The NSW government has announced extensions to the JobSaver program, Micro-business Grant, and payroll tax deferrals for businesses affected by COVID-19. Extension to JobSaver The JobSaver program will be extended from 28 August 2021. The program provides eligible businesses with turnover from $75,000 to $250 million that have experienced a 30% decline in turnover with …
The purpose of a trust is to separate the legal and beneficial ownership of assets. The legal ownership of the asset rests with the trustee. The beneficiaries benefit from the income that flows from the assets. A trust is not a legal entity. It is best described as a legal “relationship” that is controlled by …
Hospitality, tourism and recreation are among the hardest hit industries during lockdown. These businesses are often large employers and are at increased risk of letting employees go as the lockdown protracts. They have also been continuously impacted by restrictions in one form or another since the pandemic started in March 2020. This expansion of the …
JobSaver for large tourism, hospitality and recreation businesses Read More »
Many businesses have been through and still are going through a tough and transformative period due to COVID-19. In some cases, companies have had to update, change and pivot just to survive – and this means having to rethink the core mission behind your business. With the pandemic, your business is faced with a new …
The NSW Government has announced it will re-introduce the National Cabinet’s Mandatory Code of Conduct for Commercial Leasing to mandate rent relief for eligible tenants impacted by COVID-19. Rental Relief for Tenants The Retail and Other Commercial Leases (COVID-19) Regulation 2021 will be extended until 13 January 2022 and will require landlords to renegotiate rent …
Rent relief for commercial tenants and support for landlords Read More »
Rental property investors can claim capital works deductions for construction costs for a rental property, however there are limits imposed in relation to the dates such works were completed. The deductions are only available on residential properties built after 17 July 1985. Generally, up to 15 September 1987 the rate is 4% a year (over …
Recent legislative reforms to the superannuation arena are set to change the retirement savings landscape for many Australians. The Federal Government says the Your Future, Your Super reforms will help ensure superannuation works in the best financial interests of all Australians by removing unnecessary waste, increasing accountability and transparency, and providing more flexibility for families …
What the new Your Future, Your Super means for you Read More »
COVID-19 Business Grant In response to the COVID-19 lockdown in Sydney and restrictions in regional NSW, the government has introduced the ‘2021 COVID-19 Business Grant’. If you’re a business, sole trader or not-for-profit organisation in NSW and you’ve been impacted by the recent COVID-19 restrictions, you may be eligible to receive once-off payments of: $7,500 …
NSW COVID-19 Business Support Grants and Assistance Read More »
There will most likely come a time when your SMSF will need to be wound up, with a change in members, the fund’s finances, perhaps separation or other family causes among the many reasons why winding up the fund becomes necessary. The many reasons people may find it necessary to wind up an SMSF could …
The ATO allows certain taxpayers to claim a deduction for the cost of buying and cleaning occupation-specific clothing, items of protective wear and for certain unique, and usually distinctive, uniforms. To claim a deduction it is generally expected that you will be able to provide evidence that you purchased the clothing concerned, and will have …
Getting deductions for clothing and laundry expenses right Read More »
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