Author: Sarah Wallace
A hand up for small businesses on cash flow
The ATO has produced a “Cash Flow Coaching Kit”, which is a free resource and designed as a value-add advisory tool for small business owners. It does not replace any existing accounting or financial tools, although it can be used to complement software accounting packages. With its tailored coaching conversations about cash flow management, the...
Other vehicle FBT changes under COVID-19
The special circumstances that coronavirus has thrown our way looks like having some very practical outcomes on certain areas of fringe benefits tax. One of the most prevalent and well-established category of fringe benefits centres on the provision and use of vehicles. The parking of a car, for instance, is a benefit that comes with...
Make sure you update your ABN: It can be vital
Government agencies regularly access data contained in the ABN registration, and where this is not up-to-date the taxpayer may be missing out on stimulus measures, grants, and other government support. This became painfully evident during the 2019-20 bushfires, and is now re-surfacing during COVID-19 when it was found that a concerning amount of ABN data...
Wallace Partners Client Information Newsletter March 2021
Access our Wallace Partners Client Information Newsletter March 2021 below:
Bonus Article, Taking advantage of the superannuation guarantee amnesty may have one last hurdle
At the time when the superannuation guarantee amnesty measure ran its course (it expired 7 September 2020), the Assistant Minister for Superannuation Jane Hume reported the amnesty resulted in 24,000 employers coming forward, with about $588 billion paid into nearly 400,000 accounts. Businesses that qualified for the amnesty by disclosing unpaid SG before the deadline,...
Bonus Article – Treasury discussion paper on self-education expenses
Late last year, Treasury released a discussion paper around the announcement in the 2020-21 Federal Budget to allow individuals to claim deductions for education and training expenses they incur where the expenditure is not related to their current employment. This is on top to the FBT exemption already announced for employment-provided retraining and reskilling for...
Natural disasters and help with your tax
Now that we are into bushfire season, and even flooding events have already occurred, it is perhaps timely to be reminded that as well as the more obvious immediate devastation inflicted on people’s property, destructive events such as fires or floods can also mean loss of income for the many affected people. This can come...
Single touch payroll: When your reporting can cease
A business may no longer be required to lodge single touch payroll (STP) reports for a number of reasons. These are if your business no longer has employees, has ceased trading, has changed structure, is not paying employees for the rest of the year, or has paused due to COVID-19. Depending on your business’s situation...
Getting a tax valuation from the ATO
Not every individual situation fits neatly with the tax laws as they stand — sometimes a taxable item’s known value (and therefore the tax that applies to it) may need to be determined. Many tax laws require the taxpayer to determine the market value of something. Common instances include: for individuals – transfers of real...
JobMaker hiring credit: What you need to know
The JobMaker Hiring Credit scheme was passed into law in mid-November 2020. JobMaker was part of the 2020-21 Federal Budget, and will operate until 6 October 2021. It is designed to improve the prospects of young individuals getting employment, by incentivising employers to hire them, following the devastating impact of COVID-19 on the labour market....