This is a safe, ballot box friendly Budget as expected with a focus on jobs, cost of living, home ownership, and health. Key initiatives include: A 6 month, 50% reduction in fuel excise with effect from midnight Budget night A $420 cost of living tax offset for low and middle-income earners from 1 July 2022 … Read more
Two landmark cases before the High Court highlight the problem of identifying whether a worker is an independent contractor or employee for tax and superannuation purposes. Many business owners assume that if they hire independent contractors they will not be responsible for PAYG withholding, superannuation guarantee, payroll tax and workers compensation obligations. However, each set … Read more
Temporary full expensing enables your business to fully expense the cost of: new depreciable assets improvements to existing eligible assets, and second hand assets in the first year of use. Introduced in the 2020-21 Budget and now extended until 30 June 2023, this measure enables an asset’s cost to be fully deductible upfront rather than … Read more
Your business is there to serve you; not the other way around. In other words; you should never be a slave to your business. DO you find yourself on the never-ending merry go round of business, day to day, week to week and before you know it months have passed and it feels like nothing … Read more
Late last month, the Australian Taxation Office (ATO) released a package of new guidance material that directly targets how trusts distribute income. Many family groups will pay higher taxes (now and potentially retrospectively) as a result of the ATO’s more aggressive approach. Family trust beneficiaries at risk The tax legislation contains an integrity rule, … Read more
We understand a Trust has been an amazing business structure and tax-saving vehicle over the years and many clients have them. They offer many barriers for risk protection and opportunities to reduce the amount of tax to be paid. It’s always a chance the ATO and government may look at a business structure that has … Read more
We’re excited to announce Clayton is going to be a part of this year’s Stars of the Border to raise money for Cancer. Stars of the border are like Dancing with the Stars, but it’s local business owners dancing and working to raise much-needed money for cancer. While Clayton has had family and friends be … Read more
Welcome to Small Business Month for our NSW businesses. Each year it gets a new theme for Small Business Month and this year it is ‘Rebuild – Recharge – Renew’. We’re on board this year as a Collaboration partner with the NSW gov and excited to be taking part. Our sessions and many others are … Read more
Acknowledging the difficulty that business operators have faced, the NSW Treasurer Matt Kean has announced a package of measures to support small businesses impacted by COVID-19 over January and February 2022. Releasing the package, the NSW Treasurer said, “household balance sheets are strong at the moment, when we get out of this wave, we expect … Read more
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
