Blog
Fleece to Fashion Gala Awards 2022
May 12, 2022
The Fleece to Fashion Awards was held at the Deeargee Woolshed on Monday and attracted fashion design entries from Adelaide, Brisbane, Melbourne, Sydney, Mildura, Young, and the local New England region. For the first time since the beginning of the pandemic, the...
COVID-related support for SMSFs
Apr 27, 2022
Because of the financial impacts of COVID-19, you (in your role as trustee of an SMSF), or a related party of the fund, may provide or accept certain types of relief, which may give rise to infringements of the super laws. You may also have been stranded overseas...
Check your PAYG instalments
Apr 22, 2022
The PAYG instalment system allows a business to spread its income tax liability across the tax year. This helps with cash flow, but also means the business is not faced with a large tax bill after the end of the tax year. Most businesses lodge and pay instalments...
Changes on Trusts and Trust Distributions
Apr 20, 2022
Family trust beneficiaries at risk The tax legislation contains an integrity rule, section 100A, which is aimed at situations where the income of a trust is appointed in favour of a beneficiary, but the economic benefit of the distribution is provided to another...
Are Your Contractors Employees?
Apr 20, 2022
Two landmark cases before the High Court highlighted the problem of identifying whether a worker is an independent contractor or employee for tax and superannuation purposes. Many business owners assume that they will not be responsible for PAYG withholding,...
Succession planning – NSW farming families
Apr 20, 2022
The stamp duty exemption for farms in NSW has recently been broadened and will greatly increase the succession planning options available to families in the rural sector. The past exemption for transferring farming properties between generations requires the...
The Federal Budget 2022-23: Support for Small & Medium Businesses
Apr 1, 2022
On March 29, 2022, Treasurer Josh Frydenberg delivered Australia's 2022-3 federal budget. There were minimal tax changes for businesses in this budget. However, this article details some of the main support measures announced that will interest small &...
Div 7A and financial accommodation
Mar 31, 2022
The ATO has recently released a significant draft ruling around Div 7A, which ensures that private companies cannot make tax-free distributions of profits to shareholders or their associates in payments, loans, or forgiven debts. Generally, a private company is taken...
AAT to get more powers to help small businesses
Mar 31, 2022
The AAT may soon be given more powers to help small businesses if a proposed Bill passes Parliament before the Federal election is called. The Bill, which is currently before the House of Representatives, seeks to enable small business entities to apply to the Small...
Get ready for FBT time, 23 May 2022
Mar 31, 2022
The end of March signals the approach of FBT time. Employers that have not previously provided employees with fringe benefits need to be aware this year that any COVID-19 related items provided may be subject to FBT, including rapid antigen tests and protective...
Super guarantee minimum threshold removed
Mar 31, 2022
In Australia, it is estimated that around 300,000 young, part-time, mostly female workers currently and legally do not receive super contributions from their employers under the super guarantee scheme. This is due to their before-tax earnings per month falling below...
Support for farmers and primary producers after the floods
Mar 16, 2022
Farmers & Primary producers hit by storms and floods in NSW can access $15,000 immediately, through grants of up $75,000, as part of the jointly funded Commonwealth-State Disaster Recovery Funding Arrangements. Grants are now available for eligible primary...