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100% Write Off for Existing Small Business Equipment

Many small business owners would be aware of the 2020 Federal Budget measure to allow their business to immediately claim a tax deduction on the full cost of equipment purchased and installed between 6 October ’20 and 30 June ‘22, no matter the cost.
Interestingly, the same concession also applies to existing equipment, where the simplified […]

Federal Budget 2020-21 Headlines

Summary of Federal Budget 2020-21 headline measures:

Immediate reduction in personal income tax. This will be reflected in employees regular pay, via a reduction in PAYGW, soon after the budget is passed by parliament.


Ability for businesses with turnover less than $50 million to deduct the full cost of eligible new or used assets of […]

Country Trips October 2020

Our Principals will be visiting the following towns and surrounding during their country trips in October 2020.

Please contact the office should you wish to schedule an appointment on one these country trips.

Country Trips October 2020:

October 12-16:  Kadina, Crystal Brook., Melrose, Laura, Peterborough, Jamestown, Spalding, Booborowie, Burra, Bute & Clare.
October 19-22: Naracoorte, Penola, Millicent […]

JobKeeper 2.0

Enrolments for JobKeeper 2.0 have now opened.

To be eligible for the initial 3 months of the scheme, a business’ turnover for the September ’20 quarter (generally G1 on the Business Activity Statement) must have reduced by at least 30% compared to the September ’19 quarter.
There are alternate tests available for businesses where this is not […]

COVID-19 HomeBuilder Grant

The COVID-19 HomeBuilder Grant is designed to provide eligible owner occupiers (not just first home buyers) with a tax-free grant of $25,000 to build a new home or substantially renovate an existing one.

The grant will run from 4 June 2020 until 31 December 2020, with construction required to be commenced within three months of the […]

Laws on Bankruptcy Changed to Help Cope with COVID-19

The government has temporarily changed laws on bankruptcy to help protect people who are facing unmanageable debt as a result of the economic impacts of COVID-19. If you are in financial difficulty, application can be made for temporary debt protection, which prevents recovery action by unsecured creditors, for six months.

June 2020
The threshold of debt that […]

Concerns On Property Development and SMSFs

The ATO, as regulator of selfmanaged superannuation funds, has reported an increase in the number of SMSF trustees entering into arrangements involving buying and then developing property (either with related or unrelated parties) that is subsequently sold or leased.

June 2020
Trustees should be aware that the ATO is taking an active interest in property development investments […]

COVID-19 and Residential Rental Property Claims

Many residential rental property owners have had their rental income affected by COVID-19. As a result of this income year not being business as usual, the ATO has provided answers to some typical scenarios that may crop up in this area for tax time.

June 2020

Expatriates: Part-year Resident or Non-resident for Tax Purposes?

So what happens from a tax point of view when a person leaves Australia part-way through the income year? How is the income they derived before that time taxed? And how is any income they derived after that time taxed (whether from Australian or foreign sources)?

June 2020
Well, the answer will primarily depend on whether the […]

Last-minute Tax Planning Tactics

This financial year is almost over,but there are still effective strategiesyou may be able to employ to makesure you pay the right amount of taxfor the 2019-20 year and maximiseany refund entitlement. This is still, ifnot more so, the case in the currentCOVID-19 environment.

June 2020
While the best strategies are adopted as early as possible in […]