Current Australian directors will now have one year to apply for their unique director identification number before substantial fines of potentially in excess of over $1.11 million are introduced for failure to comply with the new regime.
From 1 July 2021, self-managed super funds (SMSF) and small APRA funds (SAFs) will be allowed to have up to six members instead of four. The changes have been on the table for some-time but were finally passed in June 2021.
With the emerging COVID-19 situation in QLD over the weekend, the 11 LGA’s subject to a lockdown have now been declared a Commonwealth Hotspot. This opens up pathways for both individuals and businesses to claim support similar to measures already in place in other states.
Due to current government regulations, our office is currently closed and all staff are working remotely. You can contact us through our regular office phone number (07) 38311055 or you can contact our staff directly on the following numbers.
Last night, Treasurer Josh Frydenberg handed down a budget that is heavily focused on spending and economic recovery to build resilience and future essential services. The Government’s immediate focus is on expenditure measures targeting a range of social and economic challenges. With the repair of the budget being a medium term challenge.
The ATO are currently ramping up their audit activity with “The next 5000 performance program” which focuses on high wealth private groups who control wealth of more than $50m. Privately owned and wealthy groups with a combined annual turnover — including associated subsidiaries of more than $10 million, or controlled wealth of over $5 million,…
Small businesses who employ apprentice’s or trainee’s may be eligible for a wage subsidy of 50%.
Eligible employers can now register for the Jobmaker Hiring Credit scheme with the ATO. The scheme applies to employees starting employment between 7 October 2020 and 6 October 2021.
Our office will be closed from 1pm on 22 December 2020 and will reopen at 8.30am on 6 January 2021.
With Christmas just around the corner, many business owners are busy planning gifts and functions as a way to thank employees for their hard work during such a challenging year. We are often asked how Fringe Benefits Tax (FBT) and Income Tax deductions apply to benefits such as Christmas Parties, gifts and bonuses.
