6 06, 2021

Assistance for Victorian Businesses – Victorian Government Grant

2021-06-06T15:55:57+10:00

Assistance for Victorian Businesses – Victorian Government Grant

The Victorian Government has launched a new round of grants for eligible small to medium businesses, including employing and non-employing businesses impacted by the recent restrictions in Victoria.

Please note the industries eligible for the Grant are very narrowly defined and the business must have been GST registered on 27 May 2021.

Business Costs Assistance Program Round Two

Program overview

The Victorian Government’s $371 million Business Costs Assistance Program Round […]

Assistance for Victorian Businesses – Victorian Government Grant2021-06-06T15:55:57+10:00
4 06, 2021

Superannuation Changes 1 July 2021

2021-06-04T10:29:04+10:00

Superannuation Changes 1 July 2021

Superannuation Guarantee

The superannuation guarantee rate will increase to 10% on 1 July 2021.  Payroll software should provide updates to ensure your payroll obligations reflect the new rate.  Further increases are scheduled for future years as detailed below with an eventual increase to 12%.

Period General Super Guarantee (%)
1 July 2021 – 30 June 2022 10.00
1 July 2022 – 30 June 2023 10.50
1 July 2023 – 30 June 2024 11.00
1 July 2024 – 30 June 2025
Superannuation Changes 1 July 20212021-06-04T10:29:04+10:00
31 05, 2021

Victorian State Government $250 million Circuit Breaker Business Support Package

2021-05-31T11:28:39+10:00

Victorian State Government $250 million Circuit Breaker Business Support Package

Victorian State Government $250 million Circuit Breaker Business Support Package

https://business.vic.gov.au/grants-and-programs/circuit-breaker-business-support-package

Package Overview

The Victorian Government has launched the $250 million Circuit Breaker Business Support Package to assist small to medium businesses and sole traders, under the circuit breaker restrictions announced on 27 May 2021.

The package will support businesses unable to operate due to these necessary public health measures, including targeted support for the events […]

Victorian State Government $250 million Circuit Breaker Business Support Package2021-05-31T11:28:39+10:00
15 04, 2021

April Newsletter Published 15.04.2021

2021-04-12T17:21:19+10:00

April Newsletter Published 15.04.2021

Our April Newsletter was sent out today – Did you receive yours?

April 2021 Issue Covered

  • Some money is not counted as ‘income’ by the ATO
  • New insolvency reforms to support small business
    – ELIGIBILITY
    — Non-assessable, non-exempt income
    — Other amounts that are not taxable
    – SIMPLIFIED LIQUIDATION
  • When it comes to real estate and CGT, look at timing
    – Two “main residences” is possible
  • Managing your superannuation transfer balance account
    – CREDITS TO […]
April Newsletter Published 15.04.20212021-04-12T17:21:19+10:00
8 04, 2021

Small Business Rebates, Grants and Support Still Available

2021-04-08T13:35:36+10:00

Small Business Rebates, Grants and Support Still Available

There are still many rebates, grants and support available to small business.  Please keep watch of the Business Victoria and your local government websites to keep abreast of what is on offer.  Below are just a few such items which may be of interest to you.

https://www.business.vic.gov.au/

Solar Rebates for Small Businesses Announced

Would you like to save up to 50 per cent on the cost […]

Small Business Rebates, Grants and Support Still Available2021-04-08T13:35:36+10:00
25 03, 2021

Coronavirus Land Tax Relief

2021-03-25T16:53:50+11:00

Coronavirus Land Tax Relief

2021 Applications

Applications for 2021 land tax relief are currently open for:

Applications for 2021 land tax relief will open soon for:

  • commercial landlords of properties with a single tenancy – via My Land Tax on Monday 12 April 2021, and
  • commercial owner-occupiers – via My Land Tax on Monday 26 […]
Coronavirus Land Tax Relief2021-03-25T16:53:50+11:00
3 03, 2021

March Newsletter Published 03.03.2021

2021-03-03T03:37:40+11:00

March Newsletter Published 03.03.2021

Our March Newsletter was sent out today – Did you receive yours?

March 2021 Issue Covered

  • Update your ABN … or miss out!
  • Vehicle benefit FBT treatment changes under COVID-19
    – A work car park closes
    – Closure of nearby commercial parking stations
    – Reduced rates at commercial parking stations
    – Car returned to employer’s business premises
    – Garaging work cars at an employee’s home
    – Log books
  • A hand up for small businesses on […]
March Newsletter Published 03.03.20212021-03-03T03:37:40+11:00
2 02, 2021

February Newsletter Published 02.02.2021

2021-02-02T17:11:53+11:00

February Newsletter Published 02.02.2021

Our February Newsletter was sent out today – Did you receive yours?

February 2021 Issue Covered

  • JOBMAKER HIRING CREDIT: What you need to know
    – EMPLOYER ELIGIBILITY
    – JOBMAKER PERIODS
    – ADDITIONAL CRITERIA
  • SINGLE TOUCH PAYROLL: When your reporting can cease
    – NO LONGER EMPLOYING STAFF
    – CLOSING A BUSINESS
    – CHANGES TO YOUR BUSINESS STRUCTURE
    – NO PAYMENTS TO EMPLOYEES FOR THE REST OF THE YEAR
    – PAUSING YOUR BUSINESS DUE TO COVID-19
    – ELIGIBLE EMPLOYEES
    – PARTICIPATION […]
February Newsletter Published 02.02.20212021-02-02T17:11:53+11:00
8 12, 2020

December Newsletter Published 08.12.2020

2020-12-08T14:25:28+11:00

December Newsletter Published 08.12.2020

Our December Newsletter was sent out today – Did you receive yours?

December 2020 Issue Covered

  • A STRATEGY OPENS
  • THE MECHANISM
  • Calling time out on your business? Some essentials you’ll need to know
    – STEP 1: LODGEMENT AND PAYMENT
    – STEP 2: REFUNDS
    – STEP 3: CANCEL PAY-AS-YOU-GO (PAYG) WITHHOLDING REGISTRATIONS
    – STEP 4: CANCEL THE ABN
    – STEP 5: RECORD KEEPING
  • Small business CGT concessions: Goal posts moved on vacant land and active […]
December Newsletter Published 08.12.20202020-12-08T14:25:28+11:00
11 11, 2020

November Newsletter Published 11.11.2020

2020-11-05T15:29:13+11:00

November Newsletter Published 11.11.2020

Our November Newsletter was sent out today – Did you receive yours?

November 2020 Issue Covered

  • What the “full expensing” write-off deduction means for business
    – Some existing conditions remain
    – Meeting the required conditions
    – Anti-avoidance provision
  • Both tax and SMSF audits on still on ATO’s radar, but some leniency given
    – No penalties for asset valuations if insufficient evidence
    – Other considerations
  • ATO’s cyber safety checklist
  • The investment option that can hide […]
November Newsletter Published 11.11.20202020-11-05T15:29:13+11:00
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