Financial Safety Checklist
You can do these things to improve your financial life: Reduce Credit Card Debt Why this is important You get charged around 20% interest on credit card balances. Unpaid credit card balances are the fastest way to go backwards financially. What action you should take Focus on reducing your Credit Card balances to NIL before you do anything else, and then keep your spending down so you can repay your credit card balance each month. Separate Bank Accounts Why this is important It’s too hard to know where you are financially with just one bank account. Using 3 different accounts …
Scam Awareness week
Australians have lost over $192 million dollars to scams during the last year. This is an increase of 95.4% from last year. This scam awareness week the ACCC is encouraging Australians to talk about scams with their family and friends to raise awareness. How to identify a scam Someone asks your for personal information, like your bank details or passwords, or access to your computer. Someone you’ve never met in person asks you for money or asks you to give them money by unusual payment methods such as gift cards, wire transfers, or cryptocurrencies. Something sounds too good to be …
Government moves on Budget Changes
The Federal Government announced a number of proposed changes to super and SMSFs in this year’s Federal Budget (2021-22). Many of these were lauded as positive for superannuation – expanding contribution opportunities, along with addressing long overdue SMSF issues with legacy pensions and the inequities in the existing residency rules. There was some thought that the introduction of these changes would be deferred until after the Federal election in the first half of next year. However, the Federal Government introduced Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Bill 2021 into Parliament on 27 October …
Doing Business with Wollongong City Council – upcoming information session for local suppliers
Just a reminder that Wollongong City Council will be hosting a free online information session this Thursday, 28 October at 1:30-3pm, open to all local businesses interested in supplying to Council. The session will be held using Microsoft Teams and registration is essential. If you would like to attend, please register here. The objective of the session is to engage with local businesses in order to: Assist with understanding ‘how to do business’ with Wollongong City Council. Increase awareness of the opportunities presented by Council’s Infrastructure Delivery Program, especially over the next 12 months. The size of the current program …
JobMaker Hiring Credits payments – Claim Now
JobMaker Hiring Credit payments are able to be claimed for additional eligible employees hired between the 7th of April 2021 – 6th July 2021. Claims must be made by the 31st of October 2021. Eligibility Criteria Employers may be found eligible if you meet all of the following: has registered for the JobMaker Hiring Credit scheme either operates a business in Australia is a not-for-profit organisation operating in Australia is a deductible gift recipient (DGR) endorsed either as a public fund or for a public fund you operated under the Overseas Aid Gift Deductibility Scheme (DGR item 9.1.1) or for developed …
NSW Government – Accommodation Support Grant
The NSW Government is offering accommodation providers whom have experienced cancellations during the June – July Public School holidays (25th June – 11th July 2021) an Accommodation Support Grant. If your business was impacted, you may be eligible for one of 2 grant amounts: $2,000 for cancellations of 10 nights or less $5,000 for cancellations of 11 nights or more. If you have more than one accommodation property in NSW, you’ll be able to apply for each property. To be eligible for the grant you must: Be an eligible business as defined by ANZSIC codes in the guidelines Have accommodation …
Update – JobSaver, Disaster Payments & Micro Business grants
The NSW and federal government have announced plans to phase out support payments and vaccination rates as NSW reach the 70% & 80% targets. JobSaver Grant – 70% Vaccination rate Payments will reduce from 40% to 30% of weekly payroll Minimum weekly payment will be $1,125 Maximum weekly payment will be $75,000, and Weekly non-employing business payment amount will reduce to $750 JobSaver Grant – 80% Vaccination rate Payments will reduce from 30% to 15% of weekly payroll Minimum weekly payment will be $562.50 Maximum weekly payment will be $37,500, and Weekly non-employing business payment amount will reduce to $375. …
Director ID’s are now required
Director ID’s are now required for Directors of Australian Companies. If you were a Director on or before 31st October 2021 you will have until the 30th of November 2022 to apply. Director’s who have been appointed between 1st November 2021 & 4th April 2022 will have 28 days from appointment to apply. From the 5th of April 2022 you will need to apply for the Director ID prior to your appointment. Please click here to read more about Director ID. How to Apply Step 1 – Set up myGovID You will need a standard or strong identity strength myGovID …
What Home Office Expenses Can You claim in 2020-2021 Financial Year?
If you performed some of your work from your home office during the 2021 financial year, you may be able to claim a deduction for the costs you incur in running your home office, even if the room is not set aside solely for work-related purposes COVID-19 IMPACT – CONTINUING ARRANGEMENTS The Australian Taxation Office (ATO) has announced special arrangements to continue this year due to COVID-19 to make it easier for people to claim deductions for working from home. These arrangements will allow people to claim a rate of 80 cents per hour for all their running expenses, …
