Archive for the "News" Category
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2020 Tax Planning Guide for Business
Posted on May 27th, 2020 by WLFHere’s a guide to the strategies you can use to minimise your business tax.
IS YOUR BUSINESS A ‘SMALL BUSINESS’ ENTITY?
Small businesses can access a range of tax concessions from the ATO. To qualify as a ‘Small Business Entity’, the business must have an aggregated turnover (your annual turnover plus the annual turnover of any business connected / affiliated with you) of less than $10 million and be operating a business for all or part of the 2020 year.
REDUCTION IN COMPANY TAX RATES
The company tax rate in 2019/20 for businesses with less than $50 million turnover i… -
2020 Tax Planning Guide for Individuals and Families
Posted on May 27th, 2020 by WLFNow is the time to review what strategies you can use to responsibly minimise your tax before 30 June 2020.
It’s been a challenging start to the year for most of us, and any savings that you can make on your tax will certainly be helpful, whether you want to reduce your home loan, top up your super or just take some pressure off day to day living costs.
The most important thing to remember is that there is no point in spending money to get a tax deduction, unless it’s going to result in something useful for you.
SUPERANNUATION CONTRIBUTIONS
While you might not be flu… -
Support Local – Compete Global
Posted on May 27th, 2020 by WLFThe impact of the Coronavirus crisis on the Tasmanian economy will be felt for a long time to come. However, we can all contribute to the recovery starting from today by “Supporting local first”, according to the Tasmanian Small Business Council in an information paper which recommended three key areas for action, namely;
Community awareness, and promotion of the economic benefits of buying locally made or supplied goods and services
A policy focus on local acquisition adopted by State and Local Government
Encouragement for Local Entrepreneurs to actively pursue oppor… -
Update – Monthly reporting for JobKeeper
Posted on May 22nd, 2020 by WLFUnder the requirements for JobKeeper, you must lodge a monthly declaration confirming employee eligibility and advise the ATO of your actual turnover for the current month and projected turnover for the next month. The deadline for this declaration has just been extended by the ATO from 7 days after month-end to 14 days after month-end. This applies for all declarations from May onwards – they will now be due on the 14th of the month following.You can find more information about the JobKeeper scheme and other COVID-19 related measures here.
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REMINDER – JobKeeper notification requirements
Posted on May 14th, 2020 by WLFIf you have enrolled in the JobKeeper scheme for your employees, you may not be aware of an additional hoop you have to jump through in order to satisfy your reporting obligations. Employers are required to give written notice to employees within 7 days of submitting their monthly JobKeeper report to the ATO. This is the report that specifies your eligible JobKeeper employees and monthly turnover amounts. You must lodge this report with the ATO in order to obtain the JobKeeper reimbursement. After submitting your monthly JobKeeper report in relation to April (the first 2…
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JobKeeper Payment – Recent Changes & Key Dates – 13 May 2020
Posted on May 4th, 2020 by WLFJobKeeper Update: 13 May 2020
We are aware of comments made by the Prime Minister regarding a ‘review’ of JobKeeper and media speculation that this might mean a wind back or early ending of the program. At this stage, that is all there is – a few comments and speculation. The rules as we currently understand them are still in place, and if you are eligible for JobKeeper, please keep making payments to your employees as required and making your monthly reports. For those not eligible yet, please keep testing your turnover as eligibility can begin at any stage during … -
JobKeeper Payment wage subsidy – Update 16 April Application to charities and not-for-profit organisations
Posted on April 16th, 2020 by WLFOver recent weeks we have been keeping you up to date with our commentary around the various stimulus and support measures for Tasmanian businesses impacted by the COVID-19 pandemic. We have previously posted articles about the new JobKeeper Payment wage subsidy. This post is a further update with important information that has just been released about this support package and its application for the charity and not-for-profit sector.
If you manage or work for a business in the commercial sector please refer to this article, also posted today, that applies to the broader… -
JobKeeper Payment wage subsidy – Update 16 April
Posted on April 16th, 2020 by WLFOver recent weeks we have been keeping you up to date with our commentary around the various stimulus and support measures for Tasmanian businesses impacted by the COVID-19 pandemic. We have previously posted articles about the new JobKeeper Payment wage subsidy. Today’s post is a further update with important information that has just been released about this support package.
If you manage or work for a charity or not-for-profit entity, the JobKeeper Payment wage subsidy is still applicable but the criteria is slightly different. Please refer to this separate article,… -
JobKeeper Payment wage subsidy – Update 8 April
Posted on April 8th, 2020 by WLFFollowing legislation passed this evening, the Federal Government will subsidise wages for employees over the next 6 months through the JobKeeper Payment. This has been introduced with the aim of enabling businesses to continue to operate during the crisis and start up again quickly once it is over. Importantly, to be eligible for the JobKeeper Payments you have to pay your employees a minimum of $1,500 per fortnight (before tax) before the end of the fortnight. The first fortnightly period begins on 30 March and ends 12 April.If you enter the scheme now and pay your …
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Rent relief for commercial tenants
Posted on April 7th, 2020 by WLFIn addition to a previously announced ban on evictions of commercial tenancies, the Government has announced a mandatory code that will require landlords to defer and waive rent payments.
Will only apply to tenancies where the tenant or the landlord is eligible for JobKeeper payments and have a turnover of $50m or less
Landlords of commercial tenancies will be required to reduce rent payments in line with the tenant’s reduced business income
The reduction will result in waivers and deferrals of rent
The waiver has to equal at least 50% of t…