Author: Emily Kermac

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Blog, Tax

Am I taxed on an insurance payout?

Australia has had its fair share of disasters over the last few years – drought, bushfires and floods – that have ramped up the volume of insurance claims. Most people would assume that if and when they need to claim on their insurance, the insurance payout covers the damage and is not income assessed for tax purposes – but this is not always the case.

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Small Business

The Final Stage Of JobKeeper And How To Access It

The impact of COVID-19 has been felt very differently from region to region. Fortunes vary wildly between business operators subject to ongoing lockdowns and trading impediments to those benefiting from the “new normal”.

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Purchasing Property In Trusts In Victoria
Small Business

JobMaker Hiring Credits: What We Know So Far

We’ve had quite a few questions about the JobMaker hiring credit announced in the 2020-21 Federal Budget. Here is what has been announced so far:

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Businessman Lying To Partner
Uncategorized

The ATO on the COVID-19 fraud warpath

Australian Taxation Office initiatives are searching out fraud and schemes designed to take advantage of the Coronavirus Economic Response Package.

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Increased flexibility for Parental Leave Pay for self-employed
Community

Increased flexibility for Parental Leave Pay for self-employed

From 1 July 2020, parents accessing the Government’s parental leave pay (PPL) scheme will have greater flexibility and options.  Targeting the self-employed and small business owners, the changes introduce a new flexible paid parental leave pay period of 30 days. Previously, new parents could apply for PPL for a continuous block of up to 18 […]

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Blog

What’s changing on 1 July 2020?

With all the changes occurring in the last year, it’s difficult to keep track. Thankfully we have compiled a list of a few things we can confirm to occur on 1 July 2020.

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Small Business

ATO Extends JobKeeper Declaration Deadline

Recent changes to the JobKeeper Payment scheme means employers have a little more time to send in their report.

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Property, Tax

CGT and the family home: expats and foreigners excluded from tax exemption

Late in 2019, legislative changes were made that exclude non-residents from accessing the main residence exemption.

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Tax

Should you have Tax Audit Insurance?

Many small business owners need to question whether or not to purchase tax audit insurance.

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Tax

Can the tax office take money out of your account? It’s your right to know.

If the ATO has queries or suspects something is not right, you need to be able to respond.

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Small Business, Tax

The tax deductibility of Christmas gifts and parties to staff

Christmas parties are considered to be “entertainment benefits”. Therefore, the expenses may be subject to fringe benefits tax (FBT).

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Small Business, Tax

Cash Accounting vs Non-Cash Accounting For Reporting GST

As a general rule, smaller businesses tend to use cash accounting because it is not as complex as non-cash accounting.

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