp;e=\">RATs<\/a>).<\/li>\n<li>Commercial landlord relief will be extended until 13 March.<\/li>\n<\/ul>\n<h3><strong>News on 17 December 2021<\/strong><\/h3>\n<p>Dear customers, business associates and friends,<\/p>\n<p>My team and I want to thank you for your ongoing support of us in 2021.<\/p>\n<p>Our office will be closed from Friday 17<sup>th<\/sup> December and will be re-opened Monday 10<sup>th<\/sup> January 2022.<\/p>\n<p>My team and I wish you and your family a wonderful festive season and a happy, healthy and prosperous 2022.\u00a0 We look forward to working for you in 2022.<\/p>\n<p>Regards,<\/p>\n<p>Donny Tsui<\/p>\n<p>Senior Partner<\/p>\n<h3><strong>News on 4 November 2021<\/strong><\/h3>\n<h3>The Australian Government has announced the full implementation of Modernising Business Registers (MBR) program as part of its Digital Business Plan. As an effect, the government has introduced Director Identification Number (Director ID \/ DIN)\u00a0<\/h3>\n<p>\u00a0<strong>What is a Director Identification Number (DIN)?<\/strong><\/p>\n<p>The Director Identification Number (director ID) is a unique identifier that a director will apply for once\u00a0but will stay with a director for life, offering greater identity security.\u00a0You will need a director identification number (DIN \/ Director ID) if you&#8217;re a director of a company or a corporate trustee of a self-managed super fund (SMSF), registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation. The objective of this rollout is to create a fairer business environment by helping prevent the use of false and fraudulent director identities. This will go a long way to better identifying and eliminating director involvement in unlawful activity.<\/p>\n<p><strong>How and when to apply for DIN?<\/strong><\/p>\n<p>Directors will be able to apply for a Director ID from November 2021 on the new Australian Business Registry Services (ABRS) online and log in using the myGovID app to complete the application process.\u00a0Furthermore, they will need to provide proof of identity documentation to verify their identity. A director can choose to provide their tax file number when applying for a DIN, which should expedite the application.<\/p>\n<p>Directors will need to apply for their director ID by themselves to verify their identity. No one can apply for it on their behalf.<\/p>\n<p><strong>When will\u00a0directors need to apply?<\/strong><\/p>\n<p>Transitional arrangements will allow\u00a0directors to become familiar with the new requirement. When you need to have a director ID will depend on when you were appointed as a director. The table below illustrates the same in detail.<\/p>\n<p><strong>How director ID works?<\/strong><\/p>\n<p>A director ID is a 15-digit identifier given to a director (or someone who intends to become a director) who has verified their identity with ABRS.<\/p>\n<p>Directors will only ever have one director ID. They&#8217;ll keep it forever even if they &#8211; change companies, stop being a director, change their name, move interstate or overseas.<\/p>\n<p><strong>Why you need a director ID?<\/strong><\/p>\n<p>All directors are required by law to verify their identity with ABRS before receiving a director ID.<\/p>\n<p>This is important because it will help to:<\/p>\n<ul>\n<li>prevent the use of false or fraudulent director identities<\/li>\n<li>make it easier for external administrators and regulators to trace directors\u2019 relationships with companies over time<\/li>\n<li>identify and eliminate director involvement in unlawful activity, such as illegal phoenix activity.<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><strong>How can agents assist their impacted clients?<\/strong><\/p>\n<p>An agent or advisor cannot apply on behalf of the director, but they can still provide assistance to their clients by providing guidance on the verification and application process, including if their client is required to get a director ID.<\/p>\n<p>Agents can support their clients by:<\/p>\n<ul>\n<li>letting them know about the new requirement, when and how to apply<\/li>\n<li>encouraging their clients to set up their myGovID to a Standard identity strength, if they have not done so already, and<\/li>\n<li>guide and support their clients through the process of applying for a Director ID.<\/li>\n<\/ul>\n<p><strong>How does it affect the current company registration process?<\/strong><\/p>\n<p>For now, there will be no change to how you register a company with us, hence there is no requirement include the DIN in your company application form or any changes to company forms (484, etc). This will take place in the future as the ABRS builds the new registry platform, and we will keep you up-to-date with any developments during this course.<\/p>\n<p>Should you have any questions, you can talk to your accountant or us\u00a0to learn more about the MBR program.<\/p>\n<p><strong>News on 7 October 2021<\/strong><\/p>\n<h2><strong>JobSaver now available for charitable not-for-profits (NFPs)<br \/><a href=\"https:\/\/servicensw.e-newsletter.com.au\/link\/id\/zzzz615e98b47f1a6949Pzzzz6156bbe2a70f8912\/page.html\">Eligible NFPs\u00a0<\/a>can apply for JobSaver if they have experienced a turnover decline of at least 15% and less than 30% because of the public health orders.<\/strong><\/h2>\n<p>The JobSaver program has been extended to charitable NFP organisations that have experienced a turnover decline of at least 15% and less than 30% as a result of the public health orders.<\/p>\n<p>NFPs are eligible for this program if they are charitable and their primary purpose, under Australian Charities and Not-for-profits Commission (ACNC) classifications, is to:<\/p>\n<ul>\n<li>advance social or public welfare (including disability and health social support services), or<\/li>\n<li>prevent or relieve the suffering of animals (for example, animal welfare organisations).<\/li>\n<\/ul>\n<p>For more information about eligibility for charitable NFP organisations that have experienced the required decline in turnover.<\/p>\n<p><strong>News on 15 July 2021<\/strong><\/p>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td>\n<h2>Government support micro and small business during lockdown<\/h2>\n<h2>The Australian and NSW Governments announced new measures<\/h2>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td width=\"566\">\n<table width=\"100%\">\n<tbody>\n<tr>\n<td>\n<p>New measures to support small businesses during the current NSW lockdown were announced yesterday. These include:<\/p>\n<ul>\n<li>Increased small business support payments of $7,500 and $10,500 or $15,000, depending on the decline in business turnover<\/li>\n<li>A \u201cJobSaver\u201d employee retention scheme providing cashflow support to businesses to help them retain staff. The cash boost will be up to 40% of weekly payroll with a payment of between $1,500 to a maximum of $10,000 per week, provided staffing levels are maintained at the level as of 13 July 2021. Non-employing businesses are eligible for $1,000 p\/w<\/li>\n<li>$1,500 grants per fortnight for microbusinesses (annual turnover between $30,000 and $75,000) that have suffered at least a 30% decline in turnover.<\/li>\n<li>Payroll tax deferrals for all businesses and a 25% concession for medium-sized businesses that have suffered a 30% revenue decline<\/li>\n<li>A requirement on landlords to participate in mediation before taking actions to evict or lock out tenants<\/li>\n<li>Up to 100% land tax concessions for commercial landlords who provide rent relief<\/li>\n<li>A $75 million support package for the performing arts sector to be administered by Create NSW<\/li>\n<li>A support package for the accommodation sector worth $26 million<\/li>\n<li>An increase in the payment amount for stood down workers from $500 to $600 per week for those who lost more than 20 hours, and to $375 for those who lost between 8 and 20 hours, and for it to be available to workers outside of the Greater Sydney lockdown areas<\/li>\n<li>Expanded mental health services with programs targeted at young people and CALD communities<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>News on 29 June 2021<\/strong><\/p>\n<h2><strong>Small businesses urged to pay attention to key areas and act now in EOFY tax planning<\/strong><\/h2>\n<p>Dear customers and business associates,<\/p>\n<p>The end of financial year is only a few days away.\u00a0 There are some last minute tips for your tax planning:-<\/p>\n<ul>\n<li>Super guarantee (SG): SG contributions must be paid by 30 June 2021 to qualify for a tax deduction in the 2020\u201321 financial year. The superannuation fund must receive these contributions by 30 June. He\u00a0said some clearing houses can take more than a week to submit the payment to the super fund, so it would be\u00a0advisable to ensure that superannuation is paid by mid-June where possible.<\/li>\n<\/ul>\n<ul>\n<li>Temporary full expensing (previously known as the instant asset write-off): Policies have been expanded again in the last two federal budgets as part of the government\u2019s COVID-19 initiative to encourage business spending to improve cash flow. There is now no limit to the amount a small business can write off under this concession and, unlike larger businesses, small businesses with aggregated turnover less than $50 million receive a full write-off for secondhand assets. While the May 2021 federal budget extended the concession all the way up until 30 June 2023, there is still a timing advantage where claims can be made in 2020\u201321.<\/li>\n<\/ul>\n<ul>\n<li>Loss carry-back: Another concession introduced in the October 2020 federal budget and extended for a further 12 months in the May 2021 Budget, this concession allows a company (i.e. not available to partnerships, trusts or individuals) to \u201ccarry back\u201d tax losses incurred in any of the 2019\u20132020, 2020\u201321, 2021\u201322 and 2022\u201323 income years to an earlier year as far back as 2018\u201319. A refund could be claimed on lodgement of tax returns from the 2020\u20132021 year onwards, representing the tax saving that would have arisen if the tax loss had been available to claim in the earlier year.<\/li>\n<\/ul>\n<ul>\n<li>Small business CGT concessions: Those operating a small business may be eligible for these concessions on the sale of business assets by a company or on the sale of shares in a company carrying on a business. The concessions may be available where aggregated turnover is less than $2 million or total net assets (excluding the family home and superannuation fund balances) less than $6 million, although the eligibility rules are quite strict, having been tightened significantly in recent years.<\/li>\n<\/ul>\n<ul>\n<li>Income deferral: Businesses may wish to delay tax payments on assessable income this financial year by deferring invoices until after 30 June. Income from the payments won\u2019t be taxed until the following financial year.<\/li>\n<\/ul>\n<p>Should you have any queries, please contact us.<\/p>\n<p><strong>News on 21 June 2021<\/strong><\/p>\n<h2><strong>Minimum wage to increase by 2.5%<\/strong><\/h2>\n<p>Following the Annual Wage Review 2021, the Fair Work Commission has announced a 2.5% increase to minimum wages. This will also apply to all award wages, with the award increase happening in 3 different stages.<\/p>\n<p>You don\u2019t need to do anything now. We will let you know when the new minimum wages are available in our pay tools.<\/p>\n<p>See our <a href=\"https:\/\/urldefense.proofpoint.com\/v2\/url?u=https-3A__updates.fairwork.gov.au_link_id_zzzz60c9b3ee5dd4e012Pzzzz6049e303295fa575_page.html&amp;d=DwMGAw&amp;c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&amp;r=dSueH6KgRD7Ovl04kun_xRz7GUahEme_Q3Ph2NjJtfw&amp;m=wEoCNpE3DLmJanKel-XbX1TSKc-zr1NttHrgZDKsAdI&amp;s=gjDecuy0xzTI49BdZ_w-pvgOmDstla2Wwe5JA3ZxZBA&amp;e=\"><u>Annual Wage Review 2021<\/u><\/a> page for more information.<\/p>\n<p><strong>News on 3 June 2021<\/strong><\/p>\n<h2>Super Guarantee rate rising 1 July<\/h2>\n<p>On 1\u00a0July 2021, the super guarantee rate will rise from 9.5% to 10%. If you have employees, you will need to ensure your payroll and accounting systems are updated to incorporate the increase to the super rate.<\/p>\n<p>If you need help to work out how much super you need to pay for your employees after 1\u00a0July, you can use our\u00a0<a href=\"https:\/\/www.ato.gov.au\/Calculators-and-tools\/Super-guarantee-contributions\/\">super guarantee contributions calculator<\/a>.<\/p>\n<p>It\u2019s important you pay your workers the correct amount of super. Our\u00a0<a href=\"https:\/\/www.ato.gov.au\/Calculators-and-tools\/Super-guarantee-eligibility\/\">superannuation guarantee eligibility decision tool<\/a>\u00a0will help you determine if your employees are eligible for super, including any contractors treated as employees for super purposes.<\/p>\n<p>The super rate is scheduled to progressively increase to 12% by July 2025. You can find the scheduled rate increases and dates on our website.<\/p>\n<p><strong>News on 13 May 2021<\/strong><\/p>\n<h2><strong>Australian Federal Budget 2021-22<\/strong><\/h2>\n<p>On\u00a011 May 2021, the Government handed down the 2021\/22\u00a0Federal Budget.\u00a0Whilst this marked a return to the traditional timing of the budgetary processes, the content of the 2021\/22 Budget\u00a0continues to remind us that our economy and way of life has still not returned to full normality post the events of COVID-19.\u00a0<\/p>\n<h2>Highlights<\/h2>\n<h3><a href=\"https:\/\/www.macquarie.com.au\/advisers\/federal-budget-2021\/professionals.html#personal-tax\">Personal income tax<\/a><\/h3>\n<ul>\n<li>Retaining LAMITO (Low And Middle Income Tax Offset) in the 2021-22 income year.<\/li>\n<li>Modernising the individual tax residency rules \u2013 a person who is physically present in Australia for 183 days or more in any income year will be an Australian tax resident.<\/li>\n<li>Reducing compliance costs for individuals claiming self-education expense deductions.<\/li>\n<li>Medicare levy thresholds for 2020-21.<\/li>\n<\/ul>\n<h3><a href=\"https:\/\/www.macquarie.com.au\/advisers\/federal-budget-2021\/professionals.html#business-owners\">Business owners<\/a><\/h3>\n<ul>\n<li>Temporary full expensing extension until 30 Jun 2023.<\/li>\n<li>Temporary loss carry-back extension.<\/li>\n<li>Digital Economy Strategy \u2014 self-assessing the effective life of intangible depreciating assets.<\/li>\n<li>Addressing Workforce Shortages in Key Areas \u2014 JobTrainer Fund \u2014 extension.<\/li>\n<li>Building Skills for the Future \u2014 Boosting Apprenticeship Commencements wage subsidy \u2014 expansion.<\/li>\n<li>Getting Vulnerable Australians Back into Work \u2014 additional support for job seekers.<\/li>\n<li>SME Recovery Loan Scheme.<\/li>\n<li>Employee Share Schemes \u2014 removing cessation of employment as a taxing point and reducing red tape.<\/li>\n<li>Patent Box \u2014 tax concession for Australian medical and biotechnology innovations.<\/li>\n<\/ul>\n<h3><a href=\"https:\/\/www.macquarie.com.au\/advisers\/federal-budget-2021\/professionals.html#super\">Superannuation<\/a><\/h3>\n<ul>\n<li>First Home Super Saver Scheme \u2014 increasing the maximum releasable amount to $50,000.<\/li>\n<li>First Home Super Saver Scheme \u2014 technical changes.<\/li>\n<li>Reducing the eligibility age for downsizer contributions.<\/li>\n<li>Repealing the work test for voluntary superannuation contributions.<\/li>\n<li>Removing the $450 per month threshold for superannuation guarantee eligibility.<\/li>\n<li>Early release for victims of family and domestic violence.<\/li>\n<li>Legacy retirement product conversions.<\/li>\n<li>SMSFs \u2014 relaxing residency requirements.<\/li>\n<li>Transfer of superannuation to the KiwiSaver Scheme.<\/li>\n<\/ul>\n<h3><a href=\"https:\/\/www.macquarie.com.au\/advisers\/federal-budget-2021\/professionals.html#nfp\">Not-for-profits and philanthropy<\/a><\/h3>\n<ul>\n<li>Not-for-profits \u2014 enhancing the transparency of income tax exemptions.<\/li>\n<li>Philanthropy \u2014 updates to the list of specifically listed deductible gift recipients.<\/li>\n<\/ul>\n<h3><a href=\"https:\/\/www.macquarie.com.au\/advisers\/federal-budget-2021\/professionals.html#child-care\">Child care<\/a><\/h3>\n<ul>\n<li>Child care subsidy.<\/li>\n<li>Other measures.<\/li>\n<\/ul>\n<h3><a href=\"https:\/\/www.macquarie.com.au\/advisers\/federal-budget-2021\/professionals.html#social-security\">Social security<\/a><\/h3>\n<ul>\n<li>Increasing the Flexibility of the Pension Loans Scheme.<\/li>\n<li>Enhancing Welfare Integrity Arrangements.<\/li>\n<li>Increased support for unemployed Australians.<\/li>\n<\/ul>\n<h3><a href=\"https:\/\/www.macquarie.com.au\/advisers\/federal-budget-2021\/professionals.html#aged-care\">Aged care<\/a><\/h3>\n<ul>\n<li>Whole-of-government response to Royal Commission into Aged Care Quality and Safety.<\/li>\n<\/ul>\n<p><strong>News on 3 Feb 2021<\/strong><\/p>\n<p><strong>Businesses can get $10k a year for each new employee, says ATO<\/strong><\/p>\n<p>Businesses could potentially receive up to more than $10,000 over a year for each eligible additional employee hired, says Australian Taxation Office deputy commissioner James O\u2019Halloran.<\/p>\n<p>Contact us for more details.<\/p>\n<p><strong>News on 25 Jan 2021<\/strong><\/p>\n<p>Dear customers, business associates and friends,<\/p>\n<p>We would like to inform you that we will be moving to our new office which is 210\/2 Pembroke Street, Epping 2121 on 26 Jan 2021.<\/p>\n<p>In fact, it is only a minute on foot away from our previous office.\u00a0 Below please find the map showing how to go from our old office to the new office for your reference.<\/p>\n<p>Please drop by to have a cup of coffee if you are in the area.<\/p>\n<p>Should you have any questions, please contact us.<\/p>\n<p>Yours faithfully,<\/p>\n<p>Donny Tsui<\/p>\n<p><strong>News on 18 Dec 2020<\/strong><\/p>\n<p>Dear customers, friends and business associates,<\/p>\n<p>As this challenging year draws to a close, we trust that some of the difficulties of the last 12 months are now behind all of us.\u00a0 We would like to express our sincerest appreciation for your support throughout 2020.<\/p>\n<p>We hope we were able to assist you. This year end means the beginning of a new one with new possibilities and we are dedicated to continuing to help you reach your goals in 2021.<\/p>\n<p>From all of us at D &amp; I Accounting, we want to say a big thank you for being an invaluable part of our business and wish you a Merry Christmas and a bigger and better year ahead.<\/p>\n<p><strong>Our office will close on Friday, 18 December 2020 and return on Monday, 4 January 2021.<\/strong>\u00a0<\/p>\n<p>Regards,<\/p>\n<p>Donny Tsui<\/p>\n<p><strong>News on 12 Dec 2020<\/strong><\/p>\n<h1><strong>Businesses will now be able to register for the JobMaker Hiring Credit scheme ahead of the first quarterly claim period starting in February next year.<\/strong><\/h1>\n<p>Under the scheme, eligible businesses can access the payment for up to 12\u00a0months for each eligible additional employee they hire between 7\u00a0October 2020 and 6\u00a0October 2021, and will be able to claim up to $200 a week for each additional eligible employee they hire aged 16\u00a0to\u00a029\u00a0years, and up to $100 a week for those aged 30\u00a0to\u00a035\u00a0years.<\/p>\n<p>Employees need to have completed a minimum average of 20\u00a0hours (worked or paid) per week during the time they were employed in the JobMaker period.<\/p>\n<p>ATO Deputy Commissioner James O\u2019Halloran said the ATO is working hard to make it as easy as possible for employers to access the government\u2019s JobMaker Hiring Credit payment.<\/p>\n<p>He also encouraged businesses to check their eligibility and take this first step to register for the scheme from this week and then employers will be ready to move to quickly make a claim in February 2021, as they cannot claim if they are not registered.<\/p>\n<p>\u201cWe encourage employers to register from now to ensure their hiring credits can be paid promptly from when the first quarterly claim period opens in February 2021,\u201d Mr O\u2019Halloran said.<\/p>\n<p>\u201cEmployers are reminded that new employees must have received the Parenting Payment, Youth Allowance (Other) or JobSeeker Payment for at least 28\u00a0consecutive days (or\u00a0two fortnights) within the 84\u00a0days (or\u00a0six fortnights) of being hired to allow for a claim to be made by the employer.<\/p>\n<p>\u201cThere are some key dates to keep in mind, and simple steps employers can take now, but please remember that not everything needs to be done from next week.\u201d<\/p>\n<p>The federal government established the JobMaker Hiring Credit payment to help accelerate growth in the employment of young people during the COVID-19 economic recovery.<\/p>\n<p><strong>News on 7 Oct 2020<\/strong><\/p>\n<h1>Federal Budget 2020-2021<\/h1>\n<p>Tax cuts, more incentives for business investment and payments for pensioners and aged care: tonight\u2019s Federal Budget was a wide-ranging fiscal program to cushion the impact of the Covid-19 pandemic and kickstart an economic recovery.<\/p>\n<h2><strong>WINNERS<\/strong><\/h2>\n<h3><strong>Taxpayers\u00a0<\/strong><\/h3>\n<p>Key to the government\u2019s strategy is to put money in the pockets of taxpayers in the hope they will boost spending and the resulting demand will help lift the economy out of recession.\u00a0<\/p>\n<p>To that end, more than 11 million taxpayers will receive a tax cut backdated to July 1 this year.<\/p>\n<p>Stage Two of the legislated tax cuts will be brought forward by two years, lifting the 19 per cent threshold from $A37,000 to $A45,000, and the 32.5 per cent threshold from $A90,000 to $A120,000.\u00a0<\/p>\n<p>This would result in a tax relief of up to $A2745 for singles, and up to $A5490 for dual income families compared with 2017-18.\u00a0<\/p>\n<h3><strong>Established businesses<\/strong><\/h3>\n<p>The budget includes a range of measures designed to encourage established businesses to spend on plant and equipment, invest in research and development, and also hire or retain workers.\u00a0<\/p>\n<p>The Instant Asset Write Off for businesses will be extended to businesses with a turnover of up to $A5 billion and will be further extended until June 2022.\u00a0<\/p>\n<p>There is also relief for businesses which have been \u201cdoing it tough\u201d during the pandemic, with a measure which will enable them to use their losses earlier.\u00a0<\/p>\n<p>Losses incurred to June 2022 can be offset against prior profits made in or after the 2018\/19 financial year.\u00a0<\/p>\n<p>To encourage businesses to hire younger Australians, the government has announced a new program called JobMaker, which will contribute $A200 per week, payable for one year, towards the hiring of people aged 16-35 who are currently on JobSeeker.\u00a0<\/p>\n<p>The payment for those aged 30-35 is $A100 per week.\u00a0<\/p>\n<p>The government estimates that the combination of the immediate expensing of capital expenditure and loss carry-back measures will create an additional 50,000 jobs nationally.\u00a0<\/p>\n<p>For R&amp;D, the budget removes the cap on refunds and lifts the rate.\u00a0<\/p>\n<h3><strong>Apprentices\u00a0<\/strong><\/h3>\n<p>In vocational training, the budget commits an additional $A1.2 billion to create 100,000 new apprenticeships and traineeships, with a 50 per cent wage subsidy for businesses who employ them.\u00a0<\/p>\n<h3>Infrastructure projects<\/h3>\n<p>In keeping with its plan to boost jobs, the budget expands the government\u2019s 10-year infrastructure pipeline, bringing to $A14 billion the new and accelerated infrastructure projects which would support an estimated 40,000 new jobs.\u00a0<\/p>\n<p>The projects span the nation, and include major road upgrades in several states and rail projects in Victoria and Western Australia, and new bridges in Tasmania and the ACT.\u00a0<\/p>\n<p>An additional $A2 billion is also earmarked for road safety upgrades.\u00a0<\/p>\n<p>According to Frydenberg, \u201cFunding for these shovel-ready projects will be provided on a use it or lose it basis. If a state drags its feet, another state will get the money. We need works to start, not stall.\u201d\u00a0<\/p>\n<h3>Pensioners<\/h3>\n<p>Aged pensioners will receive an additional $A250 payment from December and a further $A250 payment from March next year.\u00a0<\/p>\n<p>There is also a package for senior Australians who wish to continue living in their own homes, with $A1.6 billion earmarked for an additional 23,000 home care packages, bringing the total to 180,000 places.\u00a0<\/p>\n<h3>Manufacturing<\/h3>\n<p>As the pandemic has exposed issues in Australia\u2019s globally reliant supply chain, the focus has switched back to manufacturing for national resilience as well as job creation.<\/p>\n<p>The budget includes a $A1.3 billion Modern Manufacturing plan to target six key industries, from food and beverage manufacturing to renewable energy and the space industry.\u00a0<\/p>\n<h3>Regional Australia<\/h3>\n<p>While much of the national focus has been on the pandemic, regional Australia is still suffering the economic impact of the drought and bushfires.\u00a0<\/p>\n<p>The budget includes $A2 billion in concessional loans for farmers, and $A2 billion for water infrastructure projects across the country to expand the national water grid.\u00a0<\/p>\n<p>$A350 million has been allocated to support regional tourism, while $A317 million is earmarked for exporters to continue to access global supply chains.\u00a0\u00a0<\/p>\n<h3>The NDIS and mental health services\u00a0<\/h3>\n<p>The budget includes an additional $A3.9 billion for the National Disability Insurance Service, with the Treasurer assuring \u201cevery Australian\u201d that the NDIS would \u201calways be fully funded\u201d under a coalition government.\u00a0<\/p>\n<p>The budget also doubles the number of Medicare psychological services funded through the Better Access Initiative from 10 to 20.\u00a0<\/p>\n<h3>First home buyers\u00a0<\/h3>\n<p>As telegraphed before the budget, the government announced an additional 10,000 places for first home buyers of new homes under the First Home Loan Deposit Scheme.\u00a0<\/p>\n<p>The budget also includes an additional $A1 billion in low cost finance for the construction of affordable housing, and $A150 million in the Indigenous Home Ownership Program for new homes in regional areas.\u00a0<\/p>\n<h3>Women in STEM and female entrepreneurs\u00a0<\/h3>\n<p>Recognising that women have made up the majority of those who lost their jobs during the pandemic, the Budget includes the government\u2019s second Women\u2019s Economic Security Statement, with $A240 million in programs and support.\u00a0<\/p>\n<p>These focus on new cadetships and apprenticeships for women in science, technology, engineering and mathematics, job creation and entrepreneurialism.\u00a0<\/p>\n<h2>LOSERS<\/h2>\n<h3>Long-term or older unemployed\u00a0<\/h3>\n<p>While these people received a $A550 fortnightly coronavirus supplement to their JobSeeker payments in March, this has been cut to $A250 and is scheduled to end by December 31.\u00a0<\/p>\n<p>The budget makes no mention of whether this supplement will be continued or if JobSeeker will be increased on a permanent basis, and there are no targeted programs for unemployed people older than 35.\u00a0<\/p>\n<h3>Self-funded retirees\u00a0<\/h3>\n<p>Already struggling due to record low interest rates, which have crimped the returns from the term deposits many of them rely on, this group \u2013 who do not get the aged pension \u2013 receive nothing in the budget.\u00a0<\/p>\n<h3>New businesses\u00a0<\/h3>\n<p>While there are incentives for existing businesses, the instant asset write off is the main measure which new businesses can take advantage of.\u00a0<\/p>\n<p>There are no specific incentives or programs to encourage start-ups and new businesses.\u00a0<\/p>\n<p>\u201cCPA Australia is disappointed that the budget does not include any specific assistance for those new to business. These entrepreneurs also need help to survive having already missed out on JobKeeper, the Cash Flow Boost and several state government grants,\u201d says Ord.\u00a0<\/p>\n<p><strong>News on 1 Oct 2020<\/strong><\/p>\n<p>Due to the ongoing COVID-19 pandemic and the impact on Australian businesses, the Federal Government extended JobKeeper until March 2021 for qualifying businesses. The extension affects the way you need to process Jobkeeper in your software.\u00a0Here&#8217;s a summary of the key changes:<\/p>\n<p><strong>Extension 1: 28\u00a0September 2020 to 3\u00a0January 2021<\/strong><\/p>\n<ul>\n<li>Tier\u00a01: Full time employees $1,200 per fortnight\u00a0<\/li>\n<li>Tier\u00a02: Part time employees $750 per fortnight\u00a0<\/li>\n<\/ul>\n<p><strong>Extension 2: 4\u00a0January 2021 to 28\u00a0March 2021<\/strong><\/p>\n<ul>\n<li>Tier\u00a01: Full time employees $1,000 per fortnight\u00a0<\/li>\n<li>Tier\u00a02: Part time employees $650 per fortnight\u00a0<\/li>\n<\/ul>\n<p>Your employees will either be a JobKeeper Tier 1 employee or a JobKeeper Tier 2 employee. This is determined by how many hours they worked in the month before becoming eligible for JobKeeper. It is an employer&#8217;s responsibility to determine the JobKeeper tier.<\/p>\n<p><strong>News on 23 May 2020<\/strong><\/p>\n<h1>Instant asset write-off for eligible businesses<\/h1>\n<p>Under instant asset write-off eligible businesses can:<\/p>\n<ul>\n<li>immediately write off the cost of\u00a0<b>each<\/b>\u00a0asset that costs less than the threshold<\/li>\n<li>claim a tax deduction for the business portion of the purchase cost in the year the asset is first used or installed ready for use.<\/li>\n<\/ul>\n<p>Instant asset write-off can be used for both new and second-hand assets. Some exclusions and limits apply.<\/p>\n<p>The instant asset write-off eligibility criteria and threshold have changed over time. You need to check your business&#8217;s eligibility and apply the correct threshold amount.<\/p>\n<h2>Changes from 12 March 2020<\/h2>\n<p>From 12\u00a0March 2020 until 30\u00a0June 2020 the instant asset write-off:<\/p>\n<ul>\n<li>threshold amount for each asset is $150,000 (up from $30,000)<\/li>\n<li>eligibility has been expanded to cover businesses with an aggregated turnover of less than $500\u00a0million (up from $50\u00a0million).<\/li>\n<\/ul>\n<p>For more information, you can visit https:\/\/www.ato.gov.au\/Business\/Depreciation-and-capital-expenses-and-allowances\/Simpler-depreciation-for-small-business\/Instant-asset-write-off\/<\/p>\n<p><strong>News on 30 March 2020<\/strong><\/p>\n<p><strong>Federal Stimulus Package &#8211; JobKeeper Payment<\/strong><\/p>\n<p>In case you haven\u2019t heard, the federal government has announced a JobKeeper Subsidy Payment to assist businesses which are struggling to retain their employees due to the impacts of COVID-19.<\/p>\n<p>To summarise:<\/p>\n<ul>\n<li>Details:\n<ul>\n<li>This is a temporary subsidy open to businesses impacted by COVID-19<\/li>\n<li>The government will provide $1,500 per fortnight per employee for up to 6 months<\/li>\n<\/ul>\n<\/li>\n<li>Eligible Businesses:\n<ul>\n<li>Business turnover less than $1 billion &amp; business will experience more than 30% reduction compared to a year ago; or<\/li>\n<li>Business turnover more than $1 billion &amp; business will experience more than 50% reduction compared to a year ago.<\/li>\n<li>Employee must have been employed as at 1 March 2020 &amp; currently employed (incl. those stood down or re-hired)<\/li>\n<\/ul>\n<\/li>\n<li>Timing:\n<ul>\n<li>First payments to be received in the first week of May<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>If you are interested in applying for this concession, please register your interest at: <a href=\"https:\/\/www.ato.gov.au\/general\/gen\/JobKeeper-payment\/\">https:\/\/www.ato.gov.au\/general\/gen\/JobKeeper-payment\/<\/a> or alternatively <strong>please contact our office to register for your business.<\/strong><\/p>\n<p><strong>News on 18 January 2020<\/strong><\/p>\n<p><strong>Federal Stimulus Package Info<\/strong><\/p>\n<p class=\"xmsonormal\">During these times, a few key areas that is likely to be applicable to you are:<\/p>\n<p class=\"xmsonormal\">1.\u00a0\u00a0\u00a0\u00a0\u00a0 Increasing the instant asset write off to immediately deduct purchases of eligible assets costing less than $150k (including new and second hand assets purchased from 12 March 2020 to 30 June 2020).<\/p>\n<p class=\"xmsonormal\">2.\u00a0\u00a0\u00a0\u00a0\u00a0 Business investment allowance which includes a 50% accelerated depreciation rate on new assets acquired after 12 March 2020 or installed by 30 June 2021.<\/p>\n<p class=\"xmsonormal\">3.\u00a0\u00a0\u00a0\u00a0\u00a0 Boosting Cash Flow for Employers &#8211; Eligible businesses (aggregated turnover under $50m) that withhold tax to the ATO on their employees\u2019 salary and wages will receive a payment equal to 50% of the amount withheld, up to a maximum payment of $25,000. When you lodge the Mar 2020 BAS, ATO will credit the integrated client account to provide this benefit. This cash flow assistance is available for PAYG withholding lodgements for the months of March, April, May and June 2020.<\/p>\n<p><strong>News on 13 January 2020<\/strong><\/p>\n<p><strong><a href=\"http:\/\/click.e.cpaaustralia.com.au\/?qs=4d47e1969909630a41cae2cf008b8a291ac6e8aa4519cc3b605b5802c3c427a39f7bdee94cec3d33d22919267c7ec1ce3fcee62f53bb04df\">Government announces coronavirus stimulus package <\/a><\/strong><br \/>The government has announced a range of measures to support the economy, business and employment in the face of the coronavirus health crisis. The measures include the below.<\/p>\n<p><strong>Cash Flow Boost for employers<\/strong> \u2013 employers with an aggregated annual turnover of under $50 million (based on prior year turnover) will receive a payment of $2,000 to $25,000 from the government to help with cash flow. Eligible businesses will receive a payment equal to 50 per cent of taxes withheld from employees\u2019 salary and wages up to $25,000.\u00a0<\/p>\n<p>Eligible businesses that pay salary and wages will receive a minimum payment of $2,000, even if they are not required to withhold tax.<\/p>\n<p>The payment will be delivered as a credit in the activity statement system from 28 April 2020 upon businesses lodging eligible upcoming activity statements. Where this places the business in a refund position, the ATO will deliver the refund within 14 days.<\/p>\n<p><strong>Increasing the instant asset write off<\/strong> \u2013 the government is proposing to increase the threshold for the instant asset write off from $30,000 to $150,000 and expand access to businesses with an aggregated annual turnover of up to $500 million (up from $50 million). The increase will only be available from 12 March to 30 June 2020 for new or second-hand assets first used or installed ready for use by 30 June 2020.<\/p>\n<p><strong>Accelerated deprecation <\/strong>\u2013 the government is proposing an accelerated deprecation deduction for eligible assets acquired from 12 March and first used or installed by 30 June 2021. Eligible taxpayers will receive a deduction of 50 per cent of the cost of the eligible asset on installation, with existing depreciation rules applying to the balance. Eligible businesses are those with an aggregated turnover below $500 million. Eligible assets are those that can depreciated under Division 40 of the <em>Income Tax Assessment Act 1997 <\/em>(that is\u00a0plant, equipment and specified intangible assets, such as patents), but does not apply to second-hand Division 40 assets, or buildings and other capital works depreciable under Division 43.<\/p>\n<p><strong>Apprentice and trainee wage subsidy<\/strong> \u2013\u00a0the government will offer employers a wage subsidy of 50 per cent of an apprentice\u2019s or trainee\u2019s wage from 1 January to 30 September 2020, capped at $7000 each quarter per each eligible apprentice or trainee. Businesses with less than 20 full-time staff will be eligible, however employers of any size and Group Training Organisations that re-engage an eligible out-of-trade apprentice or trainee will continue to be eligible for the subsidy.<\/p>\n<p><strong>Direct payment to individuals <\/strong>\u2013 the government will make a one-off payment of $750 to around 6.5 million social security, veterans and other income support recipients and eligible concession card holders residing in Australia.<\/p>\n<p>Should you need further details, you can visit Treasury website.<\/p>\n<p><a href=\"https:\/\/treasury.gov.au\/coronavirus?utm_source=exacttarget&amp;utm_medium=email&amp;utm_term=All%20Subscribers&amp;utm_content=https%3a%2f%2ftreasury.gov.au%2fcoronavirus&amp;utm_campaign=CPA+Tax+News+ed+9+-+12+March+2020_12-March-2020\">https:\/\/treasury.gov.au\/coronavirus?utm_source=exacttarget&amp;utm_medium=email&amp;utm_term=All%20Subscribers&amp;utm_content=https%3a%2f%2ftreasury.gov.au%2fcoronavirus&amp;utm_campaign=CPA+Tax+News+ed+9+-+12+March+2020_12-March-2020<\/a><\/p>\n<p><strong>News on 8 December 2019<\/strong><\/p>\n<p>Wishing you a Merry Christmas and a Happy New Year!<br \/>Please be advised that our office will close on Wednesday 18 December 2019 and re-open on Monday 13 January 2020.<br \/>For urgent attention please contact Donny on his mobile 0430 500 227.<\/p>\n<p><strong>News on 1 July 2019<\/strong><\/p>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td colspan=\"2\">Single Touch Payroll (STP) is a new way for employers to report tax and super information to the ATO. It starts from 1 July 2019 for employers with 19 or less employees.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">You&#8217;ll report the following information through an STP ready solution &#8211; such as payroll software:<\/td>\n<\/tr>\n<tr>\n<td width=\"11%\">\u00a0<\/td>\n<td>\n<ul>\n<li>payments to employees such as salaries and wages<\/li>\n<li>pay as you go (PAYG) withholding<\/li>\n<li>super information.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">The way you pay your employees won&#8217;t change, however you will be sending us this information each time you pay them.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">Start reporting any time from 1 July to 30 September 2019. If you can\u2019t start reporting by this time, you&#8217;ll need to apply for a later start date. An online tool to help you do this will be available on our website in April.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">\n<h2>How to get started<\/h2>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"11%\">\u00a0<\/td>\n<td>\n<ul>\n<li>If you already use payroll software &#8211; check to see if it offers STP reporting by talking to your software provider or viewing their website.<\/li>\n<li>If you don&#8217;t use payroll software &#8211; you can choose an STP ready solution or talk to your tax professional for advice on the best solution for your business.<\/li>\n<li>If you use a registered tax or BAS agent &#8211; you can ask them to report through an STP ready payroll solution on your behalf.<\/li>\n<li>If you have 1-4 employees &#8211; you can choose a low-cost STP solution. Find out more at <strong><a href=\"https:\/\/www.ato.gov.au\/STPsolutions\">ato.gov.au\/STPsolutions<\/a><\/strong><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>2016\u5e7402\u670802\u65e5<\/p>\n<p>What&#8217;s new for small business?<\/p>\n<p>Instant asset write-off \u2013 simpler depreciation rules<\/p>\n<p>Small businesses can immediately deduct the business portion of most assets if they cost less than $20,000 and were purchased between 7:30pm on 12\u00a0May 2015 and 30\u00a0June 2017.<\/p>\n<p>This deduction can be used for each asset that costs less than $20,000, whether new or second-hand. The deduction is claimed through a tax return, in the year the asset was first used or installed ready for use.<\/p>\n<p>From 1\u00a0July 2017, the threshold will return to\u00a0$1,000.<\/p>\n<p>Accelerated depreciation for primary producers<\/p>\n<p>From 12\u00a0May 2015, primary producers can immediately deduct the costs of:<\/p>\n<ul>\n<li>fencing, which were previously deducted over a period up to 30\u00a0years<\/li>\n<li>water facilities, previously deducted over three\u00a0years.<\/li>\n<\/ul>\n<p>They can also deduct the cost of fodder storage assets over three\u00a0years, instead of over a period up to 50\u00a0years.<\/p>\n<p>Primary producers who are small businesses are also eligible to claim the\u00a0<a href=\"https:\/\/www.ato.gov.au\/Business\/Small-business-entity-concessions\/Whats-new-for-small-business-\/#Instantassetwriteoffsimplerdepreciationr\">instant asset write-off<\/a>\u00a0until 30\u00a0June 2017.<\/p>\n<p>Deductions for professional expenses for start-ups<\/p>\n<p>From 1\u00a0July 2015, small businesses are entitled to certain deductions when starting up a small business. The range of deductible start-up costs includes professional, legal and accounting advice and government fees and charges.<\/p>\n<p>Small business restructure roll-over (capital gains tax roll-over relief)<\/p>\n<p>In the 2015 Budget, the government announced that it will allow small businesses to change the legal structure of their business without attracting a capital gains tax (CGT) liability at that point.<\/p>\n<p>The exposure draft legislation included a possible extension of the relief to transfers of trading stock, revenue assets and depreciating assets. If passed, these changes will apply to asset transfers that occur on or after 1 July 2016.<\/p>\n<p>The proposed changes are not yet law.<\/p>\n<p>Fringe benefits tax changes for work-related devices<\/p>\n<p>From 1\u00a0April 2016, small businesses will not incur a fringe benefits tax (FBT) liability if they provide their employees multiple work-related portable electronic devices that have similar functions. These include devices that are primarily used for work, such as laptops, tablets, calculators, GPS navigation receivers and mobile phones.<\/p>\n<p>This benefit may be in addition to or part of the employee\u2019s salary or wages package.<\/p>\n<p>Small business income tax offset<\/p>\n<p>From the 2015\u201316 income year, an individual is entitled to a tax offset on the tax payable on the portion of their income that is from:<\/p>\n<ul>\n<li>net small business income from sole trading activities, and\/or<\/li>\n<li>share of net small business income from a partnership or trust.<\/li>\n<\/ul>\n<p>The income tax offset can reduce the tax payable that relates to the individual\u2019s small business income by\u00a05% up to $1,000 each year.<\/p>\n<p>We will work out the offset based on the total net small business income reported in your income tax return.<\/p>\n<p>Company tax cut for small businesses<\/p>\n<p>For income years commencing on or after 1\u00a0July 2015, the small business company tax rate has been reduced from\u00a030% to 28.5%.<\/p>\n<p>The maximum franking credit that can be allocated to a frankable distribution is unchanged at\u00a030%, even if a small business is eligible for the 28.5%\u00a0tax rate.<\/p>\n<p>2015\u5e7412\u670823\u65e5<\/p>\n<p><a href=\"http:\/\/www.demotesting.tk\/DNI_1\/wp-content\/uploads\/2015\/12\/cid_image008_png@01D13978.png\" rel=\"attachment wp-att-67\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-67\" src=\"http:\/\/www.demotesting.tk\/DNI_1\/wp-content\/uploads\/2015\/12\/cid_image008_png@01D13978.png\" alt=\"!cid_image008_png@01D13978\" width=\"105\" height=\"116\" \/><\/a><\/p>\n<p>\u795d\u60a8\u5723\u8bde\u53ca\u65b0\u5e74\u5feb\u4e50\u3002<\/p>\n<p>\u6211\u4eec\u7684\u529e\u516c\u5ba4\u5c06\u4e8e2015\u5e7412\u670824\u65e5(\u661f\u671f\u56db)\u5173\u95ed\uff0c\u91cd\u65b0\u5f00\u653e\u65f6\u95f4\u4e3a2016\u5e741\u67084\u65e5(\u661f\u671f\u4e8c)\u4e0a\u53489\u65f6\u3002<br \/>\u5982\u679c\u7d27\u6025\u4e8b\u60c5\u8bf7\u8054\u7cfbDonny,\u4ed6\u7684\u624b\u673a0430 500 227.<\/p>\n<h3><strong>News on 1 November 2023<\/strong><\/h3>\n<h1>ATO flags small business tax debt, SG as target areas<\/h1>\n<p><em>Addressing collectable debt and improving small business tax performance continue to be critical focus areas, the ATO warns in its annual report.<\/em><\/p>\n<p>The ATO says addressing collectable debt, improving small business tax performance and strengthening superannuation guarantee (SG) will be important focus areas in its strategy for the remainder of FY24.<\/p>\n<p>In its annual report for 2022\u201323, the Tax Office said small business collectable debt reached $50.2 billion at 30 June 2023, an 89 per cent increase from 30 June 2019.<\/p>\n<p>\u201cIt\u2019s our responsibility to ensure a level playing field as we support businesses who are doing the right thing and paying on time,\u201d Commissioner of Taxation Chris Jordan stated in the report.<\/p>\n<p>Mr Jordan said the ATO has already taken strong and deliberate action against those unwilling to work with the Tax Office as it increased its activities across debt collection.<\/p>\n<p>While small business currently had the largest proportion of the collectable debt book, Mr Jordan said the ATO remained focused on non or late payment in every payment group in the tax system.<\/p>\n<p>\u201cWe want to encourage a culture of paying tax on time and in full,\u201d he said.<\/p>\n<p>In its annual report, the ATO said it informed clients of their obligations and the actions the regulator might take if they chose not to engage with the Tax Office.<\/p>\n<h6><a href=\"https:\/\/www.accountantsdaily.com.au\/tax-compliance\/19225-ato-flags-small-business-tax-debt-sg-as-target-areas?utm_source=Accountants%20Daily&amp;utm_campaign=27_10_23&amp;utm_medium=email&amp;utm_content=3&amp;utm_emailID=f9f4f4745b319abd4bd6b5168c9a8e9bb8666cb4c8d8276e26dafa709defa52e\">htps:\/\/www.accountantsdaily.com.au\/tax-compliance\/19225-ato-flags-small-business-tax-debt-sg-as-target-areas?utm_source=Accountants%20Daily&amp;utm_campaign=27_10_23&amp;utm_medium=email&amp;utm_content=3&amp;utm_emailID=f9f4f4745b319abd4bd6b5168c9a8e9bb8666cb4c8d8276e26dafa709defa52e<\/a><\/h6>\n<h3><strong>News on 18 May 2023<\/strong><\/h3>\n<h1>SEVEN WAYS THE BUDGET IMPACTS YOUR BUSINESS<\/h1>\n<h4>Energy costs, asset write-offs, and cyber security were just some areas targeting small-business owners in Tuesday night\u2019s budget.<\/h4>\n<p>Tuesday night\u2019s (9 May) Federal Budget contained some recognition of the pressure small businesses have been under. And hopefully, it means help is on its way.<\/p>\n<p>\u201cWe know economic conditions have been challenging for Australia\u2019s small businesses, which is why the budget delivers this support,\u201d said the Minister for Small Business, Julie Collins.<\/p>\n<p>\u201c[The budget] provides targeted, responsible support, improves the overall business operating environment, and helps to reduce energy price pressures.\u201d<\/p>\n<p>From staffing to operating costs to cyber security, here are some ways the budget will impact your small business.<\/p>\n<h3>1. Write off asset changes<\/h3>\n<p>Businesses that need new equipment, computers, furniture, cars, or other assets can benefit from changes to the instant asset write-off threshold to $20,000 from 1\u00a0July 2023 until 30\u00a0June 2024.<\/p>\n<p>That means if your business has a turnover of less than $10 million, you\u2019ll be able to immediately deduct assets costing less than $20,000, provided they\u2019re first used or installed between 1\u00a0July 2023 and 30\u00a0June 2024. It will be applied on a per-asset basis, so you can write off multiple assets.<\/p>\n<p>This is a watered-down version of previous measures introduced during the pandemic.<\/p>\n<h3>2. Lower power bills<\/h3>\n<p>With soaring power bills contributing significantly to business operating costs, $650 in bill relief is on its way from July.<\/p>\n<p>The total amount of bill relief will vary by state, so check\u00a0<a href=\"https:\/\/www.energy.gov.au\/government-priorities\/energy-programs\/energy-bill-relief-fund\/energy-bill-relief-fund-small-businesses\">here<\/a>\u00a0for more information. To be eligible, your business must be on a separately metered business tariff with your electricity retailer \u2013 so if you run a business from home, you probably won\u2019t qualify.<\/p>\n<p>Meanwhile,\u00a0<a href=\"https:\/\/www.mybusiness.com.au\/how-we-help\/be-more-efficient\/manage-costs\/smes-score-20k-tax-break-for-going-green\">as announced shortly before the budget<\/a>, small and medium businesses can claim deductions of up to $20,000 when they install energy-efficient equipment, such as electrifying their heating and cooling systems and installing batteries and heat pumps.<\/p>\n<p>Try our\u00a0<a href=\"https:\/\/www.mybusiness.com.au\/how-we-help\/our-services\/cost-efficiency\/energy-comparison-service\">free energy comparison tool.<\/a>\u00a0Your business could compare, switch and save with our free energy comparison service.<\/p>\n<h3>3. Big changes to super payments<\/h3>\n<p>Meanwhile, businesses need to be on top of payroll with big changes on the way.<\/p>\n<p>Gone are quarterly super payments \u2013 from 1\u00a0July\u00a02026, they\u2019ll have to be paid at the same time as wages. This will enable employees to track their entitlements to ensure they are being paid on time and in full.<\/p>\n<p>Also, the Australian Taxation Office (ATO) will receive funding to upgrade its data capabilities and design a new compliance system, which will identify underpaid super in real time.<\/p>\n<p>For help with payroll and other aspects of managing your people, have a look at\u00a0<a href=\"https:\/\/www.mybusiness.com.au\/how-we-help\/our-services\/hr-and-workplace\/workplace\">My Business Workplace.<\/a><\/p>\n<h3>4. Reducing business admin and helping lower tax<\/h3>\n<p>Those drowning in paperwork should note that from 1 July 2024, small businesses will be permitted to authorise their tax agent to lodge multiple single touch payroll forms on their behalf. And from 1 July 2025, small businesses will be permitted up to four years to amend their income tax returns.<\/p>\n<p>There are also measures designed to help lower the tax-related administrative burden on businesses, including an expansion of the ATO independent review process for small businesses undergoing an audit and new tax clinics to improve access to tax advice and assistance.<\/p>\n<p>To help small business cash flow, the government will halve the GDP adjustment factor for PAYG and GST instalments to 6% for the 2023\u201324 income year, a reduction from 12%.<\/p>\n<p>Also, if you\u2019re behind in your tax, now\u2019s the time to catch up. The government is proposing a lodgement penalty amnesty program for businesses with a turnover of less than $10 million. This applies to statements lodged from 1 June 2023 to 31 December 2023 that were originally due from 1 December 2019 to 29 February 2022.<\/p>\n<h3>5. Support for your employees<\/h3>\n<p>Employees are the lifeblood of any small business, and measures to help them manage living costs will come as welcome news.<\/p>\n<p>The government will extend eligibility for the single parenting payment to support single principal carers with a youngest child under 14 years of age. At the moment, it\u2019s eight years.<\/p>\n<p>The government will also introduce a number of housing measures to increase support for social and affordable housing across the country and improve access for home buyers.<\/p>\n<p>For those employing parents, it\u2019s worth noting that the government has pledged $55.31 billion over four years to make childcare more affordable \u2013 these changes will be in force from July.<\/p>\n<p>There\u2019s also help for your people to upskill, including 300,000 new fee-free TAFE places to train Australians in critical and emerging sectors.<\/p>\n<p>The government will provide $5.5 million in 2023\u201324 to continue supporting negotiations on a long-term skills funding agreement with the states and territories. Subject to the outcome of these negotiations, they\u2019ve kept $3.7 billion up their sleeve for a five-year National Skills Agreement that will commence on 1 January 2024.<\/p>\n<h3>6. SME cyber protections and AI<\/h3>\n<p>With cyber attacks a growing threat to small businesses, the government will launch a program to train cyber wardens . To learn more about how your business can protect itself against cyber attacks, have a look at\u00a0<a href=\"https:\/\/www.mybusiness.com.au\/how-we-help\/our-services\/business-cyber-security-training-and-resources\">this information<\/a>\u00a0on My Business.<\/p>\n<p>Meanwhile, the government is giving $101.2 million over five years to support small businesses integrating artificial intelligence (AI) and quantum technologies to improve business processes and increase trade competitiveness.<\/p>\n<h3>7. Funding for growth<\/h3>\n<p>And finally, for those with an innovative idea to develop, take note of the government\u2019s new support for SMEs and start-ups trying to commercialise their ideas and grow their operations.<\/p>\n<p>The government will provide $431.9 million over four years, including an Industry Growth Program and continuation of the Single Business Service, which supports SMEs in engagement with all levels of government.<\/p>\n<p><a href=\"https:\/\/www.mybusiness.com.au\/how-we-help\/be-a-better-employer\/managing-people\/seven-ways-the-budget-impacts-your-business?utm_brand=MB&amp;utm_prodcat=content&amp;utm_prod=article&amp;utm_campaigntype=eng&amp;utm_livedate=20230516&amp;utm_target=nat&amp;utm_campaign=mm_newsletter&amp;utm_medium=edm&amp;utm_source=mb&amp;utm_content=business_7_ways_budget_impacts_you\">https:\/\/www.mybusiness.com.au\/how-we-help\/be-a-better-employer\/managing-people\/seven-ways-the-budget-impacts-your-business?utm_brand=MB&amp;utm_prodcat=content&amp;utm_prod=article&amp;utm_campaigntype=eng&amp;utm_livedate=20230516&amp;utm_target=nat&amp;utm_campaign=mm_newsletter&amp;utm_medium=edm&amp;utm_source=mb&amp;utm_content=business_7_ways_budget_impacts_you<\/a><\/p>\n<h3><strong>News on 15 May 2023<\/strong><\/h3>\n<h1 class=\"standard-article-title\">ATO crackdown focuses on rental properties, work claims, CGT<\/h1>\n<p>https:\/\/www.accountantsdaily.com.au\/tax-compliance\/18535-ato-crackdown-focuses-on-rental-properties-work-claims-cgt<\/p>\n<h3><strong>News on 25 Jul 2022<\/strong><\/h3>\n<p>You may have heard of the instant asset write off scheme (IAWO), but you might not know exactly what is the instant asset write off for small businesses and how it actually works.\u00a0\u00a0What\u2019s the purpose of this instant asset write off scheme? As it has been over the last few years, the aim of this scheme is to get cash flowing into the economy and businesses spending while also incentivising the growth of that business.<\/p>\n<p>Now that we live in a post COVID-19 world, the scheme has been expanded in scope and become even more important to aid the recovery of individual businesses like yours, and the economy at large.\u00a0\u00a0\u201cThe instant asset write off\u00a0also helps to\u00a0improve\u00a0cash flow\u00a0for businesses\u00a0by bringing forward tax deductions for eligible expenditure,\u201d Josh Frydenberg, Australian federal government Treasurer.<\/p>\n<h2>Instant asset write off for small businesses<\/h2>\n<p>The instant asset write off for small business is a handy tax saving scheme available for all Australian small businesses.\u00a0\u00a0Basically, if you\u2019ve bought a core piece of depreciating equipment or other work-related business assets, you can save on your tax bill with a nice offset by making an immediate\u00a0tax deduction.\u00a0\u00a0The idea behind the scheme is to encourage spending and business growth by incentivising the purchase and installation of work-related equipment for eligible businesses.<\/p>\n<h2>How does instant asset write off work?<\/h2>\n<p>The instant asset write off scheme works by allowing you to immediately write off the value of a business-related piece of equipment or asset.<\/p>\n<ul>\n<li>For small businesses with annual turnover between $50 million and $500 million, they can now claim a full deduction for new and second-hand assets valued up to $150,000.<\/li>\n<\/ul>\n<p>You must be able to prove that the piece of equipment is central to your business and its operation. This is crucial.\u00a0\u00a0Depending on your business, eligible assets for the instant asset write off can include:<\/p>\n<ul>\n<li>vans, trucks, and vehicles<\/li>\n<li>tools and trade equipment<\/li>\n<li>computers and IT equipment<\/li>\n<li>plant machinery<\/li>\n<li>coffee machine and kitchen equipment<\/li>\n<\/ul>\n<p>Many assets don\u2019t qualify for the scheme, and you\u2019ll need to be sure of your purchase before you proceed down this avenue.\u00a0\u00a0From the ATO:<\/p>\n<ul>\n<li>The asset may be either new or second hand.<\/li>\n<li>It must be directly linked to your business function.<\/li>\n<li>You may claim a portion for personal and for business. So, if you use a delivery van for 30% work use and 70% personal use, you can dice it up and claim that 30% portion.<\/li>\n<li>You may not stockpile. You must have the equipment installed and in use for business purposes by the end of financial year.<\/li>\n<li>You must be an operational business, not a holding for investment purposes.<\/li>\n<\/ul>\n<p>How to calculate and how much is instant asset write off?\u00a0\u00a0Fresh changes to the scheme were announced in the 2020 federal budget, so you may not be aware of its current state. The scheme was also extended in the 2021 federal budget.<\/p>\n<p>The instant asset write off has been boosted yet again in the form of \u2018temporary full expensing\u2019, which is intended to increase both cash flow and small business investment.<\/p>\n<ul>\n<li>Until 30 June 2023, businesses with a turnover of up to $5 billion will be able to deduct the full cost of an eligible asset in the first year it\u2019s used or installed.<\/li>\n<li>SMEs turning over up to $50 million can now apply \u2018full expensing\u2019 to all second-hand assets.<\/li>\n<li>Businesses turning over between $50 million and $500 million can now claim a full deduction for second-hand assets of up to $150,000 in value.<\/li>\n<\/ul>\n<p>\u00a0Who can access the instant asset write off?<\/p>\n<p>Any Australian small business that purchased business related equipment, and complies with the above specifications for eligibility, can utilise the instant asset write off scheme.\u00a0\u00a0Just because you can doesn\u2019t mean you should. Will your business actually benefit from instant asset write off? Perhaps not.\u00a0\u00a0First and foremost, you need to make sure that the purchase will help grow your business.<\/p>\n<p>If your business is in a tenuous position, or the future of your cashflow is in doubt, reconsider your need to purchase assets.<\/p>\n<p>There are several ways in which this tax offset would be of no benefit:<\/p>\n<ul>\n<li>You\u2019re operating at a loss.<\/li>\n<li>You don\u2019t really need the equipment as a core part of your operations.<\/li>\n<li>You don\u2019t have the capital to buy the equipment before any tax benefit kicks in.<\/li>\n<li>The equipment doesn\u2019t directly contribute to cashflow.<\/li>\n<\/ul>\n<p>Think seriously about whether you actually need anything. Many businesses don\u2019t. This isn\u2019t a free ticket after all, as you\u2019ll have to stump the initial costs and benefit from the write off later.\u00a0\u00a0You must also make sure your purchase is covered before you proceed. If unsure, speak to an advisor.<\/p>\n<h2>How to apply and record instant asset write off?<\/h2>\n<p>When approaching the topic of how to apply and record the instant asset write off, get your advisor involved.\u00a0\u00a0Accountants and finance experts excel in this area, and they should be your first port of call before you lay down cash with a view to take advantaging of the scheme.\u00a0\u00a0How to calculate the IAWO scheme from the ATO:<\/p>\n<ul>\n<li>The whole price of the equipment or asset must be under the threshold ($150,000 for most small businesses).<\/li>\n<li>The threshold will be calculated as either inclusive or exclusive of GST, depending on whether your business is registered for GST or not.<\/li>\n<li>To calculate the amount you\u2019re eligible to claim, be sure you first subtract the portion of the equipment you use for private or personal use.<\/li>\n<li>The remaining balance used for business is your taxable portion.<\/li>\n<li>Regardless of how much you use for private use and how much the taxable portion is, the entire cost of the asset must still be under the threshold.<\/li>\n<\/ul>\n<p>Understanding what is and how does the instant asset write off work for small businesses is best understood in conjunction with your advisor. Failing that, be sure to consult the ATO\u00a0<a href=\"https:\/\/urldefense.proofpoint.com\/v2\/url?u=https-3A__www.ato.gov.au_Business_Depreciation-2Dand-2Dcapital-2Dexpenses-2Dand-2Dallowances_Simpler-2Ddepreciation-2Dfor-2Dsmall-2Dbusiness_Instant-2Dasset-2Dwrite-2Doff_-3F-3Dredirected-5Finstantassetwriteoff&amp;d=DwMFaQ&amp;c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&amp;r=dSueH6KgRD7Ovl04kun_xRz7GUahEme_Q3Ph2NjJtfw&amp;m=UK0gIm_wr3dRdcvXUKTmqxpTI05vgwPADUsxj6I4smo&amp;s=bFNMmpa90TtYDgmtsVBil3Vk8z5EzMFE4hj__SpyRTQ&amp;e=\"><strong>here<\/strong><\/a>\u00a0to come to a full understanding of the instant asset write off scheme.<\/p>\n<p>Should you have any questions, please feel free to contact us.<\/p>\n<h3><strong>News on 23 May 2022<\/strong><\/h3>\n<p><strong>Some highlights on the recent Federal Budget 2023<\/strong><\/p>\n<p><strong>One-off cost of living tax offset<\/strong><\/p>\n<p>To help address the increasing cost of living, the Government has proposed a one-off $420 cost of living tax offset for low- and middle-income earners. The existing low- and middle-income tax offset will be extended for another year. If enacted, eligible workers could get up to $1,500 back at tax time.<\/p>\n<p><strong>One-off cash payment<\/strong><\/p>\n<p><strong>As part of the 2021 Budget, the Government announced a number of initiatives that are now law and take effect from 1 July 2022.\u00a0<\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>SG rate will increase to 10.5%<\/strong><\/p>\n<p>The superannuation guarantee (SG) rate will increase from 10% to 10.5% on 1 July 2022. The SG rate is the minimum amount of super you&#8217;re required to pay, by law, on ordinary time earnings. This increase is in line with the Government&#8217;s plan to increase the SG rate to 12% by 2025.<\/p>\n<p><strong>Super guarantee percentage<\/strong><\/p>\n<p>Table\u00a021: Super guarantee percentage<\/p>\n<table width=\"573\">\n<tbody>\n<tr>\n<td width=\"253\">\n<p>Period<\/p>\n<\/td>\n<td width=\"103\">\n<p>General super guarantee (%)<\/p>\n<\/td>\n<td width=\"217\">\n<p>Super guarantee (%) for Norfolk Island (transitional rate) (from 1\u00a0July 2016)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"253\">\n<p>1\u00a0July 2020 \u2013 30\u00a0June 2021<\/p>\n<\/td>\n<td width=\"103\">\n<p>9.5<\/p>\n<\/td>\n<td width=\"217\">\n<p>5<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"253\">\n<p>1\u00a0July 2021 \u2013 30\u00a0June 2022<\/p>\n<\/td>\n<td width=\"103\">\n<p>10<\/p>\n<\/td>\n<td width=\"217\">\n<p>6<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"253\">\n<p>1\u00a0July 2022 \u2013 30\u00a0June 2023<\/p>\n<\/td>\n<td width=\"103\">\n<p>10.5<\/p>\n<\/td>\n<td width=\"217\">\n<p>7<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"253\">\n<p>1\u00a0July 2023 \u2013 30\u00a0June 2024<\/p>\n<\/td>\n<td width=\"103\">\n<p>11<\/p>\n<\/td>\n<td width=\"217\">\n<p>8<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"253\">\n<p>1\u00a0July 2024 \u2013 30\u00a0June 2025<\/p>\n<\/td>\n<td width=\"103\">\n<p>11.5<\/p>\n<\/td>\n<td width=\"217\">\n<p>9<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"253\">\n<p>1\u00a0July 2025 \u2013 30\u00a0June 2026<\/p>\n<\/td>\n<td width=\"103\">\n<p>12<\/p>\n<\/td>\n<td width=\"217\">\n<p>10<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"253\">\n<p>1\u00a0July 2026 \u2013 30\u00a0June 2027<\/p>\n<\/td>\n<td width=\"103\">\n<p>12<\/p>\n<\/td>\n<td width=\"217\">\n<p>11<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"253\">\n<p>1\u00a0July 2027 \u2013 30\u00a0June 2028 and onwards<\/p>\n<\/td>\n<td width=\"103\">\n<p>12<\/p>\n<\/td>\n<td width=\"217\">\n<p>12<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>$450 salary threshold for SG contributions removed<\/strong><\/p>\n<p>From 1 July 2022, the $450 monthly threshold for the payment of SG contributions will be removed.\u00a0<\/p>\n<p>This means you&#8217;ll be required to make SG contributions to all eligible employees aged 18 years and over, regardless of how much the employee is paid.\u00a0<\/p>\n<p>Employees aged under 18 years will be eligible for superannuation if they work more than 30 hours in a week, regardless of how much they&#8217;re paid.\u00a0<\/p>\n<p>For more information read the <a href=\"https:\/\/urldefense.proofpoint.com\/v2\/url?u=https-3A__www.e.cbussuper.com.au_link_id_zzzz62859ec76ecf8605Pzzzz6254ad9d9b389816_page.html&amp;d=DwMFaQ&amp;c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&amp;r=dSueH6KgRD7Ovl04kun_xRz7GUahEme_Q3Ph2NjJtfw&amp;m=CJq9kvqnHTXaeIyDaeSSU0HIrQOsEHsBHckfCdaTQa8&amp;s=D2DshVEkG2DYIVuuuIwZE0UOw3SVBGgoPluYKR_qkiw&amp;e=\">ATO&#8217;s recent announcement<\/a>.\u00a0<\/p>\n<p><strong>Work test for older Australians removed<\/strong><\/p>\n<p>From 1 July 2022, employees aged under 75 years will be able to make or receive personal (after tax) and salary-sacrificed contributions without meeting the work conditions &#8211; known as the <strong>work test<\/strong> or <strong>work test exemption<\/strong>.\u00a0<\/p>\n<p>The existing contribution cap limits will still apply and employees may also be able to use the bring forward rule. These employees will still need to meet the work test to claim any personal super contribution deductions.\u00a0<\/p>\n<p>For more information read the <a href=\"https:\/\/urldefense.proofpoint.com\/v2\/url?u=https-3A__www.e.cbussuper.com.au_link_id_zzzz62859ec770d4b882Pzzzz6254ad9d9b389816_page.html&amp;d=DwMFaQ&amp;c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&amp;r=dSueH6KgRD7Ovl04kun_xRz7GUahEme_Q3Ph2NjJtfw&amp;m=CJq9kvqnHTXaeIyDaeSSU0HIrQOsEHsBHckfCdaTQa8&amp;s=tjrmu9CoFDEYfzr341yHOBK3glMyI5FT39U_EuBeTkg&amp;e=\">ATO&#8217;s acceptance of member contributions and work test<\/a> webpage.<\/p>\n<h3><strong>News on 13 April 2022<\/strong><\/h3>\n<p><strong>Some highlights on the recent Federal Budget 2023<\/strong><\/p>\n<p><strong>One-off cost of living tax offset<\/strong><\/p>\n<p>To help address the increasing cost of living, the Government has proposed a one-off $420 cost of living tax offset for low- and middle-income earners. The existing low- and middle-income tax offset will be extended for another year. If enacted, eligible workers could get up to $1,500 back at tax time.<\/p>\n<p><strong>One-off cash payment<\/strong><\/p>\n<p>Pensioners and others receiving eligible government concession holders, will receive a one-off, income tax-exempt payment of $250. This will be paid automatically in April 2022 to eligible recipients.<\/p>\n<p><strong>$450 salary threshold for super contributions removed<\/strong><br \/>From 1 July 2022, the $450 monthly threshold for the payment of superannuation guarantee (SG) contributions will be removed. This means you\u2019ll be required to make SG contributions to all eligible employees, regardless of how much the employee is paid.<\/p>\n<p>For more information read the <a href=\"https:\/\/urldefense.proofpoint.com\/v2\/url?u=https-3A__www.e.cbussuper.com.au_link_id_zzzz6255fd7b81f83265Pzzzz5df1c0f974215151_page.html&amp;d=DwMGAw&amp;c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&amp;r=9Jf2CiaWXHA5Nx-VzY1g5RqfY9z5NkkYoUjndcKfb50&amp;m=DxWBKETCIV0eMzoFqtaLTjbxdD_N_VETdCO55UFAf_Q&amp;s=bapOiT5h9Er5e92XcMVf9REYQ7iyeO0eyizpLp01nV4&amp;e=\">ATO\u2019s recent announcement<\/a>.<\/p>\n<h3><strong>News on 3 February 2022<\/strong><\/h3>\n<p>NSW small businesses have been thrown a lifeline with a $1 billion support package announced on Sunday by the NSW government.<\/p>\n<p>The state\u2019s peak business organisation, Business NSW, said the package would help a wide variety of businesses that had been hard hit by the Omicron surge.\u00a0<\/p>\n<p>The package, which starts February 1, includes:\u00a0<\/p>\n<ul>\n<li>a lump-sum payment of 20% of weekly payroll with a minimum payment of $500 per week and a maximum payment of $5,000 per week. It is for businesses with a turnover between $75,000 and $50 million that suffered a 40% downturn in January and projected to do the same in February.\u00a0<\/li>\n<li>The Small Business Fees and Charges rebate program extended from $2,000 to $3000, and employing businesses will be able to use the rebate to obtain rapid antigen tests (<a href=\"https:\/\/urldefense.proofpoint.com\/v2\/url?u=https-3A__www.businessaustralia.com_resources_news_businesses-2Din-2Dthe-2Drat-2Drace-2Dbeware-2Dof-2Dfringe-2Dbenefits-2Dtax&amp;d=DwMFaQ&amp;c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&amp;r=dSueH6KgRD7Ovl04kun_xRz7GUahEme_Q3Ph2NjJtfw&amp;m=Xw5stAIDn7521teNDIiMW9eHsvfPbNUw3iLxP79KgHE&amp;s=pq4a-_SPMqjwIl3gHbMfXy8KBf5NyKqvnnJEWpPWKi8&amp;e=\">RATs<\/a>).<\/li>\n<li>Commercial landlord relief will be extended until 13 March.<\/li>\n<\/ul>\n<h3><strong>News on 17 December 2021<\/strong><\/h3>\n<p>Dear customers, business associates and friends,<\/p>\n<p>My team and I want to thank you for your ongoing support of us in 2021.<\/p>\n<p>Our office will be closed from Friday 17<sup>th<\/sup> December and will be re-opened Monday 10<sup>th<\/sup> January 2022.<\/p>\n<p>My team and I wish you and your family a wonderful festive season and a happy, healthy and prosperous 2022.\u00a0 We look forward to working for you in 2022.<\/p>\n<p>Regards,<\/p>\n<p>Donny Tsui<\/p>\n<p>Senior Partner<\/p>\n<h3><strong>News on 4 November 2021<\/strong><\/h3>\n<h3>The Australian Government has announced the full implementation of Modernising Business Registers (MBR) program as part of its Digital Business Plan. As an effect, the government has introduced Director Identification Number (Director ID \/ DIN)\u00a0<\/h3>\n<p>\u00a0<strong>What is a Director Identification Number (DIN)?<\/strong><\/p>\n<p>The Director Identification Number (director ID) is a unique identifier that a director will apply for once\u00a0but will stay with a director for life, offering greater identity security.\u00a0You will need a director identification number (DIN \/ Director ID) if you&#8217;re a director of a company or a corporate trustee of a self-managed super fund (SMSF), registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation. The objective of this rollout is to create a fairer business environment by helping prevent the use of false and fraudulent director identities. This will go a long way to better identifying and eliminating director involvement in unlawful activity.<\/p>\n<p><strong>How and when to apply for DIN?<\/strong><\/p>\n<p>Directors will be able to apply for a Director ID from November 2021 on the new Australian Business Registry Services (ABRS) online and log in using the myGovID app to complete the application process.\u00a0Furthermore, they will need to provide proof of identity documentation to verify their identity. A director can choose to provide their tax file number when applying for a DIN, which should expedite the application.<\/p>\n<p>Directors will need to apply for their director ID by themselves to verify their identity. No one can apply for it on their behalf.<\/p>\n<p><strong>When will\u00a0directors need to apply?<\/strong><\/p>\n<p>Transitional arrangements will allow\u00a0directors to become familiar with the new requirement. When you need to have a director ID will depend on when you were appointed as a director. The table below illustrates the same in detail.<\/p>\n<p><strong>How director ID works?<\/strong><\/p>\n<p>A director ID is a 15-digit identifier given to a director (or someone who intends to become a director) who has verified their identity with ABRS.<\/p>\n<p>Directors will only ever have one director ID. They&#8217;ll keep it forever even if they &#8211; change companies, stop being a director, change their name, move interstate or overseas.<\/p>\n<p><strong>Why you need a director ID?<\/strong><\/p>\n<p>All directors are required by law to verify their identity with ABRS before receiving a director ID.<\/p>\n<p>This is important because it will help to:<\/p>\n<ul>\n<li>prevent the use of false or fraudulent director identities<\/li>\n<li>make it easier for external administrators and regulators to trace directors\u2019 relationships with companies over time<\/li>\n<li>identify and eliminate director involvement in unlawful activity, such as illegal phoenix activity.<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><strong>How can agents assist their impacted clients?<\/strong><\/p>\n<p>An agent or advisor cannot apply on behalf of the director, but they can still provide assistance to their clients by providing guidance on the verification and application process, including if their client is required to get a director ID.<\/p>\n<p>Agents can support their clients by:<\/p>\n<ul>\n<li>letting them know about the new requirement, when and how to apply<\/li>\n<li>encouraging their clients to set up their myGovID to a Standard identity strength, if they have not done so already, and<\/li>\n<li>guide and support their clients through the process of applying for a Director ID.<\/li>\n<\/ul>\n<p><strong>How does it affect the current company registration process?<\/strong><\/p>\n<p>For now, there will be no change to how you register a company with us, hence there is no requirement include the DIN in your company application form or any changes to company forms (484, etc). This will take place in the future as the ABRS builds the new registry platform, and we will keep you up-to-date with any developments during this course.<\/p>\n<p>Should you have any questions, you can talk to your accountant or us\u00a0to learn more about the MBR program.<\/p>\n<p><strong>News on 7 October 2021<\/strong><\/p>\n<h2><strong>JobSaver now available for charitable not-for-profits (NFPs)<br \/><a href=\"https:\/\/servicensw.e-newsletter.com.au\/link\/id\/zzzz615e98b47f1a6949Pzzzz6156bbe2a70f8912\/page.html\">Eligible NFPs\u00a0<\/a>can apply for JobSaver if they have experienced a turnover decline of at least 15% and less than 30% because of the public health orders.<\/strong><\/h2>\n<p>The JobSaver program has been extended to charitable NFP organisations that have experienced a turnover decline of at least 15% and less than 30% as a result of the public health orders.<\/p>\n<p>NFPs are eligible for this program if they are charitable and their primary purpose, under Australian Charities and Not-for-profits Commission (ACNC) classifications, is to:<\/p>\n<ul>\n<li>advance social or public welfare (including disability and health social support services), or<\/li>\n<li>prevent or relieve the suffering of animals (for example, animal welfare organisations).<\/li>\n<\/ul>\n<p>For more information about eligibility for charitable NFP organisations that have experienced the required decline in turnover.<\/p>\n<p><strong>News on 15 July 2021<\/strong><\/p>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td>\n<h2>Government support micro and small business during lockdown<\/h2>\n<h2>The Australian and NSW Governments announced new measures<\/h2>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td width=\"566\">\n<table width=\"100%\">\n<tbody>\n<tr>\n<td>\n<p>New measures to support small businesses during the current NSW lockdown were announced yesterday. These include:<\/p>\n<ul>\n<li>Increased small business support payments of $7,500 and $10,500 or $15,000, depending on the decline in business turnover<\/li>\n<li>A \u201cJobSaver\u201d employee retention scheme providing cashflow support to businesses to help them retain staff. The cash boost will be up to 40% of weekly payroll with a payment of between $1,500 to a maximum of $10,000 per week, provided staffing levels are maintained at the level as of 13 July 2021. Non-employing businesses are eligible for $1,000 p\/w<\/li>\n<li>$1,500 grants per fortnight for microbusinesses (annual turnover between $30,000 and $75,000) that have suffered at least a 30% decline in turnover.<\/li>\n<li>Payroll tax deferrals for all businesses and a 25% concession for medium-sized businesses that have suffered a 30% revenue decline<\/li>\n<li>A requirement on landlords to participate in mediation before taking actions to evict or lock out tenants<\/li>\n<li>Up to 100% land tax concessions for commercial landlords who provide rent relief<\/li>\n<li>A $75 million support package for the performing arts sector to be administered by Create NSW<\/li>\n<li>A support package for the accommodation sector worth $26 million<\/li>\n<li>An increase in the payment amount for stood down workers from $500 to $600 per week for those who lost more than 20 hours, and to $375 for those who lost between 8 and 20 hours, and for it to be available to workers outside of the Greater Sydney lockdown areas<\/li>\n<li>Expanded mental health services with programs targeted at young people and CALD communities<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>News on 29 June 2021<\/strong><\/p>\n<h2><strong>Small businesses urged to pay attention to key areas and act now in EOFY tax planning<\/strong><\/h2>\n<p>Dear customers and business associates,<\/p>\n<p>The end of financial year is only a few days away.\u00a0 There are some last minute tips for your tax planning:-<\/p>\n<ul>\n<li>Super guarantee (SG): SG contributions must be paid by 30 June 2021 to qualify for a tax deduction in the 2020\u201321 financial year. The superannuation fund must receive these contributions by 30 June. He\u00a0said some clearing houses can take more than a week to submit the payment to the super fund, so it would be\u00a0advisable to ensure that superannuation is paid by mid-June where possible.<\/li>\n<\/ul>\n<ul>\n<li>Temporary full expensing (previously known as the instant asset write-off): Policies have been expanded again in the last two federal budgets as part of the government\u2019s COVID-19 initiative to encourage business spending to improve cash flow. There is now no limit to the amount a small business can write off under this concession and, unlike larger businesses, small businesses with aggregated turnover less than $50 million receive a full write-off for secondhand assets. While the May 2021 federal budget extended the concession all the way up until 30 June 2023, there is still a timing advantage where claims can be made in 2020\u201321.<\/li>\n<\/ul>\n<ul>\n<li>Loss carry-back: Another concession introduced in the October 2020 federal budget and extended for a further 12 months in the May 2021 Budget, this concession allows a company (i.e. not available to partnerships, trusts or individuals) to \u201ccarry back\u201d tax losses incurred in any of the 2019\u20132020, 2020\u201321, 2021\u201322 and 2022\u201323 income years to an earlier year as far back as 2018\u201319. A refund could be claimed on lodgement of tax returns from the 2020\u20132021 year onwards, representing the tax saving that would have arisen if the tax loss had been available to claim in the earlier year.<\/li>\n<\/ul>\n<ul>\n<li>Small business CGT concessions: Those operating a small business may be eligible for these concessions on the sale of business assets by a company or on the sale of shares in a company carrying on a business. The concessions may be available where aggregated turnover is less than $2 million or total net assets (excluding the family home and superannuation fund balances) less than $6 million, although the eligibility rules are quite strict, having been tightened significantly in recent years.<\/li>\n<\/ul>\n<ul>\n<li>Income deferral: Businesses may wish to delay tax payments on assessable income this financial year by deferring invoices until after 30 June. Income from the payments won\u2019t be taxed until the following financial year.<\/li>\n<\/ul>\n<p>Should you have any queries, please contact us.<\/p>\n<p><strong>News on 21 June 2021<\/strong><\/p>\n<h2><strong>Minimum wage to increase by 2.5%<\/strong><\/h2>\n<p>Following the Annual Wage Review 2021, the Fair Work Commission has announced a 2.5% increase to minimum wages. This will also apply to all award wages, with the award increase happening in 3 different stages.<\/p>\n<p>You don\u2019t need to do anything now. We will let you know when the new minimum wages are available in our pay tools.<\/p>\n<p>See our <a href=\"https:\/\/urldefense.proofpoint.com\/v2\/url?u=https-3A__updates.fairwork.gov.au_link_id_zzzz60c9b3ee5dd4e012Pzzzz6049e303295fa575_page.html&amp;d=DwMGAw&amp;c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&amp;r=dSueH6KgRD7Ovl04kun_xRz7GUahEme_Q3Ph2NjJtfw&amp;m=wEoCNpE3DLmJanKel-XbX1TSKc-zr1NttHrgZDKsAdI&amp;s=gjDecuy0xzTI49BdZ_w-pvgOmDstla2Wwe5JA3ZxZBA&amp;e=\"><u>Annual Wage Review 2021<\/u><\/a> page for more information.<\/p>\n<p><strong>News on 3 June 2021<\/strong><\/p>\n<h2>Super Guarantee rate rising 1 July<\/h2>\n<p>On 1\u00a0July 2021, the super guarantee rate will rise from 9.5% to 10%. If you have employees, you will need to ensure your payroll and accounting systems are updated to incorporate the increase to the super rate.<\/p>\n<p>If you need help to work out how much super you need to pay for your employees after 1\u00a0July, you can use our\u00a0<a href=\"https:\/\/www.ato.gov.au\/Calculators-and-tools\/Super-guarantee-contributions\/\">super guarantee contributions calculator<\/a>.<\/p>\n<p>It\u2019s important you pay your workers the correct amount of super. Our\u00a0<a href=\"https:\/\/www.ato.gov.au\/Calculators-and-tools\/Super-guarantee-eligibility\/\">superannuation guarantee eligibility decision tool<\/a>\u00a0will help you determine if your employees are eligible for super, including any contractors treated as employees for super purposes.<\/p>\n<p>The super rate is scheduled to progressively increase to 12% by July 2025. You can find the scheduled rate increases and dates on our website.<\/p>\n<p><strong>News on 13 May 2021<\/strong><\/p>\n<h2><strong>Australian Federal Budget 2021-22<\/strong><\/h2>\n<p>On\u00a011 May 2021, the Government handed down the 2021\/22\u00a0Federal Budget.\u00a0Whilst this marked a return to the traditional timing of the budgetary processes, the content of the 2021\/22 Budget\u00a0continues to remind us that our economy and way of life has still not returned to full normality post the events of COVID-19.\u00a0<\/p>\n<h2>Highlights<\/h2>\n<h3><a href=\"https:\/\/www.macquarie.com.au\/advisers\/federal-budget-2021\/professionals.html#personal-tax\">Personal income tax<\/a><\/h3>\n<ul>\n<li>Retaining LAMITO (Low And Middle Income Tax Offset) in the 2021-22 income year.<\/li>\n<li>Modernising the individual tax residency rules \u2013 a person who is physically present in Australia for 183 days or more in any income year will be an Australian tax resident.<\/li>\n<li>Reducing compliance costs for individuals claiming self-education expense deductions.<\/li>\n<li>Medicare levy thresholds for 2020-21.<\/li>\n<\/ul>\n<h3><a href=\"https:\/\/www.macquarie.com.au\/advisers\/federal-budget-2021\/professionals.html#business-owners\">Business owners<\/a><\/h3>\n<ul>\n<li>Temporary full expensing extension until 30 Jun 2023.<\/li>\n<li>Temporary loss carry-back extension.<\/li>\n<li>Digital Economy Strategy \u2014 self-assessing the effective life of intangible depreciating assets.<\/li>\n<li>Addressing Workforce Shortages in Key Areas \u2014 JobTrainer Fund \u2014 extension.<\/li>\n<li>Building Skills for the Future \u2014 Boosting Apprenticeship Commencements wage subsidy \u2014 expansion.<\/li>\n<li>Getting Vulnerable Australians Back into Work \u2014 additional support for job seekers.<\/li>\n<li>SME Recovery Loan Scheme.<\/li>\n<li>Employee Share Schemes \u2014 removing cessation of employment as a taxing point and reducing red tape.<\/li>\n<li>Patent Box \u2014 tax concession for Australian medical and biotechnology innovations.<\/li>\n<\/ul>\n<h3><a href=\"https:\/\/www.macquarie.com.au\/advisers\/federal-budget-2021\/professionals.html#super\">Superannuation<\/a><\/h3>\n<ul>\n<li>First Home Super Saver Scheme \u2014 increasing the maximum releasable amount to $50,000.<\/li>\n<li>First Home Super Saver Scheme \u2014 technical changes.<\/li>\n<li>Reducing the eligibility age for downsizer contributions.<\/li>\n<li>Repealing the work test for voluntary superannuation contributions.<\/li>\n<li>Removing the $450 per month threshold for superannuation guarantee eligibility.<\/li>\n<li>Early release for victims of family and domestic violence.<\/li>\n<li>Legacy retirement product conversions.<\/li>\n<li>SMSFs \u2014 relaxing residency requirements.<\/li>\n<li>Transfer of superannuation to the KiwiSaver Scheme.<\/li>\n<\/ul>\n<h3><a href=\"https:\/\/www.macquarie.com.au\/advisers\/federal-budget-2021\/professionals.html#nfp\">Not-for-profits and philanthropy<\/a><\/h3>\n<ul>\n<li>Not-for-profits \u2014 enhancing the transparency of income tax exemptions.<\/li>\n<li>Philanthropy \u2014 updates to the list of specifically listed deductible gift recipients.<\/li>\n<\/ul>\n<h3><a href=\"https:\/\/www.macquarie.com.au\/advisers\/federal-budget-2021\/professionals.html#child-care\">Child care<\/a><\/h3>\n<ul>\n<li>Child care subsidy.<\/li>\n<li>Other measures.<\/li>\n<\/ul>\n<h3><a href=\"https:\/\/www.macquarie.com.au\/advisers\/federal-budget-2021\/professionals.html#social-security\">Social security<\/a><\/h3>\n<ul>\n<li>Increasing the Flexibility of the Pension Loans Scheme.<\/li>\n<li>Enhancing Welfare Integrity Arrangements.<\/li>\n<li>Increased support for unemployed Australians.<\/li>\n<\/ul>\n<h3><a href=\"https:\/\/www.macquarie.com.au\/advisers\/federal-budget-2021\/professionals.html#aged-care\">Aged care<\/a><\/h3>\n<ul>\n<li>Whole-of-government response to Royal Commission into Aged Care Quality and Safety.<\/li>\n<\/ul>\n<p><strong>News on 3 Feb 2021<\/strong><\/p>\n<p><strong>Businesses can get $10k a year for each new employee, says ATO<\/strong><\/p>\n<p>Businesses could potentially receive up to more than $10,000 over a year for each eligible additional employee hired, says Australian Taxation Office deputy commissioner James O\u2019Halloran.<\/p>\n<p>Contact us for more details.<\/p>\n<p><strong>News on 25 Jan 2021<\/strong><\/p>\n<p>Dear customers, business associates and friends,<\/p>\n<p>We would like to inform you that we will be moving to our new office which is 210\/2 Pembroke Street, Epping 2121 on 26 Jan 2021.<\/p>\n<p>In fact, it is only a minute on foot away from our previous office.\u00a0 Below please find the map showing how to go from our old office to the new office for your reference.<\/p>\n<p>Please drop by to have a cup of coffee if you are in the area.<\/p>\n<p>Should you have any questions, please contact us.<\/p>\n<p>Yours faithfully,<\/p>\n<p>Donny Tsui<\/p>\n<p><strong>News on 18 Dec 2020<\/strong><\/p>\n<p>Dear customers, friends and business associates,<\/p>\n<p>As this challenging year draws to a close, we trust that some of the difficulties of the last 12 months are now behind all of us.\u00a0 We would like to express our sincerest appreciation for your support throughout 2020.<\/p>\n<p>We hope we were able to assist you. This year end means the beginning of a new one with new possibilities and we are dedicated to continuing to help you reach your goals in 2021.<\/p>\n<p>From all of us at D &amp; I Accounting, we want to say a big thank you for being an invaluable part of our business and wish you a Merry Christmas and a bigger and better year ahead.<\/p>\n<p><strong>Our office will close on Friday, 18 December 2020 and return on Monday, 4 January 2021.<\/strong>\u00a0<\/p>\n<p>Regards,<\/p>\n<p>Donny Tsui<\/p>\n<p><strong>News on 12 Dec 2020<\/strong><\/p>\n<h1><strong>Businesses will now be able to register for the JobMaker Hiring Credit scheme ahead of the first quarterly claim period starting in February next year.<\/strong><\/h1>\n<p>Under the scheme, eligible businesses can access the payment for up to 12\u00a0months for each eligible additional employee they hire between 7\u00a0October 2020 and 6\u00a0October 2021, and will be able to claim up to $200 a week for each additional eligible employee they hire aged 16\u00a0to\u00a029\u00a0years, and up to $100 a week for those aged 30\u00a0to\u00a035\u00a0years.<\/p>\n<p>Employees need to have completed a minimum average of 20\u00a0hours (worked or paid) per week during the time they were employed in the JobMaker period.<\/p>\n<p>ATO Deputy Commissioner James O\u2019Halloran said the ATO is working hard to make it as easy as possible for employers to access the government\u2019s JobMaker Hiring Credit payment.<\/p>\n<p>He also encouraged businesses to check their eligibility and take this first step to register for the scheme from this week and then employers will be ready to move to quickly make a claim in February 2021, as they cannot claim if they are not registered.<\/p>\n<p>\u201cWe encourage employers to register from now to ensure their hiring credits can be paid promptly from when the first quarterly claim period opens in February 2021,\u201d Mr O\u2019Halloran said.<\/p>\n<p>\u201cEmployers are reminded that new employees must have received the Parenting Payment, Youth Allowance (Other) or JobSeeker Payment for at least 28\u00a0consecutive days (or\u00a0two fortnights) within the 84\u00a0days (or\u00a0six fortnights) of being hired to allow for a claim to be made by the employer.<\/p>\n<p>\u201cThere are some key dates to keep in mind, and simple steps employers can take now, but please remember that not everything needs to be done from next week.\u201d<\/p>\n<p>The federal government established the JobMaker Hiring Credit payment to help accelerate growth in the employment of young people during the COVID-19 economic recovery.<\/p>\n<p><strong>News on 7 Oct 2020<\/strong><\/p>\n<h1>Federal Budget 2020-2021<\/h1>\n<p>Tax cuts, more incentives for business investment and payments for pensioners and aged care: tonight\u2019s Federal Budget was a wide-ranging fiscal program to cushion the impact of the Covid-19 pandemic and kickstart an economic recovery.<\/p>\n<h2><strong>WINNERS<\/strong><\/h2>\n<h3><strong>Taxpayers\u00a0<\/strong><\/h3>\n<p>Key to the government\u2019s strategy is to put money in the pockets of taxpayers in the hope they will boost spending and the resulting demand will help lift the economy out of recession.\u00a0<\/p>\n<p>To that end, more than 11 million taxpayers will receive a tax cut backdated to July 1 this year.<\/p>\n<p>Stage Two of the legislated tax cuts will be brought forward by two years, lifting the 19 per cent threshold from $A37,000 to $A45,000, and the 32.5 per cent threshold from $A90,000 to $A120,000.\u00a0<\/p>\n<p>This would result in a tax relief of up to $A2745 for singles, and up to $A5490 for dual income families compared with 2017-18.\u00a0<\/p>\n<h3><strong>Established businesses<\/strong><\/h3>\n<p>The budget includes a range of measures designed to encourage established businesses to spend on plant and equipment, invest in research and development, and also hire or retain workers.\u00a0<\/p>\n<p>The Instant Asset Write Off for businesses will be extended to businesses with a turnover of up to $A5 billion and will be further extended until June 2022.\u00a0<\/p>\n<p>There is also relief for businesses which have been \u201cdoing it tough\u201d during the pandemic, with a measure which will enable them to use their losses earlier.\u00a0<\/p>\n<p>Losses incurred to June 2022 can be offset against prior profits made in or after the 2018\/19 financial year.\u00a0<\/p>\n<p>To encourage businesses to hire younger Australians, the government has announced a new program called JobMaker, which will contribute $A200 per week, payable for one year, towards the hiring of people aged 16-35 who are currently on JobSeeker.\u00a0<\/p>\n<p>The payment for those aged 30-35 is $A100 per week.\u00a0<\/p>\n<p>The government estimates that the combination of the immediate expensing of capital expenditure and loss carry-back measures will create an additional 50,000 jobs nationally.\u00a0<\/p>\n<p>For R&amp;D, the budget removes the cap on refunds and lifts the rate.\u00a0<\/p>\n<h3><strong>Apprentices\u00a0<\/strong><\/h3>\n<p>In vocational training, the budget commits an additional $A1.2 billion to create 100,000 new apprenticeships and traineeships, with a 50 per cent wage subsidy for businesses who employ them.\u00a0<\/p>\n<h3>Infrastructure projects<\/h3>\n<p>In keeping with its plan to boost jobs, the budget expands the government\u2019s 10-year infrastructure pipeline, bringing to $A14 billion the new and accelerated infrastructure projects which would support an estimated 40,000 new jobs.\u00a0<\/p>\n<p>The projects span the nation, and include major road upgrades in several states and rail projects in Victoria and Western Australia, and new bridges in Tasmania and the ACT.\u00a0<\/p>\n<p>An additional $A2 billion is also earmarked for road safety upgrades.\u00a0<\/p>\n<p>According to Frydenberg, \u201cFunding for these shovel-ready projects will be provided on a use it or lose it basis. If a state drags its feet, another state will get the money. We need works to start, not stall.\u201d\u00a0<\/p>\n<h3>Pensioners<\/h3>\n<p>Aged pensioners will receive an additional $A250 payment from December and a further $A250 payment from March next year.\u00a0<\/p>\n<p>There is also a package for senior Australians who wish to continue living in their own homes, with $A1.6 billion earmarked for an additional 23,000 home care packages, bringing the total to 180,000 places.\u00a0<\/p>\n<h3>Manufacturing<\/h3>\n<p>As the pandemic has exposed issues in Australia\u2019s globally reliant supply chain, the focus has switched back to manufacturing for national resilience as well as job creation.<\/p>\n<p>The budget includes a $A1.3 billion Modern Manufacturing plan to target six key industries, from food and beverage manufacturing to renewable energy and the space industry.\u00a0<\/p>\n<h3>Regional Australia<\/h3>\n<p>While much of the national focus has been on the pandemic, regional Australia is still suffering the economic impact of the drought and bushfires.\u00a0<\/p>\n<p>The budget includes $A2 billion in concessional loans for farmers, and $A2 billion for water infrastructure projects across the country to expand the national water grid.\u00a0<\/p>\n<p>$A350 million has been allocated to support regional tourism, while $A317 million is earmarked for exporters to continue to access global supply chains.\u00a0\u00a0<\/p>\n<h3>The NDIS and mental health services\u00a0<\/h3>\n<p>The budget includes an additional $A3.9 billion for the National Disability Insurance Service, with the Treasurer assuring \u201cevery Australian\u201d that the NDIS would \u201calways be fully funded\u201d under a coalition government.\u00a0<\/p>\n<p>The budget also doubles the number of Medicare psychological services funded through the Better Access Initiative from 10 to 20.\u00a0<\/p>\n<h3>First home buyers\u00a0<\/h3>\n<p>As telegraphed before the budget, the government announced an additional 10,000 places for first home buyers of new homes under the First Home Loan Deposit Scheme.\u00a0<\/p>\n<p>The budget also includes an additional $A1 billion in low cost finance for the construction of affordable housing, and $A150 million in the Indigenous Home Ownership Program for new homes in regional areas.\u00a0<\/p>\n<h3>Women in STEM and female entrepreneurs\u00a0<\/h3>\n<p>Recognising that women have made up the majority of those who lost their jobs during the pandemic, the Budget includes the government\u2019s second Women\u2019s Economic Security Statement, with $A240 million in programs and support.\u00a0<\/p>\n<p>These focus on new cadetships and apprenticeships for women in science, technology, engineering and mathematics, job creation and entrepreneurialism.\u00a0<\/p>\n<h2>LOSERS<\/h2>\n<h3>Long-term or older unemployed\u00a0<\/h3>\n<p>While these people received a $A550 fortnightly coronavirus supplement to their JobSeeker payments in March, this has been cut to $A250 and is scheduled to end by December 31.\u00a0<\/p>\n<p>The budget makes no mention of whether this supplement will be continued or if JobSeeker will be increased on a permanent basis, and there are no targeted programs for unemployed people older than 35.\u00a0<\/p>\n<h3>Self-funded retirees\u00a0<\/h3>\n<p>Already struggling due to record low interest rates, which have crimped the returns from the term deposits many of them rely on, this group \u2013 who do not get the aged pension \u2013 receive nothing in the budget.\u00a0<\/p>\n<h3>New businesses\u00a0<\/h3>\n<p>While there are incentives for existing businesses, the instant asset write off is the main measure which new businesses can take advantage of.\u00a0<\/p>\n<p>There are no specific incentives or programs to encourage start-ups and new businesses.\u00a0<\/p>\n<p>\u201cCPA Australia is disappointed that the budget does not include any specific assistance for those new to business. These entrepreneurs also need help to survive having already missed out on JobKeeper, the Cash Flow Boost and several state government grants,\u201d says Ord.\u00a0<\/p>\n<p><strong>News on 1 Oct 2020<\/strong><\/p>\n<p>Due to the ongoing COVID-19 pandemic and the impact on Australian businesses, the Federal Government extended JobKeeper until March 2021 for qualifying businesses. The extension affects the way you need to process Jobkeeper in your software.\u00a0Here&#8217;s a summary of the key changes:<\/p>\n<p><strong>Extension 1: 28\u00a0September 2020 to 3\u00a0January 2021<\/strong><\/p>\n<ul>\n<li>Tier\u00a01: Full time employees $1,200 per fortnight\u00a0<\/li>\n<li>Tier\u00a02: Part time employees $750 per fortnight\u00a0<\/li>\n<\/ul>\n<p><strong>Extension 2: 4\u00a0January 2021 to 28\u00a0March 2021<\/strong><\/p>\n<ul>\n<li>Tier\u00a01: Full time employees $1,000 per fortnight\u00a0<\/li>\n<li>Tier\u00a02: Part time employees $650 per fortnight\u00a0<\/li>\n<\/ul>\n<p>Your employees will either be a JobKeeper Tier 1 employee or a JobKeeper Tier 2 employee. This is determined by how many hours they worked in the month before becoming eligible for JobKeeper. It is an employer&#8217;s responsibility to determine the JobKeeper tier.<\/p>\n<p><strong>News on 23 May 2020<\/strong><\/p>\n<h1>Instant asset write-off for eligible businesses<\/h1>\n<p>Under instant asset write-off eligible businesses can:<\/p>\n<ul>\n<li>immediately write off the cost of\u00a0<b>each<\/b>\u00a0asset that costs less than the threshold<\/li>\n<li>claim a tax deduction for the business portion of the purchase cost in the year the asset is first used or installed ready for use.<\/li>\n<\/ul>\n<p>Instant asset write-off can be used for both new and second-hand assets. Some exclusions and limits apply.<\/p>\n<p>The instant asset write-off eligibility criteria and threshold have changed over time. You need to check your business&#8217;s eligibility and apply the correct threshold amount.<\/p>\n<h2>Changes from 12 March 2020<\/h2>\n<p>From 12\u00a0March 2020 until 30\u00a0June 2020 the instant asset write-off:<\/p>\n<ul>\n<li>threshold amount for each asset is $150,000 (up from $30,000)<\/li>\n<li>eligibility has been expanded to cover businesses with an aggregated turnover of less than $500\u00a0million (up from $50\u00a0million).<\/li>\n<\/ul>\n<p>For more information, you can visit https:\/\/www.ato.gov.au\/Business\/Depreciation-and-capital-expenses-and-allowances\/Simpler-depreciation-for-small-business\/Instant-asset-write-off\/<\/p>\n<p><strong>News on 30 March 2020<\/strong><\/p>\n<p><strong>Federal Stimulus Package &#8211; JobKeeper Payment<\/strong><\/p>\n<p>In case you haven\u2019t heard, the federal government has announced a JobKeeper Subsidy Payment to assist businesses which are struggling to retain their employees due to the impacts of COVID-19.<\/p>\n<p>To summarise:<\/p>\n<ul>\n<li>Details:\n<ul>\n<li>This is a temporary subsidy open to businesses impacted by COVID-19<\/li>\n<li>The government will provide $1,500 per fortnight per employee for up to 6 months<\/li>\n<\/ul>\n<\/li>\n<li>Eligible Businesses:\n<ul>\n<li>Business turnover less than $1 billion &amp; business will experience more than 30% reduction compared to a year ago; or<\/li>\n<li>Business turnover more than $1 billion &amp; business will experience more than 50% reduction compared to a year ago.<\/li>\n<li>Employee must have been employed as at 1 March 2020 &amp; currently employed (incl. those stood down or re-hired)<\/li>\n<\/ul>\n<\/li>\n<li>Timing:\n<ul>\n<li>First payments to be received in the first week of May<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>If you are interested in applying for this concession, please register your interest at: <a href=\"https:\/\/www.ato.gov.au\/general\/gen\/JobKeeper-payment\/\">https:\/\/www.ato.gov.au\/general\/gen\/JobKeeper-payment\/<\/a> or alternatively <strong>please contact our office to register for your business.<\/strong><\/p>\n<p><strong>News on 18 January 2020<\/strong><\/p>\n<p><strong>Federal Stimulus Package Info<\/strong><\/p>\n<p class=\"xmsonormal\">During these times, a few key areas that is likely to be applicable to you are:<\/p>\n<p class=\"xmsonormal\">1.\u00a0\u00a0\u00a0\u00a0\u00a0 Increasing the instant asset write off to immediately deduct purchases of eligible assets costing less than $150k (including new and second hand assets purchased from 12 March 2020 to 30 June 2020).<\/p>\n<p class=\"xmsonormal\">2.\u00a0\u00a0\u00a0\u00a0\u00a0 Business investment allowance which includes a 50% accelerated depreciation rate on new assets acquired after 12 March 2020 or installed by 30 June 2021.<\/p>\n<p class=\"xmsonormal\">3.\u00a0\u00a0\u00a0\u00a0\u00a0 Boosting Cash Flow for Employers &#8211; Eligible businesses (aggregated turnover under $50m) that withhold tax to the ATO on their employees\u2019 salary and wages will receive a payment equal to 50% of the amount withheld, up to a maximum payment of $25,000. When you lodge the Mar 2020 BAS, ATO will credit the integrated client account to provide this benefit. This cash flow assistance is available for PAYG withholding lodgements for the months of March, April, May and June 2020.<\/p>\n<p><strong>News on 13 January 2020<\/strong><\/p>\n<p><strong><a href=\"http:\/\/click.e.cpaaustralia.com.au\/?qs=4d47e1969909630a41cae2cf008b8a291ac6e8aa4519cc3b605b5802c3c427a39f7bdee94cec3d33d22919267c7ec1ce3fcee62f53bb04df\">Government announces coronavirus stimulus package <\/a><\/strong><br \/>The government has announced a range of measures to support the economy, business and employment in the face of the coronavirus health crisis. The measures include the below.<\/p>\n<p><strong>Cash Flow Boost for employers<\/strong> \u2013 employers with an aggregated annual turnover of under $50 million (based on prior year turnover) will receive a payment of $2,000 to $25,000 from the government to help with cash flow. Eligible businesses will receive a payment equal to 50 per cent of taxes withheld from employees\u2019 salary and wages up to $25,000.\u00a0<\/p>\n<p>Eligible businesses that pay salary and wages will receive a minimum payment of $2,000, even if they are not required to withhold tax.<\/p>\n<p>The payment will be delivered as a credit in the activity statement system from 28 April 2020 upon businesses lodging eligible upcoming activity statements. Where this places the business in a refund position, the ATO will deliver the refund within 14 days.<\/p>\n<p><strong>Increasing the instant asset write off<\/strong> \u2013 the government is proposing to increase the threshold for the instant asset write off from $30,000 to $150,000 and expand access to businesses with an aggregated annual turnover of up to $500 million (up from $50 million). The increase will only be available from 12 March to 30 June 2020 for new or second-hand assets first used or installed ready for use by 30 June 2020.<\/p>\n<p><strong>Accelerated deprecation <\/strong>\u2013 the government is proposing an accelerated deprecation deduction for eligible assets acquired from 12 March and first used or installed by 30 June 2021. Eligible taxpayers will receive a deduction of 50 per cent of the cost of the eligible asset on installation, with existing depreciation rules applying to the balance. Eligible businesses are those with an aggregated turnover below $500 million. Eligible assets are those that can depreciated under Division 40 of the <em>Income Tax Assessment Act 1997 <\/em>(that is\u00a0plant, equipment and specified intangible assets, such as patents), but does not apply to second-hand Division 40 assets, or buildings and other capital works depreciable under Division 43.<\/p>\n<p><strong>Apprentice and trainee wage subsidy<\/strong> \u2013\u00a0the government will offer employers a wage subsidy of 50 per cent of an apprentice\u2019s or trainee\u2019s wage from 1 January to 30 September 2020, capped at $7000 each quarter per each eligible apprentice or trainee. Businesses with less than 20 full-time staff will be eligible, however employers of any size and Group Training Organisations that re-engage an eligible out-of-trade apprentice or trainee will continue to be eligible for the subsidy.<\/p>\n<p><strong>Direct payment to individuals <\/strong>\u2013 the government will make a one-off payment of $750 to around 6.5 million social security, veterans and other income support recipients and eligible concession card holders residing in Australia.<\/p>\n<p>Should you need further details, you can visit Treasury website.<\/p>\n<p><a href=\"https:\/\/treasury.gov.au\/coronavirus?utm_source=exacttarget&amp;utm_medium=email&amp;utm_term=All%20Subscribers&amp;utm_content=https%3a%2f%2ftreasury.gov.au%2fcoronavirus&amp;utm_campaign=CPA+Tax+News+ed+9+-+12+March+2020_12-March-2020\">https:\/\/treasury.gov.au\/coronavirus?utm_source=exacttarget&amp;utm_medium=email&amp;utm_term=All%20Subscribers&amp;utm_content=https%3a%2f%2ftreasury.gov.au%2fcoronavirus&amp;utm_campaign=CPA+Tax+News+ed+9+-+12+March+2020_12-March-2020<\/a><\/p>\n<p><strong>News on 8 December 2019<\/strong><\/p>\n<p>Wishing you a Merry Christmas and a Happy New Year!<br \/>Please be advised that our office will close on Wednesday 18 December 2019 and re-open on Monday 13 January 2020.<br \/>For urgent attention please contact Donny on his mobile 0430 500 227.<\/p>\n<p><strong>News on 1 July 2019<\/strong><\/p>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td colspan=\"2\">Single Touch Payroll (STP) is a new way for employers to report tax and super information to the ATO. It starts from 1 July 2019 for employers with 19 or less employees.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">You&#8217;ll report the following information through an STP ready solution &#8211; such as payroll software:<\/td>\n<\/tr>\n<tr>\n<td width=\"11%\">\u00a0<\/td>\n<td>\n<ul>\n<li>payments to employees such as salaries and wages<\/li>\n<li>pay as you go (PAYG) withholding<\/li>\n<li>super information.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">The way you pay your employees won&#8217;t change, however you will be sending us this information each time you pay them.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">Start reporting any time from 1 July to 30 September 2019. If you can\u2019t start reporting by this time, you&#8217;ll need to apply for a later start date. An online tool to help you do this will be available on our website in April.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">\n<h2>How to get started<\/h2>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"11%\">\u00a0<\/td>\n<td>\n<ul>\n<li>If you already use payroll software &#8211; check to see if it offers STP reporting by talking to your software provider or viewing their website.<\/li>\n<li>If you don&#8217;t use payroll software &#8211; you can choose an STP ready solution or talk to your tax professional for advice on the best solution for your business.<\/li>\n<li>If you use a registered tax or BAS agent &#8211; you can ask them to report through an STP ready payroll solution on your behalf.<\/li>\n<li>If you have 1-4 employees &#8211; you can choose a low-cost STP solution. Find out more at <strong><a href=\"https:\/\/www.ato.gov.au\/STPsolutions\">ato.gov.au\/STPsolutions<\/a><\/strong><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>2016\u5e7402\u670802\u65e5<\/p>\n<p>What&#8217;s new for small business?<\/p>\n<p>Instant asset write-off \u2013 simpler depreciation rules<\/p>\n<p>Small businesses can immediately deduct the business portion of most assets if they cost less than $20,000 and were purchased between 7:30pm on 12\u00a0May 2015 and 30\u00a0June 2017.<\/p>\n<p>This deduction can be used for each asset that costs less than $20,000, whether new or second-hand. The deduction is claimed through a tax return, in the year the asset was first used or installed ready for use.<\/p>\n<p>From 1\u00a0July 2017, the threshold will return to\u00a0$1,000.<\/p>\n<p>Accelerated depreciation for primary producers<\/p>\n<p>From 12\u00a0May 2015, primary producers can immediately deduct the costs of:<\/p>\n<ul>\n<li>fencing, which were previously deducted over a period up to 30\u00a0years<\/li>\n<li>water facilities, previously deducted over three\u00a0years.<\/li>\n<\/ul>\n<p>They can also deduct the cost of fodder storage assets over three\u00a0years, instead of over a period up to 50\u00a0years.<\/p>\n<p>Primary producers who are small businesses are also eligible to claim the\u00a0<a href=\"https:\/\/www.ato.gov.au\/Business\/Small-business-entity-concessions\/Whats-new-for-small-business-\/#Instantassetwriteoffsimplerdepreciationr\">instant asset write-off<\/a>\u00a0until 30\u00a0June 2017.<\/p>\n<p>Deductions for professional expenses for start-ups<\/p>\n<p>From 1\u00a0July 2015, small businesses are entitled to certain deductions when starting up a small business. The range of deductible start-up costs includes professional, legal and accounting advice and government fees and charges.<\/p>\n<p>Small business restructure roll-over (capital gains tax roll-over relief)<\/p>\n<p>In the 2015 Budget, the government announced that it will allow small businesses to change the legal structure of their business without attracting a capital gains tax (CGT) liability at that point.<\/p>\n<p>The exposure draft legislation included a possible extension of the relief to transfers of trading stock, revenue assets and depreciating assets. If passed, these changes will apply to asset transfers that occur on or after 1 July 2016.<\/p>\n<p>The proposed changes are not yet law.<\/p>\n<p>Fringe benefits tax changes for work-related devices<\/p>\n<p>From 1\u00a0April 2016, small businesses will not incur a fringe benefits tax (FBT) liability if they provide their employees multiple work-related portable electronic devices that have similar functions. These include devices that are primarily used for work, such as laptops, tablets, calculators, GPS navigation receivers and mobile phones.<\/p>\n<p>This benefit may be in addition to or part of the employee\u2019s salary or wages package.<\/p>\n<p>Small business income tax offset<\/p>\n<p>From the 2015\u201316 income year, an individual is entitled to a tax offset on the tax payable on the portion of their income that is from:<\/p>\n<ul>\n<li>net small business income from sole trading activities, and\/or<\/li>\n<li>share of net small business income from a partnership or trust.<\/li>\n<\/ul>\n<p>The income tax offset can reduce the tax payable that relates to the individual\u2019s small business income by\u00a05% up to $1,000 each year.<\/p>\n<p>We will work out the offset based on the total net small business income reported in your income tax return.<\/p>\n<p>Company tax cut for small businesses<\/p>\n<p>For income years commencing on or after 1\u00a0July 2015, the small business company tax rate has been reduced from\u00a030% to 28.5%.<\/p>\n<p>The maximum franking credit that can be allocated to a frankable distribution is unchanged at\u00a030%, even if a small business is eligible for the 28.5%\u00a0tax rate.<\/p>\n<p>2015\u5e7412\u670823\u65e5<\/p>\n<p><a href=\"http:\/\/www.demotesting.tk\/DNI_1\/wp-content\/uploads\/2015\/12\/cid_image008_png@01D13978.png\" rel=\"attachment wp-att-67\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-67\" src=\"http:\/\/www.demotesting.tk\/DNI_1\/wp-content\/uploads\/2015\/12\/cid_image008_png@01D13978.png\" alt=\"!cid_image008_png@01D13978\" width=\"105\" height=\"116\" \/><\/a><\/p>\n<p>\u795d\u60a8\u5723\u8bde\u53ca\u65b0\u5e74\u5feb\u4e50\u3002<\/p>\n<p>\u6211\u4eec\u7684\u529e\u516c\u5ba4\u5c06\u4e8e2015\u5e7412\u670824\u65e5(\u661f\u671f\u56db)\u5173\u95ed\uff0c\u91cd\u65b0\u5f00\u653e\u65f6\u95f4\u4e3a2016\u5e741\u67084\u65e5(\u661f\u671f\u4e8c)\u4e0a\u53489\u65f6\u3002<br \/>\u5982\u679c\u7d27\u6025\u4e8b\u60c5\u8bf7\u8054\u7cfbDonny,\u4ed6\u7684\u624b\u673a0430 500 227.<\/p>\n<h3><span style=\"text-decoration: underline;\"><strong>News on 18 May 2023<\/strong><\/span><\/h3>\n<h1>SEVEN WAYS THE BUDGET IMPACTS YOUR BUSINESS<\/h1>\n<h4>Energy costs, asset write-offs, and cyber security were just some areas targeting small-business owners in Tuesday night\u2019s budget.<\/h4>\n<p>Tuesday night\u2019s (9 May) Federal Budget contained some recognition of the pressure small businesses have been under. And hopefully, it means help is on its way.<\/p>\n<p>\u201cWe know economic conditions have been challenging for Australia\u2019s small businesses, which is why the budget delivers this support,\u201d said the Minister for Small Business, Julie Collins.<\/p>\n<p>\u201c[The budget] provides targeted, responsible support, improves the overall business operating environment, and helps to reduce energy price pressures.\u201d<\/p>\n<p>From staffing to operating costs to cyber security, here are some ways the budget will impact your small business.<\/p>\n<h3>1. Write off asset changes<\/h3>\n<p>Businesses that need new equipment, computers, furniture, cars, or other assets can benefit from changes to the instant asset write-off threshold to $20,000 from 1\u00a0July 2023 until 30\u00a0June 2024.<\/p>\n<p>That means if your business has a turnover of less than $10 million, you\u2019ll be able to immediately deduct assets costing less than $20,000, provided they\u2019re first used or installed between 1\u00a0July 2023 and 30\u00a0June 2024. It will be applied on a per-asset basis, so you can write off multiple assets.<\/p>\n<p>This is a watered-down version of previous measures introduced during the pandemic.<\/p>\n<h3>2. Lower power bills<\/h3>\n<p>With soaring power bills contributing significantly to business operating costs, $650 in bill relief is on its way from July.<\/p>\n<p>The total amount of bill relief will vary by state, so check\u00a0<a href=\"https:\/\/www.energy.gov.au\/government-priorities\/energy-programs\/energy-bill-relief-fund\/energy-bill-relief-fund-small-businesses\">here<\/a>\u00a0for more information. To be eligible, your business must be on a separately metered business tariff with your electricity retailer \u2013 so if you run a business from home, you probably won\u2019t qualify.<\/p>\n<p>Meanwhile,\u00a0<a href=\"https:\/\/www.mybusiness.com.au\/how-we-help\/be-more-efficient\/manage-costs\/smes-score-20k-tax-break-for-going-green\">as announced shortly before the budget<\/a>, small and medium businesses can claim deductions of up to $20,000 when they install energy-efficient equipment, such as electrifying their heating and cooling systems and installing batteries and heat pumps.<\/p>\n<p>Try our\u00a0<a href=\"https:\/\/www.mybusiness.com.au\/how-we-help\/our-services\/cost-efficiency\/energy-comparison-service\">free energy comparison tool.<\/a>\u00a0Your business could compare, switch and save with our free energy comparison service.<\/p>\n<h3>3. Big changes to super payments<\/h3>\n<p>Meanwhile, businesses need to be on top of payroll with big changes on the way.<\/p>\n<p>Gone are quarterly super payments \u2013 from 1\u00a0July\u00a02026, they\u2019ll have to be paid at the same time as wages. This will enable employees to track their entitlements to ensure they are being paid on time and in full.<\/p>\n<p>Also, the Australian Taxation Office (ATO) will receive funding to upgrade its data capabilities and design a new compliance system, which will identify underpaid super in real time.<\/p>\n<p>For help with payroll and other aspects of managing your people, have a look at\u00a0<a href=\"https:\/\/www.mybusiness.com.au\/how-we-help\/our-services\/hr-and-workplace\/workplace\">My Business Workplace.<\/a><\/p>\n<h3>4. Reducing business admin and helping lower tax<\/h3>\n<p>Those drowning in paperwork should note that from 1 July 2024, small businesses will be permitted to authorise their tax agent to lodge multiple single touch payroll forms on their behalf. And from 1 July 2025, small businesses will be permitted up to four years to amend their income tax returns.<\/p>\n<p>There are also measures designed to help lower the tax-related administrative burden on businesses, including an expansion of the ATO independent review process for small businesses undergoing an audit and new tax clinics to improve access to tax advice and assistance.<\/p>\n<p>To help small business cash flow, the government will halve the GDP adjustment factor for PAYG and GST instalments to 6% for the 2023\u201324 income year, a reduction from 12%.<\/p>\n<p>Also, if you\u2019re behind in your tax, now\u2019s the time to catch up. The government is proposing a lodgement penalty amnesty program for businesses with a turnover of less than $10 million. This applies to statements lodged from 1 June 2023 to 31 December 2023 that were originally due from 1 December 2019 to 29 February 2022.<\/p>\n<h3>5. Support for your employees<\/h3>\n<p>Employees are the lifeblood of any small business, and measures to help them manage living costs will come as welcome news.<\/p>\n<p>The government will extend eligibility for the single parenting payment to support single principal carers with a youngest child under 14 years of age. At the moment, it\u2019s eight years.<\/p>\n<p>The government will also introduce a number of housing measures to increase support for social and affordable housing across the country and improve access for home buyers.<\/p>\n<p>For those employing parents, it\u2019s worth noting that the government has pledged $55.31 billion over four years to make childcare more affordable \u2013 these changes will be in force from July.<\/p>\n<p>There\u2019s also help for your people to upskill, including 300,000 new fee-free TAFE places to train Australians in critical and emerging sectors.<\/p>\n<p>The government will provide $5.5 million in 2023\u201324 to continue supporting negotiations on a long-term skills funding agreement with the states and territories. Subject to the outcome of these negotiations, they\u2019ve kept $3.7 billion up their sleeve for a five-year National Skills Agreement that will commence on 1 January 2024.<\/p>\n<h3>6. SME cyber protections and AI<\/h3>\n<p>With cyber attacks a growing threat to small businesses, the government will launch a program to train cyber wardens . To learn more about how your business can protect itself against cyber attacks, have a look at\u00a0<a href=\"https:\/\/www.mybusiness.com.au\/how-we-help\/our-services\/business-cyber-security-training-and-resources\">this information<\/a>\u00a0on My Business.<\/p>\n<p>Meanwhile, the government is giving $101.2 million over five years to support small businesses integrating artificial intelligence (AI) and quantum technologies to improve business processes and increase trade competitiveness.<\/p>\n<h3>7. Funding for growth<\/h3>\n<p>And finally, for those with an innovative idea to develop, take note of the government\u2019s new support for SMEs and start-ups trying to commercialise their ideas and grow their operations.<\/p>\n<p>The government will provide $431.9 million over four years, including an Industry Growth Program and continuation of the Single Business Service, which supports SMEs in engagement with all levels of government.<\/p>\n<p><a href=\"https:\/\/www.mybusiness.com.au\/how-we-help\/be-a-better-employer\/managing-people\/seven-ways-the-budget-impacts-your-business?utm_brand=MB&amp;utm_prodcat=content&amp;utm_prod=article&amp;utm_campaigntype=eng&amp;utm_livedate=20230516&amp;utm_target=nat&amp;utm_campaign=mm_newsletter&amp;utm_medium=edm&amp;utm_source=mb&amp;utm_content=business_7_ways_budget_impacts_you\">https:\/\/www.mybusiness.com.au\/how-we-help\/be-a-better-employer\/managing-people\/seven-ways-the-budget-impacts-your-business?utm_brand=MB&amp;utm_prodcat=content&amp;utm_prod=article&amp;utm_campaigntype=eng&amp;utm_livedate=20230516&amp;utm_target=nat&amp;utm_campaign=mm_newsletter&amp;utm_medium=edm&amp;utm_source=mb&amp;utm_content=business_7_ways_budget_impacts_you<\/a><\/p>\n<h3><span style=\"text-decoration: underline;\"><strong>News on 15 May 2023<\/strong><\/span><\/h3>\n<h1 class=\"standard-article-title\">ATO crackdown focuses on rental properties, work claims, CGT<\/h1>\n<p>https:\/\/www.accountantsdaily.com.au\/tax-compliance\/18535-ato-crackdown-focuses-on-rental-properties-work-claims-cgt<\/p>\n<h3><span style=\"text-decoration: underline;\"><strong>News on 25 Jul 2022<\/strong><\/span><\/h3>\n<p>You may have heard of the instant asset write off scheme (IAWO), but you might not know exactly what is the instant asset write off for small businesses and how it actually works.\u00a0\u00a0What\u2019s the purpose of this instant asset write off scheme? As it has been over the last few years, the aim of this scheme is to get cash flowing into the economy and businesses spending while also incentivising the growth of that business.<\/p>\n<p>Now that we live in a post COVID-19 world, the scheme has been expanded in scope and become even more important to aid the recovery of individual businesses like yours, and the economy at large.\u00a0\u00a0\u201cThe instant asset write off\u00a0also helps to\u00a0improve\u00a0cash flow\u00a0for businesses\u00a0by bringing forward tax deductions for eligible expenditure,\u201d Josh Frydenberg, Australian federal government Treasurer.<\/p>\n<h2>Instant asset write off for small businesses<\/h2>\n<p>The instant asset write off for small business is a handy tax saving scheme available for all Australian small businesses.\u00a0\u00a0Basically, if you\u2019ve bought a core piece of depreciating equipment or other work-related business assets, you can save on your tax bill with a nice offset by making an immediate\u00a0tax deduction.\u00a0\u00a0The idea behind the scheme is to encourage spending and business growth by incentivising the purchase and installation of work-related equipment for eligible businesses.<\/p>\n<h2>How does instant asset write off work?<\/h2>\n<p>The instant asset write off scheme works by allowing you to immediately write off the value of a business-related piece of equipment or asset.<\/p>\n<ul>\n<li>For small businesses with annual turnover between $50 million and $500 million, they can now claim a full deduction for new and second-hand assets valued up to $150,000.<\/li>\n<\/ul>\n<p>You must be able to prove that the piece of equipment is central to your business and its operation. This is crucial.\u00a0\u00a0Depending on your business, eligible assets for the instant asset write off can include:<\/p>\n<ul>\n<li>vans, trucks, and vehicles<\/li>\n<li>tools and trade equipment<\/li>\n<li>computers and IT equipment<\/li>\n<li>plant machinery<\/li>\n<li>coffee machine and kitchen equipment<\/li>\n<\/ul>\n<p>Many assets don\u2019t qualify for the scheme, and you\u2019ll need to be sure of your purchase before you proceed down this avenue.\u00a0\u00a0From the ATO:<\/p>\n<ul>\n<li>The asset may be either new or second hand.<\/li>\n<li>It must be directly linked to your business function.<\/li>\n<li>You may claim a portion for personal and for business. So, if you use a delivery van for 30% work use and 70% personal use, you can dice it up and claim that 30% portion.<\/li>\n<li>You may not stockpile. You must have the equipment installed and in use for business purposes by the end of financial year.<\/li>\n<li>You must be an operational business, not a holding for investment purposes.<\/li>\n<\/ul>\n<p>How to calculate and how much is instant asset write off?\u00a0\u00a0Fresh changes to the scheme were announced in the 2020 federal budget, so you may not be aware of its current state. The scheme was also extended in the 2021 federal budget.<\/p>\n<p>The instant asset write off has been boosted yet again in the form of \u2018temporary full expensing\u2019, which is intended to increase both cash flow and small business investment.<\/p>\n<ul>\n<li>Until 30 June 2023, businesses with a turnover of up to $5 billion will be able to deduct the full cost of an eligible asset in the first year it\u2019s used or installed.<\/li>\n<li>SMEs turning over up to $50 million can now apply \u2018full expensing\u2019 to all second-hand assets.<\/li>\n<li>Businesses turning over between $50 million and $500 million can now claim a full deduction for second-hand assets of up to $150,000 in value.<\/li>\n<\/ul>\n<p>\u00a0Who can access the instant asset write off?<\/p>\n<p>Any Australian small business that purchased business related equipment, and complies with the above specifications for eligibility, can utilise the instant asset write off scheme.\u00a0\u00a0Just because you can doesn\u2019t mean you should. Will your business actually benefit from instant asset write off? Perhaps not.\u00a0\u00a0First and foremost, you need to make sure that the purchase will help grow your business.<\/p>\n<p>If your business is in a tenuous position, or the future of your cashflow is in doubt, reconsider your need to purchase assets.<\/p>\n<p>There are several ways in which this tax offset would be of no benefit:<\/p>\n<ul>\n<li>You\u2019re operating at a loss.<\/li>\n<li>You don\u2019t really need the equipment as a core part of your operations.<\/li>\n<li>You don\u2019t have the capital to buy the equipment before any tax benefit kicks in.<\/li>\n<li>The equipment doesn\u2019t directly contribute to cashflow.<\/li>\n<\/ul>\n<p>Think seriously about whether you actually need anything. Many businesses don\u2019t. This isn\u2019t a free ticket after all, as you\u2019ll have to stump the initial costs and benefit from the write off later.\u00a0\u00a0You must also make sure your purchase is covered before you proceed. If unsure, speak to an advisor.<\/p>\n<h2>How to apply and record instant asset write off?<\/h2>\n<p>When approaching the topic of how to apply and record the instant asset write off, get your advisor involved.\u00a0\u00a0Accountants and finance experts excel in this area, and they should be your first port of call before you lay down cash with a view to take advantaging of the scheme.\u00a0\u00a0How to calculate the IAWO scheme from the ATO:<\/p>\n<ul>\n<li>The whole price of the equipment or asset must be under the threshold ($150,000 for most small businesses).<\/li>\n<li>The threshold will be calculated as either inclusive or exclusive of GST, depending on whether your business is registered for GST or not.<\/li>\n<li>To calculate the amount you\u2019re eligible to claim, be sure you first subtract the portion of the equipment you use for private or personal use.<\/li>\n<li>The remaining balance used for business is your taxable portion.<\/li>\n<li>Regardless of how much you use for private use and how much the taxable portion is, the entire cost of the asset must still be under the threshold.<\/li>\n<\/ul>\n<p>Understanding what is and how does the instant asset write off work for small businesses is best understood in conjunction with your advisor. Failing that, be sure to consult the ATO\u00a0<a href=\"https:\/\/urldefense.proofpoint.com\/v2\/url?u=https-3A__www.ato.gov.au_Business_Depreciation-2Dand-2Dcapital-2Dexpenses-2Dand-2Dallowances_Simpler-2Ddepreciation-2Dfor-2Dsmall-2Dbusiness_Instant-2Dasset-2Dwrite-2Doff_-3F-3Dredirected-5Finstantassetwriteoff&amp;d=DwMFaQ&amp;c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&amp;r=dSueH6KgRD7Ovl04kun_xRz7GUahEme_Q3Ph2NjJtfw&amp;m=UK0gIm_wr3dRdcvXUKTmqxpTI05vgwPADUsxj6I4smo&amp;s=bFNMmpa90TtYDgmtsVBil3Vk8z5EzMFE4hj__SpyRTQ&amp;e=\"><strong>here<\/strong><\/a>\u00a0to come to a full understanding of the instant asset write off scheme.<\/p>\n<p>Should you have any questions, please feel free to contact us.<\/p>\n<h3><span style=\"text-decoration: underline;\"><strong>News on 23 May 2022<\/strong><\/span><\/h3>\n<p><strong>Some highlights on the recent Federal Budget 2023<\/strong><\/p>\n<p><strong>One-off cost of living tax offset<\/strong><\/p>\n<p>To help address the increasing cost of living, the Government has proposed a one-off $420 cost of living tax offset for low- and middle-income earners. The existing low- and middle-income tax offset will be extended for another year. If enacted, eligible workers could get up to $1,500 back at tax time.<\/p>\n<p><strong>One-off cash payment<\/strong><\/p>\n<p><strong>As part of the 2021 Budget, the Government announced a number of initiatives that are now law and take effect from 1 July 2022.\u00a0<\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>SG rate will increase to 10.5%<\/strong><\/p>\n<p>The superannuation guarantee (SG) rate will increase from 10% to 10.5% on 1 July 2022. The SG rate is the minimum amount of super you&#8217;re required to pay, by law, on ordinary time earnings. This increase is in line with the Government&#8217;s plan to increase the SG rate to 12% by 2025.<\/p>\n<p><strong>Super guarantee percentage<\/strong><\/p>\n<p>Table\u00a021: Super guarantee percentage<\/p>\n<table width=\"573\">\n<tbody>\n<tr>\n<td width=\"253\">\n<p>Period<\/p>\n<\/td>\n<td width=\"103\">\n<p>General super guarantee (%)<\/p>\n<\/td>\n<td width=\"217\">\n<p>Super guarantee (%) for Norfolk Island (transitional rate) (from 1\u00a0July 2016)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"253\">\n<p>1\u00a0July 2020 \u2013 30\u00a0June 2021<\/p>\n<\/td>\n<td width=\"103\">\n<p>9.5<\/p>\n<\/td>\n<td width=\"217\">\n<p>5<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"253\">\n<p>1\u00a0July 2021 \u2013 30\u00a0June 2022<\/p>\n<\/td>\n<td width=\"103\">\n<p>10<\/p>\n<\/td>\n<td width=\"217\">\n<p>6<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"253\">\n<p>1\u00a0July 2022 \u2013 30\u00a0June 2023<\/p>\n<\/td>\n<td width=\"103\">\n<p>10.5<\/p>\n<\/td>\n<td width=\"217\">\n<p>7<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"253\">\n<p>1\u00a0July 2023 \u2013 30\u00a0June 2024<\/p>\n<\/td>\n<td width=\"103\">\n<p>11<\/p>\n<\/td>\n<td width=\"217\">\n<p>8<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"253\">\n<p>1\u00a0July 2024 \u2013 30\u00a0June 2025<\/p>\n<\/td>\n<td width=\"103\">\n<p>11.5<\/p>\n<\/td>\n<td width=\"217\">\n<p>9<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"253\">\n<p>1\u00a0July 2025 \u2013 30\u00a0June 2026<\/p>\n<\/td>\n<td width=\"103\">\n<p>12<\/p>\n<\/td>\n<td width=\"217\">\n<p>10<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"253\">\n<p>1\u00a0July 2026 \u2013 30\u00a0June 2027<\/p>\n<\/td>\n<td width=\"103\">\n<p>12<\/p>\n<\/td>\n<td width=\"217\">\n<p>11<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"253\">\n<p>1\u00a0July 2027 \u2013 30\u00a0June 2028 and onwards<\/p>\n<\/td>\n<td width=\"103\">\n<p>12<\/p>\n<\/td>\n<td width=\"217\">\n<p>12<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>$450 salary threshold for SG contributions removed<\/strong><\/p>\n<p>From 1 July 2022, the $450 monthly threshold for the payment of SG contributions will be removed.\u00a0<\/p>\n<p>This means you&#8217;ll be required to make SG contributions to all eligible employees aged 18 years and over, regardless of how much the employee is paid.\u00a0<\/p>\n<p>Employees aged under 18 years will be eligible for superannuation if they work more than 30 hours in a week, regardless of how much they&#8217;re paid.\u00a0<\/p>\n<p>For more information read the <a href=\"https:\/\/urldefense.proofpoint.com\/v2\/url?u=https-3A__www.e.cbussuper.com.au_link_id_zzzz62859ec76ecf8605Pzzzz6254ad9d9b389816_page.html&amp;d=DwMFaQ&amp;c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&amp;r=dSueH6KgRD7Ovl04kun_xRz7GUahEme_Q3Ph2NjJtfw&amp;m=CJq9kvqnHTXaeIyDaeSSU0HIrQOsEHsBHckfCdaTQa8&amp;s=D2DshVEkG2DYIVuuuIwZE0UOw3SVBGgoPluYKR_qkiw&amp;e=\">ATO&#8217;s recent announcement<\/a>.\u00a0<\/p>\n<p><strong>Work test for older Australians removed<\/strong><\/p>\n<p>From 1 July 2022, employees aged under 75 years will be able to make or receive personal (after tax) and salary-sacrificed contributions without meeting the work conditions &#8211; known as the <strong>work test<\/strong> or <strong>work test exemption<\/strong>.\u00a0<\/p>\n<p>The existing contribution cap limits will still apply and employees may also be able to use the bring forward rule. These employees will still need to meet the work test to claim any personal super contribution deductions.\u00a0<\/p>\n<p>For more information read the <a href=\"https:\/\/urldefense.proofpoint.com\/v2\/url?u=https-3A__www.e.cbussuper.com.au_link_id_zzzz62859ec770d4b882Pzzzz6254ad9d9b389816_page.html&amp;d=DwMFaQ&amp;c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&amp;r=dSueH6KgRD7Ovl04kun_xRz7GUahEme_Q3Ph2NjJtfw&amp;m=CJq9kvqnHTXaeIyDaeSSU0HIrQOsEHsBHckfCdaTQa8&amp;s=tjrmu9CoFDEYfzr341yHOBK3glMyI5FT39U_EuBeTkg&amp;e=\">ATO&#8217;s acceptance of member contributions and work test<\/a> webpage.<\/p>\n<h3><span style=\"text-decoration: underline;\"><strong>News on 13 April 2022<\/strong><\/span><\/h3>\n<p><strong>Some highlights on the recent Federal Budget 2023<\/strong><\/p>\n<p><strong>One-off cost of living tax offset<\/strong><\/p>\n<p>To help address the increasing cost of living, the Government has proposed a one-off $420 cost of living tax offset for low- and middle-income earners. The existing low- and middle-income tax offset will be extended for another year. If enacted, eligible workers could get up to $1,500 back at tax time.<\/p>\n<p><strong>One-off cash payment<\/strong><\/p>\n<p>Pensioners and others receiving eligible government concession holders, will receive a one-off, income tax-exempt payment of $250. This will be paid automatically in April 2022 to eligible recipients.<\/p>\n<p><strong>$450 salary threshold for super contributions removed<\/strong><br \/>From 1 July 2022, the $450 monthly threshold for the payment of superannuation guarantee (SG) contributions will be removed. This means you\u2019ll be required to make SG contributions to all eligible employees, regardless of how much the employee is paid.<\/p>\n<p>For more information read the <a href=\"https:\/\/urldefense.proofpoint.com\/v2\/url?u=https-3A__www.e.cbussuper.com.au_link_id_zzzz6255fd7b81f83265Pzzzz5df1c0f974215151_page.html&amp;d=DwMGAw&amp;c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&amp;r=9Jf2CiaWXHA5Nx-VzY1g5RqfY9z5NkkYoUjndcKfb50&amp;m=DxWBKETCIV0eMzoFqtaLTjbxdD_N_VETdCO55UFAf_Q&amp;s=bapOiT5h9Er5e92XcMVf9REYQ7iyeO0eyizpLp01nV4&amp;e=\">ATO\u2019s recent announcement<\/a>.<\/p>\n<h3><span style=\"text-decoration: underline;\"><strong>News on 3 February 2022<\/strong><\/span><\/h3>\n<p>NSW small businesses have been thrown a lifeline with a $1 billion support package announced on Sunday by the NSW government.<\/p>\n<p>The state\u2019s peak business organisation, Business NSW, said the package would help a wide variety of businesses that had been hard hit by the Omicron surge.\u00a0<\/p>\n<p>The package, which starts February 1, includes:\u00a0<\/p>\n<ul>\n<li>a lump-sum payment of 20% of weekly payroll with a minimum payment of $500 per week and a maximum payment of $5,000 per week. It is for businesses with a turnover between $75,000 and $50 million that suffered a 40% downturn in January and projected to do the same in February.\u00a0<\/li>\n<li>The Small Business Fees and Charges rebate program extended from $2,000 to $3000, and employing businesses will be able to use the rebate to obtain rapid antigen tests (<a href=\"https:\/\/urldefense.proofpoint.com\/v2\/url?u=https-3A__www.businessaustralia.com_resources_news_businesses-2Din-2Dthe-2Drat-2Drace-2Dbeware-2Dof-2Dfringe-2Dbenefits-2Dtax&amp;d=DwMFaQ&amp;c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&amp;r=dSueH6KgRD7Ovl04kun_xRz7GUahEme_Q3Ph2NjJtfw&amp;m=Xw5stAIDn7521teNDIiMW9eHsvfPbNUw3iLxP79KgHE&amp;s=pq4a-_SPMqjwIl3gHbMfXy8KBf5NyKqvnnJEWpPWKi8&amp;e=\">RATs<\/a>).<\/li>\n<li>Commercial landlord relief will be extended until 13 March.<\/li>\n<\/ul>\n<h3><span style=\"text-decoration: underline;\"><strong>News on 17 December 2021<\/strong><\/span><\/h3>\n<p style=\"margin: 0cm; margin-bottom: .0001pt;\"><span style=\"font-size: 16.0pt;\">Dear customers, business associates and friends,<\/span><\/p>\n<p style=\"margin: 0cm; margin-bottom: .0001pt;\"><span style=\"font-size: 16.0pt;\">\u00a0<\/span><\/p>\n<p style=\"margin: 0cm; margin-bottom: .0001pt;\"><span style=\"font-size: 16.0pt;\">My team and I want to thank you for your ongoing support of us in 2021.<\/span><\/p>\n<p style=\"margin: 0cm; margin-bottom: .0001pt;\"><span style=\"font-size: 16.0pt;\">Our office will be closed from Friday 17<sup>th<\/sup> December and will be re-opened Monday 10<sup>th<\/sup> January 2022.<\/span><\/p>\n<p style=\"margin: 0cm; margin-bottom: .0001pt;\"><span style=\"font-size: 16.0pt;\">My team and I wish you and your family a wonderful festive season and a happy, healthy and prosperous 2022.\u00a0 We look forward to working for you in 2022.<\/span><\/p>\n<p style=\"margin: 0cm; margin-bottom: .0001pt;\"><span style=\"font-size: 16.0pt;\">\u00a0<\/span><\/p>\n<p style=\"margin: 0cm; margin-bottom: .0001pt;\"><span style=\"font-size: 16.0pt;\">Regards,<\/span><\/p>\n<p style=\"margin: 0cm; margin-bottom: .0001pt;\"><span style=\"font-size: 16.0pt;\">\u00a0<\/span><\/p>\n<p style=\"margin: 0cm; margin-bottom: .0001pt;\"><span style=\"font-size: 16.0pt;\">Donny Tsui<\/span><\/p>\n<p style=\"margin: 0cm; margin-bottom: .0001pt;\"><span style=\"font-size: 16.0pt;\">Senior Partner<\/span><\/p>\n<h3><span style=\"text-decoration: underline;\"><strong>News on 4 November 2021<\/strong><\/span><\/h3>\n<h3>The Australian Government has announced the full implementation of Modernising Business Registers (MBR) program as part of its Digital Business Plan. As an effect, the government has introduced Director Identification Number (Director ID \/ DIN)\u00a0<\/h3>\n<p>\u00a0<strong>What is a Director Identification Number (DIN)?<\/strong><\/p>\n<p>The Director Identification Number (director ID) is a unique identifier that a director will apply for once\u00a0but will stay with a director for life, offering greater identity security.\u00a0You will need a director identification number (DIN \/ Director ID) if you&#8217;re a director of a company or a corporate trustee of a self-managed super fund (SMSF), registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation. The objective of this rollout is to create a fairer business environment by helping prevent the use of false and fraudulent director identities. This will go a long way to better identifying and eliminating director involvement in unlawful activity.<\/p>\n<p><strong>How and when to apply for DIN?<\/strong><\/p>\n<p>Directors will be able to apply for a Director ID from November 2021 on the new Australian Business Registry Services (ABRS) online and log in using the myGovID app to complete the application process.\u00a0Furthermore, they will need to provide proof of identity documentation to verify their identity. A director can choose to provide their tax file number when applying for a DIN, which should expedite the application.<\/p>\n<p>Directors will need to apply for their director ID by themselves to verify their identity. No one can apply for it on their behalf.<\/p>\n<p><strong>When will\u00a0directors need to apply?<\/strong><\/p>\n<p>Transitional arrangements will allow\u00a0directors to become familiar with the new requirement. When you need to have a director ID will depend on when you were appointed as a director. The table below illustrates the same in detail.<\/p>\n<p><strong>How director ID works?<\/strong><\/p>\n<p>A director ID is a 15-digit identifier given to a director (or someone who intends to become a director) who has verified their identity with ABRS.<\/p>\n<p>Directors will only ever have one director ID. They&#8217;ll keep it forever even if they &#8211; change companies, stop being a director, change their name, move interstate or overseas.<\/p>\n<p><strong>Why you need a director ID?<\/strong><\/p>\n<p>All directors are required by law to verify their identity with ABRS before receiving a director ID.<\/p>\n<p>This is important because it will help to:<\/p>\n<ul>\n<li>prevent the use of false or fraudulent director identities<\/li>\n<li>make it easier for external administrators and regulators to trace directors\u2019 relationships with companies over time<\/li>\n<li>identify and eliminate director involvement in unlawful activity, such as illegal phoenix activity.<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><strong>How can agents assist their impacted clients?<\/strong><\/p>\n<p>An agent or advisor cannot apply on behalf of the director, but they can still provide assistance to their clients by providing guidance on the verification and application process, including if their client is required to get a director ID.<\/p>\n<p>Agents can support their clients by:<\/p>\n<ul>\n<li>letting them know about the new requirement, when and how to apply<\/li>\n<li>encouraging their clients to set up their myGovID to a Standard identity strength, if they have not done so already, and<\/li>\n<li>guide and support their clients through the process of applying for a Director ID.<\/li>\n<\/ul>\n<p><strong>How does it affect the current company registration process?<\/strong><\/p>\n<p>For now, there will be no change to how you register a company with us, hence there is no requirement include the DIN in your company application form or any changes to company forms (484, etc). This will take place in the future as the ABRS builds the new registry platform, and we will keep you up-to-date with any developments during this course.<\/p>\n<p>Should you have any questions, you can talk to your accountant or us\u00a0to learn more about the MBR program.<\/p>\n<p><span style=\"text-decoration: underline;\"><strong>News on 7 October 2021<\/strong><\/span><\/p>\n<h2><strong>JobSaver now available for charitable not-for-profits (NFPs)<br \/><a href=\"https:\/\/servicensw.e-newsletter.com.au\/link\/id\/zzzz615e98b47f1a6949Pzzzz6156bbe2a70f8912\/page.html\">Eligible NFPs\u00a0<\/a>can apply for JobSaver if they have experienced a turnover decline of at least 15% and less than 30% because of the public health orders.<\/strong><\/h2>\n<p>The JobSaver program has been extended to charitable NFP organisations that have experienced a turnover decline of at least 15% and less than 30% as a result of the public health orders.<\/p>\n<p>NFPs are eligible for this program if they are charitable and their primary purpose, under Australian Charities and Not-for-profits Commission (ACNC) classifications, is to:<\/p>\n<ul>\n<li>advance social or public welfare (including disability and health social support services), or<\/li>\n<li>prevent or relieve the suffering of animals (for example, animal welfare organisations).<\/li>\n<\/ul>\n<p>For more information about eligibility for charitable NFP organisations that have experienced the required decline in turnover.<\/p>\n<p><span style=\"text-decoration: underline;\"><strong>News on 15 July 2021<\/strong><\/span><\/p>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td>\n<h2>Government support micro and small business during lockdown<\/h2>\n<h2>The Australian and NSW Governments announced new measures<\/h2>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td width=\"566\">\n<table width=\"100%\">\n<tbody>\n<tr>\n<td>\n<p>New measures to support small businesses during the current NSW lockdown were announced yesterday. These include:<\/p>\n<ul>\n<li>Increased small business support payments of $7,500 and $10,500 or $15,000, depending on the decline in business turnover<\/li>\n<li>A \u201cJobSaver\u201d employee retention scheme providing cashflow support to businesses to help them retain staff. The cash boost will be up to 40% of weekly payroll with a payment of between $1,500 to a maximum of $10,000 per week, provided staffing levels are maintained at the level as of 13 July 2021. Non-employing businesses are eligible for $1,000 p\/w<\/li>\n<li>$1,500 grants per fortnight for microbusinesses (annual turnover between $30,000 and $75,000) that have suffered at least a 30% decline in turnover.<\/li>\n<li>Payroll tax deferrals for all businesses and a 25% concession for medium-sized businesses that have suffered a 30% revenue decline<\/li>\n<li>A requirement on landlords to participate in mediation before taking actions to evict or lock out tenants<\/li>\n<li>Up to 100% land tax concessions for commercial landlords who provide rent relief<\/li>\n<li>A $75 million support package for the performing arts sector to be administered by Create NSW<\/li>\n<li>A support package for the accommodation sector worth $26 million<\/li>\n<li>An increase in the payment amount for stood down workers from $500 to $600 per week for those who lost more than 20 hours, and to $375 for those who lost between 8 and 20 hours, and for it to be available to workers outside of the Greater Sydney lockdown areas<\/li>\n<li>Expanded mental health services with programs targeted at young people and CALD communities<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"text-decoration: underline;\"><strong>News on 29 June 2021<\/strong><\/span><\/p>\n<h2><strong>Small businesses urged to pay attention to key areas and act now in EOFY tax planning<\/strong><\/h2>\n<p>Dear customers and business associates,<\/p>\n<p>The end of financial year is only a few days away.\u00a0 There are some last minute tips for your tax planning:-<\/p>\n<ul>\n<li>Super guarantee (SG): SG contributions must be paid by 30 June 2021 to qualify for a tax deduction in the 2020\u201321 financial year. The superannuation fund must receive these contributions by 30 June. He\u00a0said some clearing houses can take more than a week to submit the payment to the super fund, so it would be\u00a0advisable to ensure that superannuation is paid by mid-June where possible.<\/li>\n<\/ul>\n<ul>\n<li>Temporary full expensing (previously known as the instant asset write-off): Policies have been expanded again in the last two federal budgets as part of the government\u2019s COVID-19 initiative to encourage business spending to improve cash flow. There is now no limit to the amount a small business can write off under this concession and, unlike larger businesses, small businesses with aggregated turnover less than $50 million receive a full write-off for secondhand assets. While the May 2021 federal budget extended the concession all the way up until 30 June 2023, there is still a timing advantage where claims can be made in 2020\u201321.<\/li>\n<\/ul>\n<ul>\n<li>Loss carry-back: Another concession introduced in the October 2020 federal budget and extended for a further 12 months in the May 2021 Budget, this concession allows a company (i.e. not available to partnerships, trusts or individuals) to \u201ccarry back\u201d tax losses incurred in any of the 2019\u20132020, 2020\u201321, 2021\u201322 and 2022\u201323 income years to an earlier year as far back as 2018\u201319. A refund could be claimed on lodgement of tax returns from the 2020\u20132021 year onwards, representing the tax saving that would have arisen if the tax loss had been available to claim in the earlier year.<\/li>\n<\/ul>\n<ul>\n<li>Small business CGT concessions: Those operating a small business may be eligible for these concessions on the sale of business assets by a company or on the sale of shares in a company carrying on a business. The concessions may be available where aggregated turnover is less than $2 million or total net assets (excluding the family home and superannuation fund balances) less than $6 million, although the eligibility rules are quite strict, having been tightened significantly in recent years.<\/li>\n<\/ul>\n<ul>\n<li>Income deferral: Businesses may wish to delay tax payments on assessable income this financial year by deferring invoices until after 30 June. Income from the payments won\u2019t be taxed until the following financial year.<\/li>\n<\/ul>\n<p>Should you have any queries, please contact us.<\/p>\n<p><span style=\"text-decoration: underline;\"><strong>News on 21 June 2021<\/strong><\/span><\/p>\n<h2><strong>Minimum wage to increase by 2.5%<\/strong><\/h2>\n<p>Following the Annual Wage Review 2021, the Fair Work Commission has announced a 2.5% increase to minimum wages. This will also apply to all award wages, with the award increase happening in 3 different stages.<\/p>\n<p>You don\u2019t need to do anything now. We will let you know when the new minimum wages are available in our pay tools.<\/p>\n<p>See our <a href=\"https:\/\/urldefense.proofpoint.com\/v2\/url?u=https-3A__updates.fairwork.gov.au_link_id_zzzz60c9b3ee5dd4e012Pzzzz6049e303295fa575_page.html&amp;d=DwMGAw&amp;c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&amp;r=dSueH6KgRD7Ovl04kun_xRz7GUahEme_Q3Ph2NjJtfw&amp;m=wEoCNpE3DLmJanKel-XbX1TSKc-zr1NttHrgZDKsAdI&amp;s=gjDecuy0xzTI49BdZ_w-pvgOmDstla2Wwe5JA3ZxZBA&amp;e=\"><u>Annual Wage Review 2021<\/u><\/a> page for more information.<\/p>\n<p><span style=\"text-decoration: underline;\"><strong>News on 3 June 2021<\/strong><\/span><\/p>\n<h2>Super Guarantee rate rising 1 July<\/h2>\n<p>On 1\u00a0July 2021, the super guarantee rate will rise from 9.5% to 10%. If you have employees, you will need to ensure your payroll and accounting systems are updated to incorporate the increase to the super rate.<\/p>\n<p>If you need help to work out how much super you need to pay for your employees after 1\u00a0July, you can use our\u00a0<a href=\"https:\/\/www.ato.gov.au\/Calculators-and-tools\/Super-guarantee-contributions\/\">super guarantee contributions calculator<\/a>.<\/p>\n<p>It\u2019s important you pay your workers the correct amount of super. Our\u00a0<a href=\"https:\/\/www.ato.gov.au\/Calculators-and-tools\/Super-guarantee-eligibility\/\">superannuation guarantee eligibility decision tool<\/a>\u00a0will help you determine if your employees are eligible for super, including any contractors treated as employees for super purposes.<\/p>\n<p>The super rate is scheduled to progressively increase to 12% by July 2025. You can find the scheduled rate increases and dates on our website.<\/p>\n<p><span style=\"text-decoration: underline;\"><strong>News on 13 May 2021<\/strong><\/span><\/p>\n<h2><strong>Australian Federal Budget 2021-22<\/strong><\/h2>\n<p>On\u00a011 May 2021, the Government handed down the 2021\/22\u00a0Federal Budget.\u00a0Whilst this marked a return to the traditional timing of the budgetary processes, the content of the 2021\/22 Budget\u00a0continues to remind us that our economy and way of life has still not returned to full normality post the events of COVID-19.\u00a0<\/p>\n<h2>Highlights<\/h2>\n<h3><a href=\"https:\/\/www.macquarie.com.au\/advisers\/federal-budget-2021\/professionals.html#personal-tax\">Personal income tax<\/a><\/h3>\n<ul>\n<li>Retaining LAMITO (Low And Middle Income Tax Offset) in the 2021-22 income year.<\/li>\n<li>Modernising the individual tax residency rules \u2013 a person who is physically present in Australia for 183 days or more in any income year will be an Australian tax resident.<\/li>\n<li>Reducing compliance costs for individuals claiming self-education expense deductions.<\/li>\n<li>Medicare levy thresholds for 2020-21.<\/li>\n<\/ul>\n<h3><a href=\"https:\/\/www.macquarie.com.au\/advisers\/federal-budget-2021\/professionals.html#business-owners\">Business owners<\/a><\/h3>\n<ul>\n<li>Temporary full expensing extension until 30 Jun 2023.<\/li>\n<li>Temporary loss carry-back extension.<\/li>\n<li>Digital Economy Strategy \u2014 self-assessing the effective life of intangible depreciating assets.<\/li>\n<li>Addressing Workforce Shortages in Key Areas \u2014 JobTrainer Fund \u2014 extension.<\/li>\n<li>Building Skills for the Future \u2014 Boosting Apprenticeship Commencements wage subsidy \u2014 expansion.<\/li>\n<li>Getting Vulnerable Australians Back into Work \u2014 additional support for job seekers.<\/li>\n<li>SME Recovery Loan Scheme.<\/li>\n<li>Employee Share Schemes \u2014 removing cessation of employment as a taxing point and reducing red tape.<\/li>\n<li>Patent Box \u2014 tax concession for Australian medical and biotechnology innovations.<\/li>\n<\/ul>\n<h3><a href=\"https:\/\/www.macquarie.com.au\/advisers\/federal-budget-2021\/professionals.html#super\">Superannuation<\/a><\/h3>\n<ul>\n<li>First Home Super Saver Scheme \u2014 increasing the maximum releasable amount to $50,000.<\/li>\n<li>First Home Super Saver Scheme \u2014 technical changes.<\/li>\n<li>Reducing the eligibility age for downsizer contributions.<\/li>\n<li>Repealing the work test for voluntary superannuation contributions.<\/li>\n<li>Removing the $450 per month threshold for superannuation guarantee eligibility.<\/li>\n<li>Early release for victims of family and domestic violence.<\/li>\n<li>Legacy retirement product conversions.<\/li>\n<li>SMSFs \u2014 relaxing residency requirements.<\/li>\n<li>Transfer of superannuation to the KiwiSaver Scheme.<\/li>\n<\/ul>\n<h3><a href=\"https:\/\/www.macquarie.com.au\/advisers\/federal-budget-2021\/professionals.html#nfp\">Not-for-profits and philanthropy<\/a><\/h3>\n<ul>\n<li>Not-for-profits \u2014 enhancing the transparency of income tax exemptions.<\/li>\n<li>Philanthropy \u2014 updates to the list of specifically listed deductible gift recipients.<\/li>\n<\/ul>\n<h3><a href=\"https:\/\/www.macquarie.com.au\/advisers\/federal-budget-2021\/professionals.html#child-care\">Child care<\/a><\/h3>\n<ul>\n<li>Child care subsidy.<\/li>\n<li>Other measures.<\/li>\n<\/ul>\n<h3><a href=\"https:\/\/www.macquarie.com.au\/advisers\/federal-budget-2021\/professionals.html#social-security\">Social security<\/a><\/h3>\n<ul>\n<li>Increasing the Flexibility of the Pension Loans Scheme.<\/li>\n<li>Enhancing Welfare Integrity Arrangements.<\/li>\n<li>Increased support for unemployed Australians.<\/li>\n<\/ul>\n<h3><a href=\"https:\/\/www.macquarie.com.au\/advisers\/federal-budget-2021\/professionals.html#aged-care\">Aged care<\/a><\/h3>\n<ul>\n<li>Whole-of-government response to Royal Commission into Aged Care Quality and Safety.<\/li>\n<\/ul>\n<p><span style=\"text-decoration: underline;\"><strong>News on 3 Feb 2021<\/strong><\/span><\/p>\n<p><strong>Businesses can get $10k a year for each new employee, says ATO<\/strong><\/p>\n<p>Businesses could potentially receive up to more than $10,000 over a year for each eligible additional employee hired, says Australian Taxation Office deputy commissioner James O\u2019Halloran.<\/p>\n<p>Contact us for more details.<\/p>\n<p><span style=\"text-decoration: underline;\"><strong>News on 25 Jan 2021<\/strong><\/span><\/p>\n<p>Dear customers, business associates and friends,<\/p>\n<p>We would like to inform you that we will be moving to our new office which is 210\/2 Pembroke Street, Epping 2121 on 26 Jan 2021.<\/p>\n<p>In fact, it is only a minute on foot away from our previous office.\u00a0 Below please find the map showing how to go from our old office to the new office for your reference.<\/p>\n<p>Please drop by to have a cup of coffee if you are in the area.<\/p>\n<p>Should you have any questions, please contact us.<\/p>\n<p>Yours faithfully,<\/p>\n<p>Donny Tsui<\/p>\n<p><span style=\"text-decoration: underline;\"><strong>News on 18 Dec 2020<\/strong><\/span><\/p>\n<p>Dear customers, friends and business associates,<\/p>\n<p>As this challenging year draws to a close, we trust that some of the difficulties of the last 12 months are now behind all of us.\u00a0 We would like to express our sincerest appreciation for your support throughout 2020.<\/p>\n<p>We hope we were able to assist you. This year end means the beginning of a new one with new possibilities and we are dedicated to continuing to help you reach your goals in 2021.<\/p>\n<p>From all of us at D &amp; I Accounting, we want to say a big thank you for being an invaluable part of our business and wish you a Merry Christmas and a bigger and better year ahead.<\/p>\n<p><strong>Our office will close on Friday, 18 December 2020 and return on Monday, 4 January 2021.<\/strong>\u00a0<\/p>\n<p>Regards,<\/p>\n<p>Donny Tsui<\/p>\n<p><strong><span style=\"text-decoration: underline;\">News on 12 Dec 2020<\/span><\/strong><\/p>\n<h1><strong>Businesses will now be able to register for the JobMaker Hiring Credit scheme ahead of the first quarterly claim period starting in February next year.<\/strong><\/h1>\n<p>Under the scheme, eligible businesses can access the payment for up to 12\u00a0months for each eligible additional employee they hire between 7\u00a0October 2020 and 6\u00a0October 2021, and will be able to claim up to $200 a week for each additional eligible employee they hire aged 16\u00a0to\u00a029\u00a0years, and up to $100 a week for those aged 30\u00a0to\u00a035\u00a0years.<\/p>\n<p>Employees need to have completed a minimum average of 20\u00a0hours (worked or paid) per week during the time they were employed in the JobMaker period.<\/p>\n<p>ATO Deputy Commissioner James O\u2019Halloran said the ATO is working hard to make it as easy as possible for employers to access the government\u2019s JobMaker Hiring Credit payment.<\/p>\n<p>He also encouraged businesses to check their eligibility and take this first step to register for the scheme from this week and then employers will be ready to move to quickly make a claim in February 2021, as they cannot claim if they are not registered.<\/p>\n<p>\u201cWe encourage employers to register from now to ensure their hiring credits can be paid promptly from when the first quarterly claim period opens in February 2021,\u201d Mr O\u2019Halloran said.<\/p>\n<p>\u201cEmployers are reminded that new employees must have received the Parenting Payment, Youth Allowance (Other) or JobSeeker Payment for at least 28\u00a0consecutive days (or\u00a0two fortnights) within the 84\u00a0days (or\u00a0six fortnights) of being hired to allow for a claim to be made by the employer.<\/p>\n<p>\u201cThere are some key dates to keep in mind, and simple steps employers can take now, but please remember that not everything needs to be done from next week.\u201d<\/p>\n<p>The federal government established the JobMaker Hiring Credit payment to help accelerate growth in the employment of young people during the COVID-19 economic recovery.<\/p>\n<p><strong><span style=\"text-decoration: underline;\">News on 7 Oct 2020<\/span><\/strong><\/p>\n<h1>Federal Budget 2020-2021<\/h1>\n<p>Tax cuts, more incentives for business investment and payments for pensioners and aged care: tonight\u2019s Federal Budget was a wide-ranging fiscal program to cushion the impact of the Covid-19 pandemic and kickstart an economic recovery.<\/p>\n<h2><strong>WINNERS<\/strong><\/h2>\n<h3><strong>Taxpayers\u00a0<\/strong><\/h3>\n<p>Key to the government\u2019s strategy is to put money in the pockets of taxpayers in the hope they will boost spending and the resulting demand will help lift the economy out of recession.\u00a0<\/p>\n<p>To that end, more than 11 million taxpayers will receive a tax cut backdated to July 1 this year.<\/p>\n<p>Stage Two of the legislated tax cuts will be brought forward by two years, lifting the 19 per cent threshold from $A37,000 to $A45,000, and the 32.5 per cent threshold from $A90,000 to $A120,000.\u00a0<\/p>\n<p>This would result in a tax relief of up to $A2745 for singles, and up to $A5490 for dual income families compared with 2017-18.\u00a0<\/p>\n<h3><strong>Established businesses<\/strong><\/h3>\n<p>The budget includes a range of measures designed to encourage established businesses to spend on plant and equipment, invest in research and development, and also hire or retain workers.\u00a0<\/p>\n<p>The Instant Asset Write Off for businesses will be extended to businesses with a turnover of up to $A5 billion and will be further extended until June 2022.\u00a0<\/p>\n<p>There is also relief for businesses which have been \u201cdoing it tough\u201d during the pandemic, with a measure which will enable them to use their losses earlier.\u00a0<\/p>\n<p>Losses incurred to June 2022 can be offset against prior profits made in or after the 2018\/19 financial year.\u00a0<\/p>\n<p>To encourage businesses to hire younger Australians, the government has announced a new program called JobMaker, which will contribute $A200 per week, payable for one year, towards the hiring of people aged 16-35 who are currently on JobSeeker.\u00a0<\/p>\n<p>The payment for those aged 30-35 is $A100 per week.\u00a0<\/p>\n<p>The government estimates that the combination of the immediate expensing of capital expenditure and loss carry-back measures will create an additional 50,000 jobs nationally.\u00a0<\/p>\n<p>For R&amp;D, the budget removes the cap on refunds and lifts the rate.\u00a0<\/p>\n<h3><strong>Apprentices\u00a0<\/strong><\/h3>\n<p>In vocational training, the budget commits an additional $A1.2 billion to create 100,000 new apprenticeships and traineeships, with a 50 per cent wage subsidy for businesses who employ them.\u00a0<\/p>\n<h3>Infrastructure projects<\/h3>\n<p>In keeping with its plan to boost jobs, the budget expands the government\u2019s 10-year infrastructure pipeline, bringing to $A14 billion the new and accelerated infrastructure projects which would support an estimated 40,000 new jobs.\u00a0<\/p>\n<p>The projects span the nation, and include major road upgrades in several states and rail projects in Victoria and Western Australia, and new bridges in Tasmania and the ACT.\u00a0<\/p>\n<p>An additional $A2 billion is also earmarked for road safety upgrades.\u00a0<\/p>\n<p>According to Frydenberg, \u201cFunding for these shovel-ready projects will be provided on a use it or lose it basis. If a state drags its feet, another state will get the money. We need works to start, not stall.\u201d\u00a0<\/p>\n<h3>Pensioners<\/h3>\n<p>Aged pensioners will receive an additional $A250 payment from December and a further $A250 payment from March next year.\u00a0<\/p>\n<p>There is also a package for senior Australians who wish to continue living in their own homes, with $A1.6 billion earmarked for an additional 23,000 home care packages, bringing the total to 180,000 places.\u00a0<\/p>\n<h3>Manufacturing<\/h3>\n<p>As the pandemic has exposed issues in Australia\u2019s globally reliant supply chain, the focus has switched back to manufacturing for national resilience as well as job creation.<\/p>\n<p>The budget includes a $A1.3 billion Modern Manufacturing plan to target six key industries, from food and beverage manufacturing to renewable energy and the space industry.\u00a0<\/p>\n<h3>Regional Australia<\/h3>\n<p>While much of the national focus has been on the pandemic, regional Australia is still suffering the economic impact of the drought and bushfires.\u00a0<\/p>\n<p>The budget includes $A2 billion in concessional loans for farmers, and $A2 billion for water infrastructure projects across the country to expand the national water grid.\u00a0<\/p>\n<p>$A350 million has been allocated to support regional tourism, while $A317 million is earmarked for exporters to continue to access global supply chains.\u00a0\u00a0<\/p>\n<h3>The NDIS and mental health services\u00a0<\/h3>\n<p>The budget includes an additional $A3.9 billion for the National Disability Insurance Service, with the Treasurer assuring \u201cevery Australian\u201d that the NDIS would \u201calways be fully funded\u201d under a coalition government.\u00a0<\/p>\n<p>The budget also doubles the number of Medicare psychological services funded through the Better Access Initiative from 10 to 20.\u00a0<\/p>\n<h3>First home buyers\u00a0<\/h3>\n<p>As telegraphed before the budget, the government announced an additional 10,000 places for first home buyers of new homes under the First Home Loan Deposit Scheme.\u00a0<\/p>\n<p>The budget also includes an additional $A1 billion in low cost finance for the construction of affordable housing, and $A150 million in the Indigenous Home Ownership Program for new homes in regional areas.\u00a0<\/p>\n<h3>Women in STEM and female entrepreneurs\u00a0<\/h3>\n<p>Recognising that women have made up the majority of those who lost their jobs during the pandemic, the Budget includes the government\u2019s second Women\u2019s Economic Security Statement, with $A240 million in programs and support.\u00a0<\/p>\n<p>These focus on new cadetships and apprenticeships for women in science, technology, engineering and mathematics, job creation and entrepreneurialism.\u00a0<\/p>\n<h2>LOSERS<\/h2>\n<h3>Long-term or older unemployed\u00a0<\/h3>\n<p>While these people received a $A550 fortnightly coronavirus supplement to their JobSeeker payments in March, this has been cut to $A250 and is scheduled to end by December 31.\u00a0<\/p>\n<p>The budget makes no mention of whether this supplement will be continued or if JobSeeker will be increased on a permanent basis, and there are no targeted programs for unemployed people older than 35.\u00a0<\/p>\n<h3>Self-funded retirees\u00a0<\/h3>\n<p>Already struggling due to record low interest rates, which have crimped the returns from the term deposits many of them rely on, this group \u2013 who do not get the aged pension \u2013 receive nothing in the budget.\u00a0<\/p>\n<h3>New businesses\u00a0<\/h3>\n<p>While there are incentives for existing businesses, the instant asset write off is the main measure which new businesses can take advantage of.\u00a0<\/p>\n<p>There are no specific incentives or programs to encourage start-ups and new businesses.\u00a0<\/p>\n<p>\u201cCPA Australia is disappointed that the budget does not include any specific assistance for those new to business. These entrepreneurs also need help to survive having already missed out on JobKeeper, the Cash Flow Boost and several state government grants,\u201d says Ord.\u00a0<\/p>\n<p><strong><span style=\"text-decoration: underline;\">News on 1 Oct 2020<\/span><\/strong><\/p>\n<p>Due to the ongoing COVID-19 pandemic and the impact on Australian businesses, the Federal Government extended JobKeeper until March 2021 for qualifying businesses. The extension affects the way you need to process Jobkeeper in your software.\u00a0Here&#8217;s a summary of the key changes:<\/p>\n<p><strong>Extension 1: 28\u00a0September 2020 to 3\u00a0January 2021<\/strong><\/p>\n<ul>\n<li>Tier\u00a01: Full time employees $1,200 per fortnight\u00a0<\/li>\n<li>Tier\u00a02: Part time employees $750 per fortnight\u00a0<\/li>\n<\/ul>\n<p><strong>Extension 2: 4\u00a0January 2021 to 28\u00a0March 2021<\/strong><\/p>\n<ul>\n<li>Tier\u00a01: Full time employees $1,000 per fortnight\u00a0<\/li>\n<li>Tier\u00a02: Part time employees $650 per fortnight\u00a0<\/li>\n<\/ul>\n<p>Your employees will either be a JobKeeper Tier 1 employee or a JobKeeper Tier 2 employee. This is determined by how many hours they worked in the month before becoming eligible for JobKeeper. It is an employer&#8217;s responsibility to determine the JobKeeper tier.<\/p>\n<p><strong>News on 23 May 2020<\/strong><\/p>\n<h1>Instant asset write-off for eligible businesses<\/h1>\n<p>Under instant asset write-off eligible businesses can:<\/p>\n<ul>\n<li>immediately write off the cost of\u00a0<b>each<\/b>\u00a0asset that costs less than the threshold<\/li>\n<li>claim a tax deduction for the business portion of the purchase cost in the year the asset is first used or installed ready for use.<\/li>\n<\/ul>\n<p>Instant asset write-off can be used for both new and second-hand assets. Some exclusions and limits apply.<\/p>\n<p>The instant asset write-off eligibility criteria and threshold have changed over time. You need to check your business&#8217;s eligibility and apply the correct threshold amount.<\/p>\n<h2>Changes from 12 March 2020<\/h2>\n<p>From 12\u00a0March 2020 until 30\u00a0June 2020 the instant asset write-off:<\/p>\n<ul>\n<li>threshold amount for each asset is $150,000 (up from $30,000)<\/li>\n<li>eligibility has been expanded to cover businesses with an aggregated turnover of less than $500\u00a0million (up from $50\u00a0million).<\/li>\n<\/ul>\n<p>For more information, you can visit https:\/\/www.ato.gov.au\/Business\/Depreciation-and-capital-expenses-and-allowances\/Simpler-depreciation-for-small-business\/Instant-asset-write-off\/<\/p>\n<p><strong><span style=\"text-decoration: underline;\">News on 30 March 2020<\/span><\/strong><\/p>\n<p><strong>Federal Stimulus Package &#8211; JobKeeper Payment<\/strong><\/p>\n<p>In case you haven\u2019t heard, the federal government has announced a JobKeeper Subsidy Payment to assist businesses which are struggling to retain their employees due to the impacts of COVID-19.<\/p>\n<p>To summarise:<\/p>\n<ul>\n<li>Details:\n<ul>\n<li>This is a temporary subsidy open to businesses impacted by COVID-19<\/li>\n<li>The government will provide $1,500 per fortnight per employee for up to 6 months<\/li>\n<\/ul>\n<\/li>\n<li>Eligible Businesses:\n<ul>\n<li>Business turnover less than $1 billion &amp; business will experience more than 30% reduction compared to a year ago; or<\/li>\n<li>Business turnover more than $1 billion &amp; business will experience more than 50% reduction compared to a year ago.<\/li>\n<li>Employee must have been employed as at 1 March 2020 &amp; currently employed (incl. those stood down or re-hired)<\/li>\n<\/ul>\n<\/li>\n<li>Timing:\n<ul>\n<li>First payments to be received in the first week of May<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>If you are interested in applying for this concession, please register your interest at: <a href=\"https:\/\/www.ato.gov.au\/general\/gen\/JobKeeper-payment\/\">https:\/\/www.ato.gov.au\/general\/gen\/JobKeeper-payment\/<\/a> or alternatively <strong>please contact our office to register for your business.<\/strong><\/p>\n<p><strong><span style=\"text-decoration: underline;\">News on 18 January 2020<\/span><\/strong><\/p>\n<p><strong>Federal Stimulus Package Info<\/strong><\/p>\n<p class=\"xmsonormal\"><span style=\"font-size: 10.0pt; color: #1f4e79;\">During these times, a few key areas that is likely to be applicable to you are:<\/span><\/p>\n<p class=\"xmsonormal\"><span style=\"font-size: 10.0pt; color: #1f4e79;\">1.<\/span><span style=\"font-size: 7.0pt; font-family: 'Times New Roman',serif; color: #1f4e79;\">\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><span style=\"font-size: 10.0pt; color: #1f4e79;\">Increasing the instant asset write off to immediately deduct purchases of eligible assets costing less than $150k (including new and second hand assets purchased from 12 March 2020 to 30 June 2020).<\/span><\/p>\n<p class=\"xmsonormal\"><span style=\"font-size: 10.0pt; color: #1f4e79;\">2.<\/span><span style=\"font-size: 7.0pt; font-family: 'Times New Roman',serif; color: #1f4e79;\">\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><span style=\"font-size: 10.0pt; color: #1f4e79;\">Business investment allowance which includes a 50% accelerated depreciation rate on new assets acquired after 12 March 2020 or installed by 30 June 2021.<\/span><\/p>\n<p class=\"xmsonormal\"><span style=\"font-size: 10.0pt; color: #1f4e79;\">3.<\/span><span style=\"font-size: 7.0pt; font-family: 'Times New Roman',serif; color: #1f4e79;\">\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><span style=\"font-size: 10.0pt; color: #1f4e79;\">Boosting Cash Flow for Employers &#8211; <span style=\"background: white;\">Eligible businesses (aggregated turnover under $50m) that withhold tax to the ATO on their employees\u2019 salary and wages will receive a payment equal to 50% of the amount withheld, up to a maximum payment of $25,000. <\/span>When you lodge the Mar 2020 BAS, ATO will credit the integrated client account to provide this benefit. This cash flow assistance is available for PAYG withholding lodgements for the months of March, April, May and June 2020.<\/span><\/p>\n<p><strong><span style=\"text-decoration: underline;\">News on 13 January 2020<\/span><\/strong><\/p>\n<p><strong><a href=\"http:\/\/click.e.cpaaustralia.com.au\/?qs=4d47e1969909630a41cae2cf008b8a291ac6e8aa4519cc3b605b5802c3c427a39f7bdee94cec3d33d22919267c7ec1ce3fcee62f53bb04df\">Government announces coronavirus stimulus package <\/a><\/strong><br \/>The government has announced a range of measures to support the economy, business and employment in the face of the coronavirus health crisis. The measures include the below.<\/p>\n<p><strong>Cash Flow Boost for employers<\/strong> \u2013 employers with an aggregated annual turnover of under $50 million (based on prior year turnover) will receive a payment of $2,000 to $25,000 from the government to help with cash flow. Eligible businesses will receive a payment equal to 50 per cent of taxes withheld from employees\u2019 salary and wages up to $25,000.\u00a0<\/p>\n<p>Eligible businesses that pay salary and wages will receive a minimum payment of $2,000, even if they are not required to withhold tax.<\/p>\n<p>The payment will be delivered as a credit in the activity statement system from 28 April 2020 upon businesses lodging eligible upcoming activity statements. Where this places the business in a refund position, the ATO will deliver the refund within 14 days.<\/p>\n<p><strong>Increasing the instant asset write off<\/strong> \u2013 the government is proposing to increase the threshold for the instant asset write off from $30,000 to $150,000 and expand access to businesses with an aggregated annual turnover of up to $500 million (up from $50 million). The increase will only be available from 12 March to 30 June 2020 for new or second-hand assets first used or installed ready for use by 30 June 2020.<\/p>\n<p><strong>Accelerated deprecation <\/strong>\u2013 the government is proposing an accelerated deprecation deduction for eligible assets acquired from 12 March and first used or installed by 30 June 2021. Eligible taxpayers will receive a deduction of 50 per cent of the cost of the eligible asset on installation, with existing depreciation rules applying to the balance. Eligible businesses are those with an aggregated turnover below $500 million. Eligible assets are those that can depreciated under Division 40 of the <em>Income Tax Assessment Act 1997 <\/em>(that is\u00a0plant, equipment and specified intangible assets, such as patents), but does not apply to second-hand Division 40 assets, or buildings and other capital works depreciable under Division 43.<\/p>\n<p><strong>Apprentice and trainee wage subsidy<\/strong> \u2013\u00a0the government will offer employers a wage subsidy of 50 per cent of an apprentice\u2019s or trainee\u2019s wage from 1 January to 30 September 2020, capped at $7000 each quarter per each eligible apprentice or trainee. Businesses with less than 20 full-time staff will be eligible, however employers of any size and Group Training Organisations that re-engage an eligible out-of-trade apprentice or trainee will continue to be eligible for the subsidy.<\/p>\n<p><strong>Direct payment to individuals <\/strong>\u2013 the government will make a one-off payment of $750 to around 6.5 million social security, veterans and other income support recipients and eligible concession card holders residing in Australia.<\/p>\n<p>Should you need further details, you can visit Treasury website.<\/p>\n<p><a href=\"https:\/\/treasury.gov.au\/coronavirus?utm_source=exacttarget&amp;utm_medium=email&amp;utm_term=All%20Subscribers&amp;utm_content=https%3a%2f%2ftreasury.gov.au%2fcoronavirus&amp;utm_campaign=CPA+Tax+News+ed+9+-+12+March+2020_12-March-2020\">https:\/\/treasury.gov.au\/coronavirus?utm_source=exacttarget&amp;utm_medium=email&amp;utm_term=All%20Subscribers&amp;utm_content=https%3a%2f%2ftreasury.gov.au%2fcoronavirus&amp;utm_campaign=CPA+Tax+News+ed+9+-+12+March+2020_12-March-2020<\/a><\/p>\n<p><strong><span style=\"text-decoration: underline;\">News on 8 December 2019<\/span><\/strong><\/p>\n<p>Wishing you a Merry Christmas and a Happy New Year!<br \/>Please be advised that our office will close on Wednesday 18 December 2019 and re-open on Monday 13 January 2020.<br \/>For urgent attention please contact Donny on his mobile 0430 500 227.<\/p>\n<p><span style=\"text-decoration: underline;\"><strong>News on 1 July 2019<\/strong><\/span><\/p>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td colspan=\"2\">Single Touch Payroll (STP) is a new way for employers to report tax and super information to the ATO. It starts from 1 July 2019 for employers with 19 or less employees.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">You&#8217;ll report the following information through an STP ready solution &#8211; such as payroll software:<\/td>\n<\/tr>\n<tr>\n<td width=\"11%\">\u00a0<\/td>\n<td>\n<ul>\n<li>payments to employees such as salaries and wages<\/li>\n<li>pay as you go (PAYG) withholding<\/li>\n<li>super information.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">The way you pay your employees won&#8217;t change, however you will be sending us this information each time you pay them.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">Start reporting any time from 1 July to 30 September 2019. If you can\u2019t start reporting by this time, you&#8217;ll need to apply for a later start date. An online tool to help you do this will be available on our website in April.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">\n<h2>How to get started<\/h2>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"11%\">\u00a0<\/td>\n<td>\n<ul>\n<li>If you already use payroll software &#8211; check to see if it offers STP reporting by talking to your software provider or viewing their website.<\/li>\n<li>If you don&#8217;t use payroll software &#8211; you can choose an STP ready solution or talk to your tax professional for advice on the best solution for your business.<\/li>\n<li>If you use a registered tax or BAS agent &#8211; you can ask them to report through an STP ready payroll solution on your behalf.<\/li>\n<li>If you have 1-4 employees &#8211; you can choose a low-cost STP solution. Find out more at <strong><a href=\"https:\/\/www.ato.gov.au\/STPsolutions\">ato.gov.au\/STPsolutions<\/a><\/strong><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"text-decoration: underline;\">2016\u5e7402\u670802\u65e5<\/span><\/p>\n<p>What&#8217;s new for small business?<\/p>\n<p>Instant asset write-off \u2013 simpler depreciation rules<\/p>\n<p>Small businesses can immediately deduct the business portion of most assets if they cost less than $20,000 and were purchased between 7:30pm on 12\u00a0May 2015 and 30\u00a0June 2017.<\/p>\n<p>This deduction can be used for each asset that costs less than $20,000, whether new or second-hand. The deduction is claimed through a tax return, in the year the asset was first used or installed ready for use.<\/p>\n<p>From 1\u00a0July 2017, the threshold will return to\u00a0$1,000.<\/p>\n<p>Accelerated depreciation for primary producers<\/p>\n<p>From 12\u00a0May 2015, primary producers can immediately deduct the costs of:<\/p>\n<ul>\n<li>fencing, which were previously deducted over a period up to 30\u00a0years<\/li>\n<li>water facilities, previously deducted over three\u00a0years.<\/li>\n<\/ul>\n<p>They can also deduct the cost of fodder storage assets over three\u00a0years, instead of over a period up to 50\u00a0years.<\/p>\n<p>Primary producers who are small businesses are also eligible to claim the\u00a0<a href=\"https:\/\/www.ato.gov.au\/Business\/Small-business-entity-concessions\/Whats-new-for-small-business-\/#Instantassetwriteoffsimplerdepreciationr\">instant asset write-off<\/a>\u00a0until 30\u00a0June 2017.<\/p>\n<p>Deductions for professional expenses for start-ups<\/p>\n<p>From 1\u00a0July 2015, small businesses are entitled to certain deductions when starting up a small business. The range of deductible start-up costs includes professional, legal and accounting advice and government fees and charges.<\/p>\n<p>Small business restructure roll-over (capital gains tax roll-over relief)<\/p>\n<p>In the 2015 Budget, the government announced that it will allow small businesses to change the legal structure of their business without attracting a capital gains tax (CGT) liability at that point.<\/p>\n<p>The exposure draft legislation included a possible extension of the relief to transfers of trading stock, revenue assets and depreciating assets. If passed, these changes will apply to asset transfers that occur on or after 1 July 2016.<\/p>\n<p>The proposed changes are not yet law.<\/p>\n<p>Fringe benefits tax changes for work-related devices<\/p>\n<p>From 1\u00a0April 2016, small businesses will not incur a fringe benefits tax (FBT) liability if they provide their employees multiple work-related portable electronic devices that have similar functions. These include devices that are primarily used for work, such as laptops, tablets, calculators, GPS navigation receivers and mobile phones.<\/p>\n<p>This benefit may be in addition to or part of the employee\u2019s salary or wages package.<\/p>\n<p>Small business income tax offset<\/p>\n<p>From the 2015\u201316 income year, an individual is entitled to a tax offset on the tax payable on the portion of their income that is from:<\/p>\n<ul>\n<li>net small business income from sole trading activities, and\/or<\/li>\n<li>share of net small business income from a partnership or trust.<\/li>\n<\/ul>\n<p>The income tax offset can reduce the tax payable that relates to the individual\u2019s small business income by\u00a05% up to $1,000 each year.<\/p>\n<p>We will work out the offset based on the total net small business income reported in your income tax return.<\/p>\n<p>Company tax cut for small businesses<\/p>\n<p>For income years commencing on or after 1\u00a0July 2015, the small business company tax rate has been reduced from\u00a030% to 28.5%.<\/p>\n<p>The maximum franking credit that can be allocated to a frankable distribution is unchanged at\u00a030%, even if a small business is eligible for the 28.5%\u00a0tax rate.<\/p>\n<p><span style=\"text-decoration: underline;\">2015\u5e7412\u670823\u65e5<\/span><\/p>\n<p><a href=\"http:\/\/www.demotesting.tk\/DNI_1\/wp-content\/uploads\/2015\/12\/cid_image008_png@01D13978.png\" rel=\"attachment wp-att-67\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-67\" src=\"http:\/\/www.demotesting.tk\/DNI_1\/wp-content\/uploads\/2015\/12\/cid_image008_png@01D13978.png\" alt=\"!cid_image008_png@01D13978\" width=\"105\" height=\"116\" \/><\/a><\/p>\n<p>\u795d\u60a8\u5723\u8bde\u53ca\u65b0\u5e74\u5feb\u4e50\u3002<\/p>\n<p>\u6211\u4eec\u7684\u529e\u516c\u5ba4\u5c06\u4e8e2015\u5e7412\u670824\u65e5(\u661f\u671f\u56db)\u5173\u95ed\uff0c\u91cd\u65b0\u5f00\u653e\u65f6\u95f4\u4e3a2016\u5e741\u67084\u65e5(\u661f\u671f\u4e8c)\u4e0a\u53489\u65f6\u3002<br \/>\u5982\u679c\u7d27\u6025\u4e8b\u60c5\u8bf7\u8054\u7cfbDonny,\u4ed6\u7684\u624b\u673a0430 500 227.<\/p>\n\n\n<p><\/p>","protected":false},"excerpt":{"rendered":"<p>News on 26 April 2024 AAT uphold<a class=\"moretag\" href=\"https:\/\/www.dni-accounting.com\/zh\/news\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-11","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.dni-accounting.com\/zh\/wp-json\/wp\/v2\/pages\/11","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.dni-accounting.com\/zh\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.dni-accounting.com\/zh\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.dni-accounting.com\/zh\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dni-accounting.com\/zh\/wp-json\/wp\/v2\/comments?post=11"}],"version-history":[{"count":55,"href":"https:\/\/www.dni-accounting.com\/zh\/wp-json\/wp\/v2\/pages\/11\/revisions"}],"predecessor-version":[{"id":239,"href":"https:\/\/www.dni-accounting.com\/zh\/wp-json\/wp\/v2\/pages\/11\/revisions\/239"}],"wp:attachment":[{"href":"https:\/\/www.dni-accounting.com\/zh\/wp-json\/wp\/v2\/media?parent=11"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}