Douglas & Harrison News
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.
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 […]
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 […]
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?
– […]
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 […]
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 – […] |
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 […]
Federal Budget 2021-22
Federal Budget 2021-22
The Government has decided not to go down the austerity path, which will be a relief for many taxpayers and businesses.
Rather, the Government has decided to put its foot on the accelerator with the hope that the growth in the economy over a long period of time will help to pay down the debt […]
May Newsletter Published 5.05.2021
May Newsletter Published 5.05.2021
Our May Newsletter was sent out today – Did you receive yours?
May 2021 Issue Covered
- EOFY Tips for Your Tax Plan
- Temporary full expensing
- Use the CGT rules to your advantage
- Investment property
- Pre-pay investment loan interest
- Bring forward expenses / defer income
- Dealing with excess before-tax super […]
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 […]
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.
Coronavirus Land Tax Relief
Coronavirus Land Tax Relief
2021 Applications
Applications for 2021 land tax relief are currently open for:
- residential landlords via My Land Tax, and
- landlords with multiple tenancies (residential or commercial) via our Coronavirus land tax relief – Multiple tenancy properties SmartForm.
Applications for 2021 land tax relief will open soon for:
- commercial landlords of properties with a single tenancy – […]
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 […]
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 […]
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 […]
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
– […]
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 […]
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 […]
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 […]
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 ‘
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
[…]
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 […]
Urgent JobKeeper Action Required
Urgent JobKeeper Action Required
The Government has amended the JobKeeper rules to allow more employees to qualify for the JobKeeper payment. This is achieved by extending the eligible employee test to also include eligible employees who were employed on 1 July 2020 (in addition to those employed on the original 1 March 2020 employment date), where they […]
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 […]