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We often get questions from clients about what they can and cannot do in their SMSF. Often the questions relate to related party transactions – that is, interactions between the SMSF, its assets, and its members (or relatives of members).  We’ve set out some of the common questions and answe...

Now, more than ever, business operators should have a plan in place to manage during uncertain times. Even if your business is not directly impacted, it’s likely your customers, your supply chain, and your workforce will be to some extent.So, how do you plan for uncertainty when every assumption ...

If you are selling your business, merging, acquiring, or inviting in new investors, you need to understand the value of your business. But, to what degree does the pandemic impact on value? Should you discount or hold firm to pre COVID-19 performance on the basis that ‘we’re going to come out of ...

With the employee test date for JobKeeper moved to 1 July 2020, some additional employees might have become eligible for JobKeeper. The August JobKeeper monthly business declaration is due by 14 September and is different to the previous form as it covers three JobKeeper fortnights.Employers need...

Short answer; probably.Income taxGrants are likely to be taxable unless they are specifically excluded from tax.If the grant relates to your continuing business activities, then it is likely to be included in assessable income for income tax purposes. The position can be different in cases where ...

Will the Prime Minister’s targeted $250 million package of funding to support cultural and creative projects and initiatives save the industry?The arts funding is aimed at kick starting the sector with funding preferencing commercial initiatives that generate jobs and are expected to have a posit...

From 1 July 2020, parents accessing the Government’s parental leave pay (PPL) scheme will have greater flexibility and options.Targeting the self-employed and small business owners, the changes introduce a new flexible paid parental leave pay period of 30 days.Previously, new parents could apply ...

An increase to the minimum wage of 1.75% will start rolling out for the first full pay period from 1 July 2020.The increase applies to minimum rates in awards in 3 stages:Group 1 Awards - from 1 July 2020Frontline Heath Care & Social Assistance WorkersTeachers and Child CareOther Essential Servic...

We always knew that a Government scheme swiftly distributing cash during a crisis was going to come with equally swift compliance and review measures, particularly when eligibility was self-assessed. Two major Australian Taxation Office (ATO) initiatives are searching out fraud and schemes design...

Despite the current economic environment, the company tax rate will reduce to 26% for small and medium businesses from 1 July 2020. The 1 July change is part of a larger progressive plan to reduce the company tax rate to 25% from 1 July 2021 and applies to base rate entities (BRE) ...