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2020 Budget Summary
We have summarized the main Tax related budget points released last night. Personal Income Tax Changes Some welcome tax cuts at the individual level as follows: Applicable rates from 01 July 2020 Increase on the 19% bracket from $37,000 to $45,000 Increase on the 32.5% bracket from $90,000 to $120,000 The rates would look like this: Tax
Jobkeeper UPDATE – Businesses now able to claim Jobkeeper for new employees
The government has registered a new legislative instrument on the 14 August, whereby the eligibility date for assessing employees eligible to Jobkeeper is Now 1 July 2020. As you would recall, the eligibility date for employees to be enrolled in jobkeeper was the 01 March 2020. Now this date has been shifted to 01 july 2020 providing room for further
End of Financial year end – Last few reminders
Since we are on the last few days of the financial year we thought it would be useful to send a couple of reminders to ensure you are all up to speed with all compliance issues coming up. Short and straight to the point: For individuals, COVID 19 brought up the opportunity to have an early access to your
JobKeer UPDATE operative provisions
UPDATE JOBKEEPER SUBSIDY PROGRAM Some of you would have received a text message on your phones yesterday about 5:48 pm directly with the ATO with some updated information regarding the Jobkeeper subsidy. So, we thought it would be good if we summarise and give you an updated view of how this program is likely to work. The actual
SMSF Investment Strategy Update 2020
Just a quick reminder / update regarding SMSF. As you would be aware, the ATO has recently released detailed guidelines on what the Investment strategy of the SMSF should consider. With the financial year approaching fast, and under the current circumstances in the economic and health fronts, we thought it would be appropriate to remind you of this little
JobKeeper Subsidy
Another development in the fight to keeps businesses afloat: This time around, the government has released a subsidy program called the JOBKEEPER program. This is mainly designed to assist employers / sole traders cover the costs of their wages. Eligibility Criteria for small businesses just like yours: – Turnover of less than $1 Billion per annum – The turnover of your
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