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
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
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
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
What lockdown support is available to NSW business? If your business is adversely impacted by NSW lockdowns, support is available. Three primary methods of financial support are available to businesses during extended lockdowns: Up to $15,000 through the expanded NSW 2021 COVID-19 business grants program Up to $100,000 in weekly JobSaver cashflow support payments, and … 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
