What you need to know. If your Queensland business has been impacted by the recent lockdowns, there is government assistance available from today. Applications for the 2021 COVID-19 Business Support Grants will open at 12pm (midday), 16 August 2021. All eligible businesses who apply for a grant...

The ATO has tax treaties with 45 countries that allow them to exchange information about offshore income and transactions. Any data received is matched against Australian tax returns as residents need to declare worldwide income, not just Australian-sourced income. You’ll need to declare any and all...

The ATO has advised employers intending to claim a tax deduction for super payments that they make for employees in the 2020/21 income year that any such payments must be accepted by the Small Business Superannuation Clearing House ('SBSCH') on or before 23 June 2021. This...

The ATO has confirmed that, from 1 July 2021, the superannuation concessional and non-concessional contribution caps will be indexed. The new caps for the 2021/22 year will be: Concessional Cap: $27,500 Non-Concessional cap: $110,000 (or $330,000 over 3 years) The total superannuation balance limit that determines if...

The ATO has updated its webpage containing the fringe benefits tax ('FBT') rates and thresholds for the 2017/18 to 2021/22 FBT years. Two amounts that were not previously announced for the 2021/22 FBT year are: the FBT record keeping exemption is $8,923 (up from $8,853 for...

With the 2021 Financial Year end rapidly approaching, now is the time to take stock and take advantage of tax planning strategies. Depending on your situation, you might benefit from the following tips (of course, please contact us for a specific tax planning strategy): Businesses: • Instant...

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