On the 6 October 2020 as part of the 2020/2021 Federal Budget the government announced an array of initiatives to support business and encourage new investment to help counter the impacts of the COVID pandemic. One of these was the introduction of legislation to allow a company to offset current year losses against prior year […]
As the threat of a second wave of coronavirus looms in Western Australia it’s never been more crucial for businesses to ensure they have strategies in place to best cope with any potential changes in trading environments. A SWOT analysis is a simple yet powerful means of reviewing aspects of an organisation that need to […]
What is your net worth? Very basically your net worth is the amount by which your assets exceed your liabilities. For the less financially savvy you might be thinking what does that mean? Think of it as the difference between what you own and what you owe. If you own more than what you owe […]
In the lead up to the recent federal election the hot button topic of negative gearing was a key election point. So what is it, and what are the pros and cons of negative gearing? Negative gearing, while commonly used in the context of real estate assets, can apply to any income producing asset including […]
The First Home Super Saver Scheme (known as FHSS Scheme) that was initially introduced by the Australian Government in the Federal Budget 2017-18 has passed through parliament and is now law. Its purpose is to make it easier for home buyers to save for a deposit on their first home. This is achieved by saving […]
Over 85% of Australians believe it’s unfair to use cash to avoid paying their fair share of tax and the ATO is undertaking an initiative to identify cash businesses that may be avoiding tax. The ATO are cracking down on businesses that are pushing cash sales by not offering other payment facilities. Restaurants, cafes, pubs, hairdressers, beauty […]
Removal of 5% HELP discount: from 1 January 2017, the Australian Government will remove the voluntary HELP (previously known as HECS) repayment bonus. What are the current arrangements? You can currently make voluntary repayments to the ATO at anytime and for any amount. Voluntary repayments are in addition to the compulsory repayments made through your […]
Have you been paying quarterly PAYG instalments to the ATO for a while and suddenly get a notification that the amount has changed? Its a common question we hear – why have my quarterly PAYG instalments increased? Firstly, make sure you’re reading the right document. When you have a change of circumstances (like lodging a […]
Please note that there have been amendments to law since this blog was posted, please refer to our blog Changes to Rental Property Deductions posted 29/11/17 for more information. There are many common deductions that property owners are aware of, but here are a few of the less known rental deductions. Special body corporate levies & contributions to […]
Are you approaching retirement? Are you still working but want to access some of your accrued superannuation? Superannuation is money that is meant to be accessed upon retirement but if you’ve met your preservation age which, depending on when you were born could be between 56 and 60, you can draw out a portion of […]
Francis A Jones
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