News
2022 Tax Time Targets
The ATO has flagged four priority areas this tax season where people are making mistakes. With tax season almost upon us the Australian Taxation Office (ATO) has revealed its four areas of focus this tax season. Record-keeping Work-related expenses Rental property...
NSW Small Business Support Program
The NSW Government have recognised the impact of Covid-19 on small businesses during the start of 2022 and are offering another grant for those that have suffered a significant downturn. Read on to find out if your business is eligible for the Small Business Support...
November 2021 Update
2021 has certainly been a year of unpredictability. To help those businesses that are still impacted by COVID 19, the Government have extended the Code of Conduct for Commercial Leasing which offers assistance for both the tenant and the landowner. There has also...
What lockdown support is available to your business?
If your business has been adversely impacted by the recent lockdown in NSW, support is available but there are limitations. The NSW Government has announced new grants of up to $10,000 for businesses adversely impacted by the recent COVID-19 lockdowns....
2021 ATO Areas of Focus
Each year the ATO puts the spotlight on areas that they will scrutinise more closely to ensure tax compliance. This year they have highlighted the following: Cryptocurrency Some people believe that the anonymity of cryptocurrency means that they can ignore tax...
2021 EOFY Tax Tips
Before we say goodbye to the 2021 financial year, have you considered the following last-minute strategies to manage your tax before the year is out? Bring Forward Expenses If you have any expenses due in July/August 2021, then it may be beneficial to look at...
2022 Rate Changes
As we move into the new financial year, there are a number of rate changes that business owners need to be across that commence from 1 July 2022. Income Tax Rates Company tax rates for base rate entities are decreasing again in 2022. Income Year Aggregated...
April 2021: Super, Company Tax, NSW Grants & Rebates
Don't Forget to Pay Your Super! Quarter 3 superannuation payments are due on 28th April 2021. With the introduction of Single Touch Payroll and super reporting, it is easy for the ATO to check if payments have been made on time. And now that late...
JobKeeper 2.0 Update
There is no doubt that the JobKeeper stimulus package has been a lifeline to many businesses during the roller-coaster year of 2020. But as the existing program winds up this week, businesses should be considering whether they are eligible for the payments from the...
Mini Budget 2020
The Federal Treasurer provided an update on the economic and fiscal outlook on 23rd July 2020. There were no surprises that the global pandemic had a significant effect on the economy with Treasurer Josh Frydenberg confirming in the 'mini budget' that the figures put...
JobKeeper 2.0
Last night the Federal Government announced that the JobKeeper program will be extended until 28th March 2021. The aim of the JobKeeper extension is to support those businesses that continue to be affected by COVID-19. Consequently there are a number of changes to...
EOFY 2020 – Tax Tips
With the end of the financially year looming, this is a time for businesses and individuals to look at what they can do now. Superannuation Superannuation payments are deductible in the year the super is paid. It is time to review your payroll records, and pay any...
Updates to the JobKeeper Program
As we enter the month of May, we will start to see the first of the JobKeeper Payments paid out to eligible businesses. Due to the nature of announcing a stimulus package at short notice, details of the program have been developed and released progressively throughout...
JobKeeper Payment
Last night the Prime Minister, Scott Morrison, announced the latest in the Covid-19 stimulus packages that aim to ease the impact of the pandemic on our local economy. The main focus of the JobKeeper Payment is to keep more Australians in jobs and support the...
COVID-19 Stimulus Package 2
Covid-19 Stimulus Package 2 To our dear clients, We are all facing an incredibly trying time for our economy, businesses, employees and retirees. The second economic stimulus package announced yesterday by Prime Minister Morrison and Treasurer Frydenberg has been...
Superannuation Amnesty Bill
Superannuation Amnesty Bill After nearly two years in the planning, the superannuation guarantee amnesty bill has now passed both houses and is awaiting royal assent. As a result, employers have a window of opportunity to 'set things right before much tougher...
December 2019 Update
Entertainment There is so much misinformation about what you can and can’t claim when it comes to entertainment expenses. There are so many variations depending on the nature of the expense and who is receiving them that there is no wonder it’s a confusing area for...
2019 Employer Update
Single Touch Payroll As we head into the new financial year, employers need to be preparing for the new Single Touch Payroll (STP) reporting requirement that will become mandatory on 1st July 2019. To be STP compliant, employers will need to report wages, withholding...
2019/2020 Budget
Budget 2019-20: The pre-election announcements that are now law The Federal Budget announced a series of measures, some of which were legislated before the election was called. Extension and increase to the instant asset write-off The popular instant asset write-off...
2018/2019 Budget
The federal budget was passed down on 8th May 2018 by Treasurer Scott Morrison and contained proposed changes that will affect a significant proportion of the Australian public. Take a look as we review the highlights. Personal Income Tax Tax...
End of Financial Year for Small Businesses
As we near the end of the 2017 financial year the Care Accounting team share a few tips to ensure that you end the year on a high and are ready to start 2018 in tip-top shape. Bank Reconciliation Ensure all bank transactions are reconciled. We will need copies...
2017 Legislation Update – Taxation & Superannuation
As we fly through 2017 at lightening rate, we thought we’d update you on recent taxation and superannuation changes that may affect you or your business. Small businesses get bigger: The Treasury Laws Amendment Bill 2016 has increased the number of entities...