The Federal Budget for 2023-24 year has been released with a number of measures included to continue the economic support for Australian’s. Key measures included in the Budget are: Small business asset write-off Small Business Energy Incentive Superannuation tax Change to super guarantee contributions Further economic support payments for eligible welfare recipients Please note that…
The Federal Budget for the 2020/2021 financial year has been released with a number of measures included to continue the economic support for Australian’s impacted by the COVID-19 pandemic. Key measures included in the Budget are: Changes to individual tax rates and tax offsets Threshold removed for small business asset write-offs JobMaker Hiring Credit of…
Now that the 2020 financial year is completed, it is time to complete your end of year payroll processes in Xero. Businesses have until 14 July 2020 to finalise their payroll figures and file to the Australian Taxation Office (ATO). Below are the steps we recommend you follow to finalise your business’s Single Touch Payroll…
This year many of us have been forced to work from home due to the Coronavirus outbreak. The Australian Taxation Office (ATO) has introduced a temporary short cut method to make calculating home office running expenses easier for taxpayers to include as a deduction in their tax return. Short cut method The short cut…
The Government has announced a second economic stimulus package package detailing further support available to assist businesses throughout the Coronavirus outbreak. The following measures are in addition to those outlined in the first economic stimulus and we have summarised them for you as follows: Support for Individuals Support for Retirees Support for Businesses Please note…
The Queensland Government has just announced further measures to help local business keep Queenslanders in jobs amid the Coronavirus crisis. Jobs Support Loans Businesses can access loans of up to $250,000 with an initial 12-month interest free period to assist with maintaining operations and retaining staff. The Queensland Rural and Industry Development Authority is currently…
To assist Australians experiencing financial difficulty as a result of the Coronavirus outbreak, the Australian Taxation Office (ATO) is implementing a number of administrative concessions for businesses. These measures include: The option to defer some income tax and activity statement payments by up to four months Allowing businesses that lodge quarterly activity statements to lodge…
Today the Prime Minister has announced a $17.6 billion economic plan to support the Australian economy as we deal with the impacts of the Coronavirus. The focus of this stimulus package is to help small and medium businesses stay in business and keep Australians in jobs. Small businesses will benefit from the stimulus with the…