FBT updates and problem areas Is your business at risk of a nasty Fringe Benefits Tax surprise? We’ve outlined the ATO’s ‘red flags’ for employers and employees. RAT Tests There could be consquences in regards to RAT’s as they may fall under $300 this year, but maybe not next year. Businesses should prepare for the … Read more
SME lending options – Extension in time Around 80,000 loans worth around $7.3 billion have been written since the scheme commenced in March 2020. The Treasurer said the extension of the SME Recovery Loan Scheme continues the government’s ongoing support for small businesses as they continue to bounce back from the pandemic. While there is … Read more
We’re excited to introduce Business Edge Advisors! We’ve refreshed our brand with a new look and feel while retaining the same excellent award-winning service. We felt the old branding was not quite shining the light on our full service offering we provided for current and new clients. We are looking forward to continue to providing … Read more
Tax and the Normalisation of Cryptocurrency The Australian Taxation Office recently updated its guidance on tax and cryptocurrency. In early November, the Commonwealth Bank announced that it is now Australia’s first bank to offer customers the ability to buy, sell and hold crypto assets, directly through the CommBank app. You know when the banks come … Read more
The Government has introduced a new director ID regime with the aim of preventing the use of false and fraudulent director identities and to reduce unlawful activity, such as phoenix activity. All directors who are subject to the rules will apply for a director ID once and will keep this ID forever, regardless of whether … Read more
Australia’s two largest states and the ACT are in lockdown as the Delta strain of COVID-19 takes its toll while others are standing firm on a policy of eradication. The result is a country at a policy impasse and divided by border restrictions. And, it is not just businesses in lockdown that are in crisis. … Read more
WHAT LOCKDOWN SUPPORT IS AVAILABLE TO VICTORIAN BUSINESS? Support is available if you are impacted by the Victorian lockdowns. A series of grants and top-up grants are available to support Victorian business. There are two main streams for grants in Victoria: New grants – Grants or grant extensions for businesses that previously did not qualify or … Read more
LOCKDOWN SUPPORT SUMMARY Lockdown Support Summary We understand there is a lot of support around, a lot to take in, a lot to try and understand. Below is a summary of all the various support available at the moment in one handy place. Above all reach out for help and assistance if you need it, … Read more
If you can’t work because you or someone in your household is impacted by COVID-19, support is available. There are two payments accessible to individuals: the COVID-19 Disaster Payment; and, the Pandemic Leave Disaster Payment. How to apply for support You can apply for the COVID-19 Disaster Payment and the Pandemic Leave Payment through your … Read more
If you worked from home during lockdown and spent money on work related items that were not reimbursed by your business, you might be able to claim some of these expenses as a deduction – but not everything you purchase can be claimed. The ATO has stated that it is looking very closely at work … Read more