Federal budget 2021-22: Your superannuation

Work test repealed for voluntary superannuation contributions Date of effectThe first financial year after Royal Assent of the enabling legislationExpected to be 1 July 2022 Individuals aged 67 to 74 years will be able to make or receive non-concessional or salary...
Federal budget 2021-22: For individuals & families

Federal budget 2021-22: For individuals & families

Low and middle income tax offset extended Date of effectFrom 1 July 2021 to 30 June 2022 As widely predicted, the Low and Middle Income Tax Offset (LMITO) will be extended for another year. The LMITO provides a reduction in tax of up to $1,080 for individuals with a...

Federal budget 2021-22: For business

For business, the most significant announcements in this years budgets are extensions to the instant asset write off and loss carry back schemes. Temporary full expensing extension Date of effectAssets acquired from 7:30pm AEDT on 6 October 2020 and first used or...
Federal Budget 2021-22: The Balancing Act Budget

Federal Budget 2021-22: The Balancing Act Budget

The 2021-22 Federal Budget is a balancing act between a better than anticipated deficit ($106 bn), an impending election, and the need to invest in the long term. Key initiatives include: Extension of temporary full expensing and loss-carry back providing immediate...
Tax exemption for ‘granny flat’ arrangements

Tax exemption for ‘granny flat’ arrangements

To protect older Australians, the Government has moved to formalise ‘granny flat arrangements’ by providing an incentive to protect all parties in the arrangement.  Typically, granny flat arrangements occur when an older person transfers some sort of...
The top 8 reasons why staff leave

The top 8 reasons why staff leave

Australia is facing a shortage of skilled labour. When the supply of staff dry up the focus often turns to retention. But the first step is to understand why people you want to stay, choose to move on? Very few people will reveal the whole truth about why they leave...
The new lifetime Director IDs

The new lifetime Director IDs

Directors will be required to register for a unique identification number that they will keep for life, much like a tax file number under a rewrite of Australia’s business registers. ASIC does not currently verify the identity of directors and Elvis Presley and Bob...
Tax treatment of JobKeeper payments handed back to ATO

Tax treatment of JobKeeper payments handed back to ATO

The ATO has clarified the tax treatment of JobKeeper payments handed back to the Government. The clarification comes after the Super Retail Group, Dominos Pizza and Toyota collectively returned more than $20 million in JobKeeper payments after reporting exceptional...
The 1 July 2021 superannuation changes

The 1 July 2021 superannuation changes

Changes from 1 July 2021 will impact how much money you can contribute to superannuation and how much you can have in your retirement phase superannuation account. In general, your superannuation is either in an accumulation account (when you are building your super),...
JobMaker fails to boost employment

JobMaker fails to boost employment

The Government’s JobMaker scheme has created 609 new jobs since registrations opened on 1 February 2021, despite around 15,000 businesses registering their interest in the scheme.  The hiring credit is available for jobs created from 7 October 2020 until 6...