News2020-05-04T09:48:40+10:00

Douglas & Harrison News

307, 2020

Local Lockdowns Business Support Program – Victorian State Government

Local Lockdowns Business Support Program

Local Lockdowns Business Support Program – Victorian State Government

$5,000 grant to help businesses through temporary coronavirus (COVID-19) lockdowns.

As announced on Tuesday 30 June 2020, specific postcodes in Victoria will return to Stage 3 Stay at Home restrictions to help slow the spread of coronavirus (COVID-19).

  1. What support is available?

Businesses that are operating within a postcode affected by the return to Stage 3 restrictions are eligible for a one-off, $5,000 grant to help them get through to the other side of the local lockdown.

  1. What type of business can apply for this grant?

Businesses can apply if they:

  • are operating in a postcode that is affected by the return to Stage 3 restrictions (not necessarily their registered address); and
  • are an employing business; […]
207, 2020

July Newsletter Published 02.07.2020

July Newsletter Published 02.07.2020

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

July 2020 Issue Covered

  • POINTS TO REMEMBER
  • DEDUCTIONS
  • OFF THE DEDUCTION MENU
  • INSTANT ASSET WRITE OFF EXTENDED TO 31 DECEMBER
  • THE REALITIES OF INSURING AGAINST CYBER CRIME
    Proactive IT management and response plan
    – What does proactive IT management look like?
    – A big risk
    Cybercrime statistics
  • Remote AGMs and document signing allowed
    – ANNUAL GENERAL MEETINGS
    – EXECUTING OF DOCUMENTS
  • VARYING PAYG INSTALMENTS BECAUSE OF COVID-19
    – IF YOU ARE AN AMOUNT PAYER
    – IF YOU ARE A RATE PAYER
    – HOW TO CLAIM A CREDIT ON PAYG INSTALMENTS ALREADY PAID

DON’T MISS OUT ON VITAL INFORMATION
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706, 2020

Government $25,000 HomeBuilder Scheme

Government $25,000 HomeBuilder Scheme

Home Builder Scheme

HomeBuilder package unveiled;

The Federal Government has unveiled its HomeBuilder package, offering $25,000 for people to upgrade or build their homes.

From 4 June 2020 until 31 December 2020, HomeBuilder will provide all eligible owner-occupiers (not just first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home.

Construction must be contracted to commence within three months of the contract date.

On a basic level:

  • You need to be an adult Australian citizen with a taxable income less than $125,000 a year. If you live with your partner, your combined income has to be less than $200,000 per year. The income is based on your 2018-19 or later tax […]
206, 2020

June Newsletter Published 02.06.2020

June Newsletter Published 02.06.2020

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

June 2020 Issue Covered

  • INVESTMENT PROPERTY
  • PRE-PAY INVESTMENT LOAN INTEREST
  • BRING FORWARD EXPENSES OR DEFER INCOME
  • USE THE CGT RULES TO YOUR ADVANTAGE
  • FINAL REMINDERS
  • Expatriates: Part-year resident or non-resident for tax purposes?
    – Topics included;
    – Rental (passive) income and ‘carrying on a business’ for JobKeeper eligibility
  • COVID-19 and residential rental property claims
  • Concerns on property development and SMSFs
  • Laws on bankruptcy changed to help cope with COVID-19

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[…]

405, 2020

Coronavirus Land Tax Relief for Landlords

Coronavirus Land Tax Relief for Landlords Coronavirus Land Tax Relief Residential and commercial landlords who provide tenants impacted by coronavirus with rent relief and those unable to secure a tenant because of the pandemic may be eligible for a 25% reduction on the property’s 2020 land tax via My Land Tax.

These landlords can also defer payment of their remaining 2020 land tax up to 31 March 2021 via My Land Tax, an online application that enables people to manage their land tax information quickly and easily.

For commercial landlords to be eligible, the property must be rented to a tenant with an annual turnover of up to $50 million who is also eligible for […]

105, 2020

May Newsletter Published 01.05.2020

May Newsletter Published 01.05.2020

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

May 2020 Issue Covered

  • CAPITAL GAINS – Topics included;
    – CLAIMING COVID WORK-AT-HOME DEDUCTIONS
    – EXPENSES THAT CAN BE CLAIMED
    – EXPENSES NOT WITHIN THE COVID-19 AMBIT
    – CALCULATING RUNNING EXPENSES
    – SHORTCUT METHOD
  • Your Business and the JobKeeper Scheme – Topics included;
    – Eligibility
    – Steps to Enrol
  • Alternative Turnover Test for JobKeeper Released 
  • COVID-19 instant asset write off and accelerated depreciation
  • Early Release from Super a Relief, but comes with risks – Topics included;
    – TEMPORARY EARLY RELEASE OF SUPER
    – TEMPORARILY REDUCING MINIMUM DRAWDOWN
  • Here’s what attracts the ATO’s Attention About Luxury Car Tax – Topics included;
    – Common errors
    – What attracts ATO attention

DON’T MISS OUT ON VITAL INFORMATION
FOR YOUR BUSINESS / […]

2304, 2020

JobKeeper Payment for Employers – Enrol Now

JobKeeper Payment for Employers – Enrol Now

JobKeeper Payment for Employers - Enrol Now This information is current as of the latest updated date, however due to the evolving response to the crisis, we will update as changes occur.

Eligible businesses can now enrol with the ATO for the JobKeeper subsidy.

https://www.ato.gov.au/general/jobkeeper-payment/employers/enrol-for-the-jobkeeper-payment/

Key Dates:

  • From 20 April: enrol for JobKeeper payment.
  • By 30 April: enrol and pay your employees to claim JobKeeper payments for April if eligible.
  • 4 May onwards: identify your employees.
  • Each month: reconfirm eligibility.
  • If you need more time, you have until the end of May to enrol and identify your employees.

How to Enrol

Enrolment opened on 20 April 2020. If you wish to make a JobKeeper Payment ‘claim’ […]

1604, 2020

JobKeeper Update Action Now Needed

Jobkeeper Update – Action Now Needed

Jobkeeper Update - Action Now NeededWe understand these are challenging times and it is difficult to keep abreast of all the changes and information being provided around the Government COVID-19 stimulus packages.

We have attempted to summarise below important items that you need to be aware of right now that need your attention for registration and becoming entitled to the JobKeeper Payment. Should this be all too much, please reach out to our team to help you through the registration and payment process and help determining your eligibility.

Explanatory Statement

Treasury has released an Explanatory Statement regarding the new JobKeeper payment for entities that have been significantly affected by the economic […]

1404, 2020

Mandatory Industry Code for Commercial and Retail Leases

Mandatory Industry Code for Commercial and Retail Leases

SME commercial leasing principles during COVID-19.

Mandatory Industry Code

The Code will be legislated and managed by the States and Territories and will be subject to binding mediation.

The two core principles underpinning the Code will be good faith and proportionality, with landlords and tenants urged to work together on how to best manage rent relief going forward.

Landlords and tenants share a common interest in working together, to ensure business continuity, and to facilitate the resumption of normal trading activities at the end of the COVID-19 pandemic during a reasonable recovery period.

Who does the code apply to?

  • The code will apply to tenants with a turnover of $50m or less.
  • Tenants that have experienced a […]
704, 2020

Superannuation Changes 7 April 2020

Superannuation Changes 7 April 2020

Superannuation Changes 7 April 2020 was sent out today – Did you receive yours?

Superannuation Changes 7th April 2020 Issue Covered

  • Reduction to Minimum Super Pensions by 50%
  • Access to Superannuation up to $10,000 Before and After 1 July 2020
    Eligibility
  • Re Contribution Strategies
  • Temporary Reduction in Rent for SMSF Property
  • Investment Strategy Changes Due to Covid-19
  • In-house Assets

DON’T MISS OUT ON VITAL INFORMATION
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304, 2020

April Newsletter Published 03.04.2020

April Newsletter Published 03.04.2020

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

April 2020 Issue Covered

  • 17 Key points: The JobKeeper package Jobkeeper package completely explained, point by point.
  • Coronavirus Stimulus Package – Topics included;
    INSTANT ASSET WRITE-OFF
    ACCELERATED DEPRECIATION
    BOOSTING CASH FLOW FOR EMPLOYERS
    THE ANTI-AVOIDANCE PROVISION
    SUPERANNUATION CONTRIBUTIONS
    SGC AMNESTY
    STIMULUS PAYMENTS TO HOUSEHOLDS
    ADDITIONAL SUPPLEMENT FOR INCOME SUPPORT RECIPIENTS
    SUPERANNUATION DRAWDOWNS
    EARLY RELEASE OF SUPERANNUATION
  • e-bikes, FBT and Salary Sacrificing
  • Employers get an Amnesty for Missed Super Payments – Topic Addressed;
    SUPERANNUATION GUARANTEE AMNESTY BENEFITS
  • Individual or corporate trustee for your SMSF? – Topics included;
    ELIGIBILITY
    COSTS
    ASSET OWNERSHIP
    SEPARATION OF ASSETS
    REQUIREMENTS
    PENALTY DIFFERENCES
    SUCCESSION

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3103, 2020

JobKeeper Package for Employers/Employees

JobKeeper Package for Employers/Employees

Dear Clients

JobKeeper Package for Employers/Employees (FACT Sheets Below)

The Australian Government yesterday released a further measure to support businesses and employees.

This package will provide a flat minimum payment of $1,500 per employee per fortnight over the next 6 months to businesses affected by coronavirus COVID-19. This amount is equivalent to 70% of the median wage and represents 100% of the median wage for those industries most affected, such as tourism, hospitality and retail.

Employee eligibility

Full-time and part-time employees and casuals that have been with their employers for at least 12 months are all eligible for this payment, subject to them being at least 16 years of age. It will also be available to New Zealanders in Australia on 444 Visas.

Only currently engaged employees, including […]

2303, 2020

COVID-19 2nd Stimulus Package – Stage 1 Restrictions

COVID-19 2nd Stimulus Package – Stage 1 Restrictions

2nd Stimulus Package Information

The Australian Government yesterday released a second stimulus package in response to the Coronavirus which included an increased cash boost for employers of between $20,000-$100,000, access to new short-term unsecured loans, increased income support to social welfare recipients, halving of the minimum pension requirement, early access to superannuation and many more measures.  In addition, the Victorian State Government has waived payroll tax for the 2019-20 financial year if your payroll is less than $3 million dollars, they are offering grants, waiving licence fees, offering rent relief etc.  The Australian Taxation Office is also providing a range of support.

We hope the attached information is of assistance to work out what support is available to you in […]