Entries by harvest-staff admin

NSW Budget 2020-21

Tax HighlightsThe 2020-2021 Budget was described as responding to the urgent needs of NSW now, whilst also looking beyond the current crisis and into the future. The key factors for NSW businesses are as follows: Changes to payroll tax rates and thresholds $1,500 digital voucher Commercial rent relief Jobs Plus program Tax reforms Payroll tax […]

Tax deductions for investing in your business

Stimulating investment is high on the Government’s agenda. To encourage spending, the 2020-21 Budget introduced a measure that allows businesses with turnover under $5bn* to immediately deduct the cost of new depreciable assets and the cost of improvements to existing assets in the first year of use. This means that an asset’s cost will be […]

JobMaker Hiring Credits: What we know so far

We’ve had quite a few questions about the JobMaker hiring credit announced in the 2020-21 Federal Budget. The legislation enabling the JobMaker scheme has not passed Parliament as yet and until this occurs, the JobMaker rules are not certain and may change. More details should be available soon and we’ll let you know as soon […]

BUSINESSES GIVEN A MONTH TO IMPLEMENT UPDATED ATO TAX TABLES

The changes to personal income tax thresholds identified in the Federal Budget have been passed by Parliament and the ATO has subsequently updated it’s tax tables and withholding schedules. The changes will apply to payments made on and from 13 October this year, with employers now given until mid-November to implement the adjustments. “As the changes […]

Budget 2020-21 Update

Road to Recovery? The 2020-21 Federal Budget is a road to recovery paved with cash.   Key initiatives include: Personal income tax cuts from 1 July 2020 A $4 billion ‘JobMaker’ Hiring Credit to encourage businesses to take on additional employees aged 16 to 35 years old $110 billion in infrastructure investment over 10 years […]

Superannuation Guarantee Amnesty Ends 7 September 2020

Do you need to apply for the superannuation guarantee amnesty? If yes, you need to act now.   If you have unpaid super to your employees, you must apply for the amnesty no later than 7 September 2020 to avoid incurring penalties or paying administration fees.   To be eligible for the amnesty you will […]

JobKeeper 3.0

JOBKEEPER 3.0 The Treasurer has announced further changes to JobKeeper, following on from our Newsletter ‘JobKeeper 2.0’ on 23 July 2020. SUMMARY OF KEY POINTS 1. The relevant date of employment will move from 1 March 2020 to 1 July 2020, which increases the number of employees able to access JobKeeper. 2. JobKeeper payments from 28 September 2020 – 3 January […]