- May 14, 2021
Taxpayers falling behind on tax debts and lodgement obligations can soon expect contact from the ATO in the wake of JobKeeper ending.
The change in approach comes after the ATO began sending letters to taxpayers in February to warn them of potential sterner action if they failed to make good on their obligations and had refused to get in touch with the Tax Office.
The ATO has stated that from the end of March 2021, where appropriate, penalties will resume.
- May 10, 2020
- April 17, 2020
The discussion of when things don’t go to plan for cashflow in your business is a nightmare. What to do? Natalie Parker, Director, MB+M identifies factors to focus on, and actions you can take to prepare your business to exit Covid-19 in a positive position.
- March 18, 2020
The Federal Government has announced a $17.6 billion stimulus package to counter any economic downfall that may be caused by COVID-19 (coronavirus). The measures have the potential to provide significant cash flow to business taxpayers in the short term, funded predominantly through the tax system. The package includes: 1.Instant asset write-off threshold increase to $150,000; 2.Accelerated Depreciation Deduction; 3.An instant asset write-off extension; 4. 50% Asset investment incentive; 5. Cash payment to employers of between $2,000 to $25,000; 6.50% wage subsidy for apprentice’s or trainee’s wages; 7. support to regions and communities impacted by the coronavirus, including ATO payment support; and; 8.One off $750 payment to certain concessional recipients. Due to the limited time in which the package applies, taxpayers should immediately consider whether they qualify for these measures and the impact of each of the measures on their business and cash flow.
- June 13, 2017
Deadline looms for SMSF’s additional contributions Article provided by Adviser Voice Adviser Voice SMSF trustees looking to take advantage of the higher contribution caps for concessional and non-concessional contributions that end on 30 June 2017 need to ensure any additional money is in their SMSF bank account before the end of the financial year. SMSF … Continue reading “End of Financial Year scarily close …”
- June 15, 2016
By Peter Strong and David Gregory What does $10 million in turnover mean? Firstly it isn’t profit. We wish it were. The federal budget has changed the definition of small businesses from one that has “a turnover of less than $2 million” to one with “a turnover of less than $10 million”. The number of … Continue reading “Why a company that is turning over $10 million is still a small business”
- May 10, 2016
[table id=2 /] How does it work? The Government co-contribution is an initiative to help eligible low to middle income earners boost their retirement savings. If your total income1 is less than $35,454 p.a. and you make personal (i.e. after-tax) contributions to your super any time this financial year, the Government will match your contributions … Continue reading “Get a Super Top up from the Government”