Single Touch Payroll (STP) was introduced by the ATO to replace the PAYG Payment Summaries system, requiring employers to report their payroll information in real time. Most employers now report payroll data to the ATO each pay run using STP enabled software. The ATO has recently made STP changes which have taken effect from 1 […]
In April 2020 the ATO first announced a new method for claiming home office expenses due to the coronavirus pandemic. The new “shortcut method” allows you to claim a deduction of 80 cents for each hour you worked from home for the periods between 1 March 2020 to 30 June 2020, and from 1 July […]
As you may have seen in the media, the Federal and State governments have been stimulating the building industry as a result of the downturn in the economy from COVID. These are temporary incentives to encourage residential and investors into the market and applicants have a limited amount of time to be eligible. The increased […]
The Jobmaker Hiring Credit scheme was announced as part of the 2021 Budget as an incentive for businesses to create new jobs and have the cost subsidised. Eligible employers can receive $200 per week for each new employee aged 16 to 29 years, or $100 per week for new employees aged 30 to 35 years, […]
The Working Holiday Maker visa program was established in 1975 to promote closer ties between Australia and currently 42 other countries, directed towards young adults wishing to work and study in Australia for up to 12 months. A person is considered a Working Holiday Maker in Australia if they have either a visa subclass 417 […]
When establishing either a discretionary trust or unit trust, it is important to know how each type of trust operates. The main distinction between a unit trust and discretionary trust is around how beneficiaries entitlements are determined under the trust and how this is distributed. So what are the key differences? With discretionary trusts the […]
Discretionary trusts are a type of structure commonly used as an effective way to share business or investment profits among family members, to minimise tax liabilities and to protect a family’s assets. A discretionary trust can be further classified as a “family trust” for tax purposes. This occurs when the trust makes a Family Trust […]
The 2018 federal budget introduced changes to depreciation deductions in relation to residential rental properties. These changes aim to limit the ability to claim the depreciation deduction to the investor who initially purchased the asset. Previously property investors could claim expenses for depreciation of certain items in a rental property, regardless of whether they were […]
Francis A Jones
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email@faj.com.au
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