New insolvency rules commence

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Important changes to Australia’s insolvency laws commenced operation on 1 January 2021. The Federal Government has called these the most important changes to Australia’s insolvency framework in 30 years. The measures apply to incorporated businesses with liabilities less than $1 million. The intention is that the rules change from a rigid “one size fits all” […]

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Small businesses: don’t forget your FBT concessions

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If you own a small business still recovering from the COVID-19 induced downturn, remember that you can take advantage of FBT concessions to lower the amount of FBT you may need to pay. The concessions include exemptions for car parking in some instances, and work-related portable electronic devices. All this could mean more cash to […]

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JobMaker Hiring Credit rules and reporting

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With a range of government COVID-19 economic supports such as the JobKeeper and JobSeeker schemes winding down in the next few months, businesses that are seeking to employ additional workers but still need a bit of help can now apply for the JobMaker Hiring Credit Scheme. Unlike the JobKeeper Payment, where the money has to […]

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COVID-19 Supplement extension to 31 March 2021

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The Federal Minister for Families and Social Services has now registered the legal instrument that ensures the COVID-19 Supplement will continue to be paid until 31 March 2021 for recipients of: JobSeeker Payment; Parenting Payment; Youth Allowance; Austudy Payment; Special Benefit; Partner Allowance; and Widow Allowance. It will be paid at the rate of $150 […]

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ATO warning: watch out for tax avoidance schemes

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Tax planning or tax avoidance – do you know the difference? Tax planning is a legitimate and legal way of arranging your financial affairs to keep your tax to a minimum, provided you make the arrangements within the intent of the law. Any tax minimisation schemes that are outside the spirit of the law are […]

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