“If you fail to plan, you are planning to fail” Another year, another June 30. A big day for business owners and accountants. To keep your end of financial year as smooth as possible, here are a few tips to ensure your 30 June runs effortlessly.
The Federal Government has announced an extension of the temporary reduction in minimum pension requirements until 30 June 2022.
Due to early transitional relief, it is time to start considering the impact of changing from SPFS to General Purpose Financial Statements (“GPFS”) and potentially implementing the change for the financial year ended 30 June 2021.
On 1 March 2021, the ATO released its Draft Practical Compliance Guideline PCG 2021/D2, which sets out its intended compliance approach to the allocation of professional firm profits. If you operate a professional firm including, but not limited to, accounting, architectural, financial services, medical and engineering the PCG may require a review of your arrangements.
There are winners and losers every year in every budget address, and the 2021/22 budget is no exception. This year’s announcements contain two key themes: recovery and innovation. The Treasurer has announced several measures that aim to push Australia’s small businesses beyond COVID-19’s orbit into a new age of technology and development.
Read our detailed 2020-21 Budget Report here.
Come and join us for breakfast as part of the Business Masterclass Series. This event will feature thought provoking comments following the Federal Governments Economic and Fiscal Update presented by Federal Treasurer, Josh Frydenbur.
Recently Treasury Laws Amendment (2020 Measures No 6) Bill 2020 was tabled in parliament and it provides a critical update to Federal Treasurer Josh Frydenburg’s budget night announcements regarding the full expensing of eligible assets through to 30 June 2022.
Due to COVID-19 changing the way we live, working from home is suddenly the new normal. Many taxpayers have set-up an office space in their homes and wonder what expenses they can claim and if claiming home office expenses will impact their entitlement to the main residence exemption.
As we begin to analyse the 2020/21 Budget papers, which is close to 1,000 pages, our initial reaction is positive and we are excited that there are stimulus measures for almost everyone. Personal tax cuts, employment incentives, company and business tax breaks, dwelling and infrastructure incentives, are all designed to ‘kick-start’ the massive Australian economic engine.