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 out fraud and schemes designed to take advantage of the Government’s Coronavirus Economic Response Package. Tip lines, tax returns and STP The tip line, tax returns, and single touch payroll are just…  Read more

$2.5bn JobTrainer package: What you need to know

The Government has announced the $2.5bn JobTrainer package to retrain, upskill and open new job opportunities. JobTrainer for job seekers and school leavers An additional 340,700 training places will be created to provide no or low cost courses into sectors with job opportunities. The Government is working with the States and Territories to develop a list of qualifications and skill sets to be covered by the program. JobTrainer for employers…  Read more

How your business can thrive even in a recession

The pains caused by a recession can be excruciating, which is why most of us dread the thought of it. A recession can mean massive layoffs, jobs becoming harder to find, and wages frozen, which means consumers hunker down and spend less– often worsening the economic slowdown unknowingly. For most businesses, especially small businesses, recessions can be brutal. Just take for example, the Global Financial Crisis (GFC) that struck the…  Read more

Instant Asset Write-Off Extended

Good news! The Australian government announced that the Instant Asset Write-off has been extended for six months, taking the initiative to 31 December 2020. Australian businesses with less than $500 million annual turnover will be able to take advantage of the write-off and invest in assets to support their business. This government initiative is designed to help the economy reopen and boost economic growth. The instant asset write-off applies on…  Read more

What’s changing on 1 July?

Company tax rate reduces to 26% for base rate entities $150k instant asset write-off scheduled to reduce back to $1,000 for small business entities and will no longer be available for entities with an aggregated annual turnover of $10m or more, although accelerated depreciation rules apply to certain entities until 30 June 2021 Cents per km rate for work-related car expenses increase to 72 cents Expected reforms to allow 66…  Read more

HomeBuilder: What is it and how do you access it?

The Government has announced grants of $25,000 to encourage people to build a new home or substantially renovate their existing home. The HomeBuilder scheme targets the residential construction market by providing tax-free grants of $25,000 to eligible owner-occupiers, including first home buyers, to build a new home or substantially renovate their existing home. The grants will be distributed by the revenue office of the State or Territory where you live…  Read more

How cash flow forecasts can help you

Managing cash flow is a vital part of running a successful business. Some business owners think managing cash flow simply means keeping track of how much money enters and leaves their business, but there’s actually more that goes into it. Cash flow forecasting, for example, is an incredibly valuable tool that helps you anticipate cash flow issues, plan for days when your cash flow is limited, and show the bank…  Read more

Beyond COVID-19 – How to build value in your business

We’ve said it before and we’ll say it again – this has been an extremely difficult few months for all of us, but there is no better time to think seriously about your business. In this article, we have compiled a few tips to create value in your business. The key to building value in your business is to plan the process in a systematic way, whether you’re aiming to…  Read more

Temporary early release of superannuation

Date: 25 March – 24 September 2020Applications from 20 April 2020 Applies to: People in severe financial hardship From 20 April 2020, people in financial distress as a result of the coronavirus pandemic will be able to self-certify and apply for early release of up to $10,000 of their superannuation in 2019-20, and again in 2020-21 (up until 24 September 2020). Superannuation accessed under this measure is not taxed and…  Read more

The $1,500 JobKeeper Package – what you need to know

Date: From 30 March 2020 for six months For employees employed at and from 1 March 2020  First payments in first week of May 2020 Applies to: Based on comparable periods: Employers <$1 bn that have experienced a downturn of more than 30% Employers >$1bn that have experienced a downturn of more than 50% A subsidy of $1,500 per fortnight per employee, administered by the ATO, will be paid to businesses that…  Read more

Super guarantee amnesty: How to get your payroll right

The superannuation guarantee (SG) amnesty provides employers with a one-off opportunity to “self-correct.” Now is the time to ensure that your payroll is correct and there are no hidden SG issues looming. The amnesty applies from 24 May 2018 (the date of the original announcement) until six-months (deadline to 7 September 2020). Employers will have this period to voluntarily disclose underpaid or unpaid SG payment to the Commissioner of Taxation.…  Read more

The Stimulus Package: What do you need to know?

The First Stimulus Package The Government has announced a $17.6 billion investment package to support the economy as we brace for the impact of the coronavirus. The four-part package focuses on business investment, sustaining employers and driving cash into the economy. In Summary Business Business investment Increase and extension of the instant asset write-off Accelerated depreciation deductions Cash flow assistance for small and medium-sized business Tax-free payments up to $25,000…  Read more

JT&P Internship Program

JT&P is pleased to announce Clunie Palliser as the first recipient of the Jeffrey O Thomas Internship, in cooperation with Carey Baptist Grammar School. The connection with Carey is that our founding Managing Partner, Jeff Thomas attended the school from 1960 – 1966, was President of the Old Carey Grammarians Association, Chairman of the School Board, and is an Honorary Life Member of the School. The Carey quadrangle is named…  Read more

When you should consider hiring a Business Lawyer?

When you run a small business, every cent counts. It can be difficult to spend money on anything you don’t consider vital. Hiring a lawyer during key times in your small business might seem like an unnecessary expense, but the money you spend now on a business lawyer could save you time, money, and energy in the long run and could protect your business. When it comes to your small…  Read more

Questions you should ask your accountant

Ideally, you and your accountant are more than just “adviser” and “client”. With your combined skills, expertise, and shared mission to support a thriving business, you’re more like strategic partners. The key to achieving success in any partnership is, of course, strong communication. At your next meeting, be sure to ask your accountant these four important questions. 1. What’s my best strategy for increasing revenue? Every business owner strives to…  Read more

4 tips for less stressful business travel

Business owners fall into two categories: those who love business travel and those who hate it. The love/hate dynamic may depend on how much you travel for work, but even if you love business travel there are stressful aspects to being out of town. Although we can’t guarantee that our travel tips will ensure a completely stress-free experience, here are four ways to lessen your hassle. If you’re someone who…  Read more

Should you bill by the hour or offer fixed rate packages?

If you’re like most freelancers, knowing how to price your services can be a real struggle. Charging an hourly rate can feel less scary than asking for a higher priced fixed rate package because you know you’ll be compensated for every hour you spend on a project. But there are drawbacks to trading time for money – not the least of which is that it limits your earning potential. Read…  Read more

Tips for choosing a small business bank

Finding the right bank to serve your small business needs can be a daunting task. With so many competing financial institutions to choose from, business owners simply don’t have the time for the in-depth research required to carefully weigh all the options. This guide to choosing a small business bank will help you narrow down your choices so you find the best fit for you. Small, medium, or large? You…  Read more

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