The JobMaker Hiring Credit scheme is an incentive for businesses to employ additional young job seekers between 16 and 35 years of age. Eligible employers can access the JobMaker Hiring Credit for each eligible additional employee hired between 7 October 2020 and 6 October 2021. The first JobMaker period is 7 October 2020 to 6 […]
In March 2021, the ATO released PCG 2021/D2 – its draft guidance on the taxation of profits in professional services firms. The draft guidelines will apply from 1 July 2021 and professional services including accountants, lawyers, architects, engineers, financial service providers, medical practitioners, among others, will all be affected. The ATO is specifically concerned with professional practices […]
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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 […]
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 […]
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 […]
Click here to download the Spring 2020 Newsletter Profit Matters
Click here to download the Business Matters Newsletter Issue Q4 2020
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 […]
