News2020-09-24T18:45:14+10:00

Douglas & Harrison News

3007, 2021

More COVID-19 Support Coming for Eligible Sectors Hit the Hardest

More COVID-19 Support Coming for Eligible Sectors Hit the Hardest

We will update you further as information becomes available and applications are open.

More COVID-19 Support Coming A new jointly funded package from the Commonwealth and Victorian Governments will give Victorian small and medium businesses the extra support and […]

2007, 2021

2021-22 Lodgement Rates and Thresholds – July Information Newsletter

July Information Newsletter – 2021-22 Lodgement Rates and Thresholds Published 20.07.2021

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

July 2021-22 Lodgement Rates and Thresholds Issue Covered

  • Individual tax rates
    – Individual tax rates for residents
    – 2020-21 Tax thresholds
  • 2021-22 Resident minors’ tax rate on eligible taxable income
  • Individual […]
907, 2021

July Newsletter Published 9.07.2021

July Newsletter Published 9.07.2021

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

July 2021 Issue Covered

  • Avoid Common Mistakes in your Business Return, and include appropriate income
    – WHAT TO INCLUDE IN YOUR BUSINESS’S ASSESSABLE INCOME
    – CASH INCOME
    – GOVERNMENT PAYMENTS
    – COMMISSIONS, INVESTMENT EARNINGS, GRATUITIES, COMPENSATION PAYMENTS
    – INCOME NOT PART OF […]
906, 2021

June Newsletter Published 9.06.2021

June Newsletter Published 9.06.2021

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

June 2021 Issue Covered

  • The Tax Treatment of Cryptocurrency
    – CAPITAL GAINS TAX
    – PERSONAL USE ASSET
    – REVENUE ACCOUNT?
    – TRADING STOCK?
    – FOREIGN CURRENCY GAINS OR LOSSES?
    – RECORD KEEPING
  • New Guidance on “Personal Services Income” Rules
    – WHY THE PSI LURE?
    – […]
606, 2021

Assistance for Victorian Businesses – Victorian Government Grant

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 […]

406, 2021

Superannuation Changes 1 July 2021

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 – […]
3105, 2021

Victorian State Government $250 million Circuit Breaker Business Support Package

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 […]

1504, 2021

April Newsletter Published 15.04.2021

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 […]
804, 2021

Small Business Rebates, Grants and Support Still Available

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.

2503, 2021

Coronavirus Land Tax Relief

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 – […]
303, 2021

March Newsletter Published 03.03.2021

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 […]
202, 2021

February Newsletter Published 02.02.2021

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 […]
812, 2020

December Newsletter Published 08.12.2020

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 […]
1111, 2020

November Newsletter Published 11.11.2020

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
    – […]
710, 2020

Federal Budget 2020 – 2021

Federal Budget 2020 – 2021

Our Federal Budget 2020 – 2021 Newsletter was sent out today – Did you receive yours?

Federal Budget 2020 – 2021 Issue Covered

  • BUSINESS
    – FBT exemption to support retraining and reskilling
    – Reducing the FBT compliance burden of record keeping
    – Individual tax rates for residents
    – Increase to small business […]
110, 2020

October Newsletter Published 01.10.2020

October Newsletter Published 01.10.2020

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

October 2020 Issue Covered

  • JobKeeper rules, conditions and payment rates have changed
    – JobKeeper is a two-tiered payment arrangement
  • New data matching programs initiated by the Federal Government
    – SMEs: ATO confirms JobKeeper payments do not contribute to aggregated […]
2409, 2020

JobKeeper Payment Scheme Extension

JobKeeper Payment Scheme Extension

The JobKeeper Payment scheme has been extended until 28 March 2021, see https://www.ato.gov.au/General/JobKeeper-Payment/JobKeeper-extension-announcement/

The first phase of JobKeeper was designed to get money out to businesses as quickly as possible. An unintended consequence of this was some employees being paid more on JobKeeper than they had been before COVID. Businesses […]

2109, 2020

Third Round of Business Support Fund Grants – NOW OPEN

Third Round of Business Support Fund Grants – NOW OPEN

Eligible businesses will receive grants of $10,000, $15,000 or $20,000, depending on the business’ annual payroll.

It is important you check your ANZSIC industry classification on the Australian Business Register website to confirm your eligibility.  Eligible industries can be found in the ‘

109, 2020

September Newsletter Published 01.09.2020

September Newsletter Published 01.09.2020

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

September 2020 Issue Covered

  • COVID-19 payments and some issues for companies and trusts
    – Trust distributions
    – Cash flow boost
    – JobKeeper
    – Franking credits
    – Company beneficiaries
    — JobKeeper amendments
    — Business can claim previous year tax losses
  • COVID-19 and trust liquidity issues
  • […]

2508, 2020

Further Land Tax Relief for Landlords and Business Owners

Further Land Tax Relief for Landlords and Business Owners

The Victorian Government has announced further land tax relief for landlords and business owners, in response to the coronavirus (COVID-19) pandemic, as part of its extension of the commercial and residential tenancy relief schemes until 31 December 2020.

  • An increased 50% waiver of the […]
308, 2020

August Newsletter Published 03.08.2020

August Newsletter Published 03.08.2020

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

August 2020 Issue Covered

  • The JobKeeper scheme gets an update, plus an extension
    – The JobKeeper Payment Rate
    – Employees
    – Additional Turnover Tests
  • Has your super fund got you covered for insurance?
    – With COVID-19, maybe not
    – COVID-19 impact on […]
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