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Most people would think that money provided by the Government to support people and business during a pandemic would be tax free. Otherwise, it’s like giving money with one hand and then taking it away with the other, right? But, the tax laws don’t work like that. To make a payment tax-free, legislation is required … Read more

Support is available if you are impacted by the Queensland lockdowns. Eleven Queensland local Government areas were declared a Commonwealth hotspot on 31 July 2021. If you are impacted, there is assistance available to you and your business. FOR ME There are two payments accessible to individuals: the COVID-19 Disaster Payment; and, the Pandemic Leave … Read more

On Thursday, 8th April, the $130 billion JobKeeper Payment passed the Parliament. This unprecedented level of financial support will save millions of jobs and keep families together, businesses in business and preserve the productive capacity of the Australian economy.  Last week we shared with you a guide that has been designed as a quick reference … Read more

By today, the Australian Government has released a number of economic measures in response to the Coronavirus. A following guide has been designed as a quick reference to the COVID-19 related tax and financial support that might be available to businesses and individuals. Download the guide here. The Government has flagged that more support is … Read more

Yesterday, the Government announced the $130 billion JobKeeper Payment. Under the JobKeeper Payment, businesses impacted by the coronavirus will be able to access a subsidy from the Government to continue paying their employees. Affected employers will be able to claim a fortnightly payment of $1,500 per eligible employee from 30 March 2020, for a maximum … Read more

The Government yesterday released a second, far reaching $66.1 bn stimulus package that boosts income support payments, introduces targeted changes to the superannuation rules, provides cash flow support of up to $100,000 for small business employers, and relaxes corporate insolvency laws. The stimulus measures are not yet legislated. Parliament will reconvene on Monday 23 March. … Read more

Mutuality principle – what does it mean? The mutuality principle is a legal principle established by case law. It is based on the proposition that an organisation cannot derive income from itself. The principle provides that where a number of persons contribute to a common fund created and controlled by them for a common purpose, … Read more

The rent you earn on your investment property is assessable income and must be declared on your tax return each year. But as a rental property owner, you also have access to a huge number of deductions. But those tax deductions can be very confusing and difficult to understand. In this blog post we will … Read more

One of the most important things about small business accounting is understanding the difference between cash flow and profit. Most business owners start the company with the goal of making a profit, but what they don’t realise is that cash flow is what keeps the wheels in motion. In this blog post we explore the … Read more

Whether you are looking to choose or change a super fund, compare your options or just understand the fund you’re with, there are some essential things you should know. The basics of super in Australia In Australia, if you are over 18 years of age, earn more than $450 a month and are regarded as … Read more