What You Need to Know About 2022 Fringe Benefits Tax
On 31 March 2022, the Fringe Benefits Tax (FBT) year ends. With the ever increasing budget deficits as a result of COVID-19, the ATO will be reviewing whether all employers who should be paying FBT are paying it, and that they are paying the right amount. To help you meet your FBT obligations, we’ve put together a list of essentials every employer needs to know about FBT and review every year, such as: Should I be registered for FBT? Should you lodge a FBT Return even if no FBT is payable? Key things you MUST do on 31 March 2022 …
New ATO ruling on Trusts
Have a family trust? You could be affected by a new ATO ruling The Australian Tax Office (ATO) have just released four tax rulings that will stop commonly used trust distributions to related entities like family members. It’s one of the most significant developments for the taxation of trusts in over two decades. The key impact from these ATO rulings on your trust are: The ability to spread trust income across family members with a lower tax rates will be limited if not totally denied, consequently A family group’s overall tax payable will probably increase We need to let you …
Commercial Landlord Hardship Grant – Eligibility Criteria
The protections under the Retail and Other Commercial Leases (COVID-19) Regulation 2021 (the Regulation) for small retail and commercial tenants will be extended for an additional two months, until 13 March 2022. Grants of up to $3,000 per month (GST inclusive), per property, are available for eligible landlords who have provided rental relief waivers to affected tenants. Rent relief waived must comprise at least half of any rental reduction provided. The program is expanded in 2022 to landlords who claimed the 2021 land tax relief. The Regulation prohibits certain actions by landlords (such as lock out or eviction) unless they …
Small business fees, charges and RAT rebate – Eligibility criteria
The rebate has been increased from $2,000 to $3,000. In addition, eligible employing small businesses will be able to use the rebate to cover half the cost of Rapid Antigen Tests (RATs). The funds can be used not only to offset the cost of RATs, but also other Government fees and charges such as food authority licences, liquor licences, tradesperson licences, event fees, outdoor seating fees, council rates and road user tolls for business use. Already registered businesses will receive an automatic top up of $1,000 and newly registering businesses will receive a rebate of $3,000. Eligibility Criteria To be …
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 …
