Forecasting during a pandemic

Now, more than ever, business operators should have a plan in place to manage during uncertain times. Even if your business is not directly impacted, it’s likely your customers, your supply chain, and your workforce will be to some extent. So, how do you plan for...

Has COVID-19 devalued your business?

If you are selling your business, merging, acquiring, or inviting in new investors, you need to understand the value of your business. But, to what degree does the pandemic impact on value? Should you discount or hold firm to pre COVID-19 performance on the basis that...

COVID-19 and your SMSF

COVID-19 has had an impact on many SMSFs. We look at the key issues. Early release of superannuation When a member of your fund wants to access up to $10,000 of their superannuation early under the COVID-19 measures, there are some additional steps that trustees need...

Working from home during COVID-19. What can I claim?

During the COVID-19 lockdown many people have had to work from home and there has been considerable investment in setting up new workspaces. Whether its plants, desks, computer equipment, water towers or even artwork, the key question is – what can I claim at...

Funding for the arts: what’s available and how can you get it

Will the Prime Minister’s targeted $250 million package of funding to support cultural and creative projects and initiatives save the industry? The arts funding is aimed at kick starting the sector with funding preferencing commercial initiatives that generate jobs...

Minimum wage increases by 1.75%

An increase to the minimum wage of 1.75% will start rolling out for the first full pay period from 1 July 2020.  The increase applies to minimum rates in awards in 3 stages: Group 1 Awards – from 1 July 2020 Frontline Heath Care & Social Assistance Workers...

The ATO on COVID-19 fraud warpath

We always knew that a Government scheme swiftly distributing cash during a crisis was going to come with equally swift compliance and review measures, particularly when eligibility was self-assessed. Two major Australian Taxation Office (ATO) initiatives are searching...

1 July company tax rate deduction

Despite the current economic environment, the company tax rate will reduce to 26% for small and medium businesses from 1 July 2020. The 1 July change is part of a larger progressive plan to reduce the company tax rate to 25% from 1 July 2021 and applies to base rate...

Have casual workers been granted annual leave?

News headlines recently stated that casual workers have won the right to paid leave following a decision in the Federal Court. As usual, the devil is in the detail. At present, there is no global change granting Australian casual workers paid leave. The case however,...

The ATO’s JobKeeper audit targets

The JobKeeper subsidy has progressed beyond the rush for eligibility and entered its second phase: compliance. Late last month, the Australian Taxation Office (ATO) released guidance highlighting where the regulator will focus its compliance resources. The JobKeeper...