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