Author: Ken Burk
How to set up your Director ID
Directors are now required to register for a unique identification number that they will keep for life. The introduction of the Director Identification Number (DIN) is part of the Government’s Modernisation of Business Registers (MBR) Program creating greater transparency, and preventing the potential for fraud and phoenix company activity. So, who needs one? What is the timeframe to apply and how do I set it up?
Construction Industry Support – Round Four
The Victorian Government are offering support for entitled construction businesses, including employing and non-employing businesses, who were affected by the construction sector shutdown from 21 September – 4 October 2021.
Unwinding COVID-19 Relief
COVID-19 support will roll back as states and territories reach vaccination targets. The National Plan, the road map out of COVID-19, does more than provide greater freedoms at 70% and 80% full vaccination rates, it withdraws the steady stream of Commonwealth financial support to individuals and business impacted by COVID-19 lockdowns and border closures. We look at the impact and the support that remains in place.
Victorian Government business boost announced for the extended lockdown
While Victoria is expected to remain in lockdown until the start of October, the Victorian Government will be rolling out additional financial support for the state’s small and medium businesses as they continue to grapple with the sustained impacts of lockdown restrictions.
Lockdown top-up support payments are available in Victoria
Top up support payments are available for businesses and individuals if you are impacted by the Victorian lockdowns. The Victorian Government announced the new cash grants available, declared on 15 July 2021.
No more dodging tax: New share economy reporting rule set to begin
The individuals who participate in the share economy such as Uber, Deliveroo & Airbnb will no longer be able to escape their tax obligations as the government determines the implementation of a legislation for a new compulsory reporting regime.
The New Lifetime Director IDs
Directors will be required to register for a unique identification number that they will keep for life, much like a tax file number under a rewrite of Australia’s business registers.
2021-22 Federal Budget – The Balancing Act Budget
There’s something for everyone in the 2021-22 federal budget! Big Cash Flow for Business Investments in Assets, Reduced Company Tax Rate, Low Income Offset to Continue, Residency Rules more objective, Positive Superannuation Changes and more.
Why are some businesses returning JobKeeper?
Companies that received JobKeeper and subsequently paid dividends to shareholders and executive bonuses have come under particular scrutiny, not just by the regulators but by public opinion.
The JobMaker Hiring Credit
JobMaker is a credit available to eligible businesses and non-profit entities that create new jobs. Unlike JobKeeper, JobMaker can apply to new businesses and the business does not need to satisfy a decline in turnover test to receive payments.
Has COVID-19 devalued your business?
If you are selling your business, merging, acquiring, or inviting in new investors, you need to understand the value of your business. But, to what degree does the pandemic impact on value?
$3bn Victorian Business Support Package: What we know so far
Victorian Government has announced two new support packages delivering over $3 billion in “cash grants, tax relief and cashflow support.”