18/09/2024
myGovID is changing its name to myID
The ATO have advised that myGovID will soon have a new name and new look – but you’ll continue to use it in the same way to access Online services. When the change happens, you won’t need to do anything. Your myGovID app should automatically update to myID on your device. Relationship Access Manager links and authorisations will not be affected.


04/09/2024
ATO - Tax Time Investor Toolkit 2024
The ATO have released a resource for anyone earning money from their investments such as property, shares or crypto assets, to help avoid common tax mistakes.


30/08/2024
ATO - Supporting Small Business Guide
The ATO have provided a guide to help support small business, which will assist taxpayers with tax time essentials, learning resources and tools to help make lodging their tax return easier.  


28/08/2024
ATO - Scam Awareness Week
Protect your business by reporting ATO impersonation scams to reportscams@ato.gov.au. Watch out for unusual transactions or interactions on your accounts. If you’re unsure whether contact from the ATO is genuine, don’t engage with it, and verify it. You can also check our scam alerts.


21/08/2024
ATO - Share investing versus share trading guide
Work out if you are investing or trading in shares, and the difference it makes to your tax.

ATO - Keeping crypto records guide
Which records you need to keep for crypto assets and crypto transactions and how long to keep them.

ATO - Super Health Checklist
The ATO have developed a 5 simple yet important steps people can take today to make sure your super is in good order.


18/06/2024
ATO pre-filling reports
Please note that the ATO pre-filling report data is expected to have most of your information available by late-July to mid-August. Some data is received later, such as private health insurance, dividend income, interest income, partnership and trust distributions. 

You should wait for the ATO pre-filling report data to become finalised & available before lodging your tax return, as this will ensure that you do not omit any income and help avoid ATO processing delays. Otherwise your tax return could include incorrect/incomplete data, which may result in additional taxes and costs to lodge amendments.


10/06/2024
Individual Tax Rates
Below are the individual tax rates for residents, excluding the Medicare levy and the Medicare levy surcharge. Please note that Medicare levy surcharge may apply if you, your spouse and all your dependants didn't maintain an appropriate level of private patient hospital cover for the full income year.

Resident tax rates 2024–25
$0 – $18,200:  Nil 
$18,201 – $45,000:  $0.16c for each $1 over $18,200 
$45,001 – $135,000:  $4,288 plus 30c for each $1 over $45,000
$135,001 – $190,000:  $31,288 plus 37c for each $1 over $135,000
$190,001 and over:  $51,638 plus 45c for each $1 over $190,000

Resident tax rates 2023–24
0 – $18,200:  Nil
$18,201 – $45,000:  19c for each $1 over $18,200
$45,001 – $120,000:  $5,092 plus 32.5c for each $1 over $45,000
$120,001 – $180,000 : $29,467 plus 37c for each $1 over $120,000
$180,001 and over:  $51,667 plus 45c for each $1 over $180,000

Company Tax Rates
From the 2021–22 income year onwards, companies that are base rate entities apply the 25% company tax rate. The full company tax rate of 30% applies to all companies that are not eligible for the lower company tax rate (e.g. whether you are a base rate entity and your passive income is greater than 80% of your assessable income).


01/06/2024
Asset $20,000 instant write-off extended for small business (pending legislation)
In the Budget 2024-25, the government announced an extension of the $20,000 instant asset write-off threshold (subject to being passed in parliament, noting that the senate have made amendments to potential increase the threshold to $30,000).

Small businesses, with aggregated turnover of less than $10 million, will be able to immediately deduct the full cost of eligible assets costing less than $20,000 that are first used or installed ready for use between 1 July 2023 and 30 June 2025.

The $20,000 threshold will apply on a per asset basis, so small businesses can instantly write off multiple assets. Assets valued at $20,000 or more (which cannot be immediately deducted) can continue to be placed into the small business simplified depreciation pool and depreciated at 15% in the first income year and 30% each income year after that.

If you have any assets under $20,000 that you wish to purchase, please ensure you purchase/hold them by 30th June to be able to apply the instant write-off against them.


New limit for car depreciation
The maximum value for calculating depreciation on the business use of a car first used (or leased) in the 2024–25 income year has increased to $69,674.

Fin. Year    Car Limit
2024–25     $69,674
2023–24     $68,108
2022–23     $64,741
2021–22     $60,733
2020–21     $59,136



30/04/2024
Losses from cryptocurrency investments (SMSF)
The ATO have advised that they continue to see instances where SMSFs are reporting losses with cryptocurrency investments, and have provided information and videos to help trustees.


26/04/2024
Taskforce action on false invoicing arrangements
The Serious Financial Crime Taskforce (SFCT) is warning businesses about using illegal financial arrangements such as false invoicing to cheat the tax and super system. A false invoicing arrangement is a scheme where one entity issues another with an invoice, but provides no goods or services. For example:
* An entity (the promoter) issues invoices to a legitimate business without providing any goods or services.
* The business pays the invoices by cheque or direct transfer. The promoter then pays back most of this money as cash, less an amount they keep as a commission. The business claims deductions and GST credits from the false invoice.
* The business uses the cash they receive, either for private purposes or to pay cash wages to workers, without reporting the amounts in their tax returns.

The SFCT is warning businesses against using these types of arrangements, and if you are a business involved in a false invoicing arrangement or other illegal financial arrangement, they strongly encourage you to come forward and make a voluntary disclosure rather than wait.


05/03/2024
OSR NSW Land Tax: Changes to the Principal Place of Residence Exemption
From 1 February 2024, persons who purchase and occupy a property but own less than 25% interest (either solely or combined) will not be entitled to the principal place of residence exemption from the 2025 land tax year onwards. Transitional provisions may apply until the 2026 land tax year for existing homeowners and those who purchased a property and claimed the exemption by 31 January 2024.


28/02/2024
ATO: Essentials to strengthen your small business- online learning platform
The ATO have launched a new online learning platform for small business, that provides courses that help improve your financial, record-keeping and business knowledge.  The courses cover a range of topics such as cash flow, deductions, GST, and super.

If you are thinking of starting a business or would like strategies to help improve your cash flow, then please visit the ATO dedicated website for a tour. 


01/12/2023
ATO Agent Nomination Process: Client-Agent Linking Steps 
The ATO have improved security surrounding the nomination of a Tax Agent effective from 13 November 2023, with the agent nomination process which will apply to all types of entities with an ABN excluding individuals/sole traders. Businesses can use online services to nominate an Tax Agent, and a step-by-step instruction guide can be found here: How to nominate an agent in Online services for business. 


14/09/2023
ATO reminder to rental property owners this tax time
According to the ATO, 9 in 10 landlords are getting their return wrong. 

The ATO note that rental income must be reported:
* in the year the tenant pays - not when the property agent transfers it to the property owner; &
* as the gross amount received (before property manager fees and other expenses).

Other areas of focus the ATO is looking at are how:
* interest expenses are apportioned (where part of the loan was used for private purposes);
* deductions are claimed for "initial repairs" as opposed to ongoing general repairs/maintenance; &
* short term rentals including holiday homes are being reported.

The ATO have a broad suite of data-matching programs, including the recently implemented new residential investment property loans and landlord insurance data matching programs to address taxation risks in the investment property market.


13/09/2023
Small business technology investment boost and skills and training boost
Small business technology investment boost
From 29 March 2022 to 30 June 2023 small businesses can deduct an extra 20% of their expenses for business digital operations, or digitising its operations on business expenses, and depreciating assets such as portable payment devices, cyber security systems or subscriptions to cloud based services.

Eligible expenses include (but is not limited to):
* digital enabling items – computer and telecommunications hardware and equipment, software, internet costs, systems and services that form and facilitate the use of computer networks
* digital media and marketing – audio and visual content that can be created, accessed, stored or viewed on digital devices, including web page design
* e-commerce – goods or services supporting digitally ordered or platform-enabled online transactions, portable payment devices, digital inventory management, subscriptions to cloud-based services and advice on digital operations or digitising operations, such as advice about digital tools to support business continuity and growth
* cyber security – cyber security systems, backup management and monitoring services.

Small business skills and training boost
Also from 29 March 2022 until 30 June 2024 small businesses will be able to deduct an additional 20% of expenditure that is incurred for the provision of eligible external training courses to their employees by registered providers in Australia. Training expenses can include incidental costs related to the provision of training, provided they are charged by the registered training provider, such as the cost of books or equipment needed for the course.  You can check for registered providers at: www.training.gov.au & www.teqsa.gov.au/national-register. 

The ATO have provided further information about the boost here.


01/07/2023
Happy New Financial Year!
Please visit our links page for various templates/guides to help with the preparation of your taxation return.


14/06/2023
Home office individual deductions 2023 FY - revised Fixed Rate Method
From July 2022, the new Fixed Rate Method (67c) for calculating your home office deductions removes the requirement to have a dedicated home office, but will from March 2023 it will require your actual total hours recorded (e.g. via diary/timesheets). 

The revised Fixed Rate includes the following additional running expenses you incur for:
* home and mobile internet or data expenses
* mobile and home phone usage expenses
* electricity and gas (energy expenses) for heating, cooling and lighting
* stationery and computer consumables, such as printer ink and paper.

It excludes the following which you can separately claim a deduction for:
* technology equipment such as laptops/printers/routers,
* office furniture,
* repairs/maintenance of these items, &
* cleaning/occupancy expenses (only if you have a dedicated home office).


22/05/2023
Temporary Full Expensing Scheme ceases 30 June 2023
The Temporary Full Expensing Scheme will not be extended beyond its current expiry deadline of 30 June 2023

As long as and asset is purchase & 1st used/installed before 30 June 2023, then it can still benefit from a full immediate deduction.

From 1 July 2023, the instant asset write-off threshold will go back to $20,000 as it was before the COVID-19 pandemic.


01/05/2023
The ATO have advised that they can be contacted to verify or report a scam via their website. See also ATO Online Security  & the IDcare websites if you would like more information about protecting your identity.


08/03/2023
FBT exemption on electric vehicles: ATO Factsheet 
The ATO have released a factsheet for employers on their FBT obligations when providing an employee with an electric vehicle. See here for more information from the ATO .

From 1 July 2022, employers do not pay FBT if they provide an electric car for private use of an employee, that meets all the following conditions:
* the car is a zero or low emissions vehicle
* the first time the car is both held and used is on or after 1 July 2022
* the car is used by a current employee or their associates (such as family members)
* luxury car tax (LCT) has never been payable on the importation or sale of the car.

To be eligible for the FBT exemption, the cost of the electric car must be under the LCT threshold ($84,916 for fuel efficient vehicles in the 2023 financial year).

Please note: that although the private use of an eligible electric car is exempt from FBT, employers will still need to include the value of the benefit when working out whether an employee has a reportable fringe benefits amount (RFBA).


24/02/2023
ATO's 5 key resources to help run your business:
* small business tax time toolkit includes several fact sheets and a directory of helpful links
* online services including the ATO app
* small business webinars cover a range of topics to keep you up to speed
* Cash Flow Coaching Kit is designed for trusted advisers to help you better manage your cash flow
* calculators and tools help you understand and calculate your tax and super obligations.

Find out more about the ATO's support for your small business and support in difficult times at their website. The ATO also have a variety of free webinars & workshops available to small businesses.


23/01/2023
SMSFs: ATO info on illegal schemes to access super earlier
The ATO has recently released a factsheet about illegal early access to superannuation and what to do if you are approached by a 'promoter' of a scheme. The ATO has emphasised that trustees of SMSFs should also be wary of people, who seek to set up an SMSF for the purpose of illegally accessing super.


16/01/2023
We hope you all had a safe and happy Christmas & New Year's break.


16/12/2022
Missed the director ID deadline?
If you missed the deadline, you can still apply for your director ID. Directors who need additional time to apply beyond 14 December 2022, can request an extension of time by completing the Application for an extension of time to apply for a director ID.


15/12/2022
FBT exemption for electric cars
The Treasury Laws Amendment (Electric Car Discount) 2022 Bill has been passed by the Senate. Starting from 1 July 2022, it fringe benefits tax is exempted for cars that are zero or low emissions vehicles (e.g. electric cars) held by an employer and used by/made available for private use of employees.

Additionally, to be eligible for the exemption the value of the car at the first retail sale must be below the luxury car tax threshold for fuel efficient cars (which is $84,916 for the 2023 Financial Year). 

The government will review this law again after 3 years in light of electric car take up. 


30/11/2022
DIRECTOR ID DEADLINE EXTENSION TO 14/12/2022
The ABRS Registrar has confirmed that they will take a pragmatic compliance approach to those who register by 14 December 2022 and "Whilst penalties or offences can apply, the community can expect ABRS to take a reasonable approach to support people to apply".

APPLY NOW AT: https://www.abrs.gov.au/director-identification-number/apply-director-identification-number


01/11/2022
DIRECTOR ID REQUIREMENT DUE BY 30 NOVEMBER 2022
All directors who have not already obtained their director ID should do so without delay as the deadline for directors appointed on or before 31 October 2021 is 30 November 2022.

FAILING TO APPLY FOR A DIRECTOR ID NUMBER BY THE DUE DATE CAN ATTRACT A CIVIL PENALTY OF UP TO $13,320 OR A CRIMINAL PENALTY OF UP TO ONE YEAR IMPRISONMENT.

APPLY NOW AT: https://www.abrs.gov.au/director-identification-number/apply-director-identification-number


26/09/2022
Domain Names/URL's can now have the ".au" instead of "com.au" (for example, www.sasaccounting.com.au and www.sasaccounting.au is now an option for businesses to use). As this is a new feature it is available to the public from 20/09/2022, which means you may wish to protect your business website by securing the ".au" version of your website domain name as well as the "com.au" version. For more information, please visit this ATO newsroom article. 

14/09/2022
Fuel Tax Credits temporary rate reduction to expire 28 September 2022
Please note that the temporary Fuel Tax Credit rate reduction is set to expire on the 28 September 2022, after which the 50% reduction from the fuel excise duty will be removed.

01/09/2022
Director ID Requirement due date
All directors who have not already obtained their director ID should do so without delay as the deadline for directors appointed on or before 31 October 2021 is 30 November 2022.

Please also note that from 1 November 2021 there is a new requirement (the Director ID regime) for all company directors including directors of SMSF corporate trustees. If you are a company director of a corporate trustee of a SMSF/Trust you must apply for a director ID from November 2021 on the new Australian Business Registry Services (www.abrs.gov.au). FAILING TO APPLY FOR A DIRECTOR ID NUMBER BY THE DUE DATE CAN ATTRACT A CIVIL PENALTY OF UP TO $13,320 OR A CRIMINAL PENALTY OF UP TO ONE YEAR IMPRISONMENT. 

01/07/2022
Happy New Financial Year!
Please visit our links page for various templates/guides to help with the preparation of your taxation return.


08/06/2022
Director ID in 3 simple steps
If you need a director identification number (director ID), this video from ATO TV can help you when applying online by following 3 simple steps. The Australian Business Registry Services (ABRS) is reaching out to directors who haven't applied for their director ID within prescribed timeframes. The application is free, and we encourage you to avoid non-compliance by applying now.

Fuel Tax Credits claims from 30 March 2022 has been reduced
From 30 March 2022 until 28 September 2022, the fuel tax credit rate has temporarily reduced. The fuel tax credit rate for fuel used in heavy vehicles for travelling on public roads will be 0.00c per litre. This is because the road user charge currently exceeds the excise duty paid, reducing the fuel tax credit rate to nil. This does not apply to fuel used in heavy vehicles for powering auxiliary equipment of a heavy vehicle while travelling on a public road.

New limit for car depreciation
The maximum value for calculating depreciation on the business use of a car first used (or leased) in the 2022–23 income year has increased to $64,741.

Repeal of the work test adds appeal for older Australians
From 1 July 2022, if you're aged 67 to 74, you will no longer have to meet the work test to make non-concessional or salary sacrifice superannuation contributions, except if you wish to claim a personal superannuation deduction for their contribution then you will need to satisfy the work test.

ATO 2022 Tax Return Instructions released
The ATO has issued a list of key changes and new measures to be aware of when completing clients' 2022 tax returns, which include:
- COVID-19 payments;
- deduction for COVID-19 tests;
- granny flat arrangements and CGT;
- temporary full expensing extended to 30 June 2023;
- loss carry back tax offset rules;
- change in tax rates for base rate entities;
- new and modified items in the 2022 Company tax return; and
- changes to capital allowance rules.

ATO warns taxpayers to avoid double-dipping on tax deductions
The ATO has also reminded taxpayers not to double-dip on their deductions in their tax return for this year. They further stated that while some taxpayers do make genuine mistakes, it does also see taxpayers trying to gain an unfair advantage by incorrectly claiming or using false expenses. In this regard, it said that a mistake that it often sees is taxpayers claiming deductions twice, with problem areas being home office expenses, car expenses, and reimbursed expenses.

First home super saver scheme changes – contribution release
The ATO has issued a reminder that from 1 July 2022 fund members may be able to release up to $50,000 in eligible super contributions, plus associated earnings, to help buy their first home with the first home super saver (FHSS) scheme. The amount of eligible contributions that can count towards the maximum releasable amount from each financial year will remain at $15,000. The ATO also stated that members can release eligible super contributions and associated earnings if they are 18 years and over, and have received a FHSS determination, or release of amounts under the scheme. However, they must not have held property in Australia or previously made a FHSS release request.


01/03/2022
Below is a list of the latest state government business grants/support available:
- NSW Gov business grants
- VIC Gov grants & programs
- QLD Gov grants
- WA Gov grants assistance
- ACT Gov business support
- NT Gov business grants and funding
- SA Gov business support
- TAS Gov business support


31/01/2022
NSW Support Package Announced: COVID19-Omicron business support 
The NSW State Government has announced a small business support package to help businesses suffering under the COVID19-Omicron variant.

Eligible businesses with a turnover of between $75,000 and $50 million that experienced a minimum 40% decline in turnover in January 2022 – and the first fortnight of February 2022 – can apply for support through this program.

Employing businesses will be eligible to receive 20% of weekly payroll as a lump sum for the month of February, with a minimum payment of $750 per week and a maximum payment of $5000 per week.

Non-employing businesses will receive $500 per week, paid as a lump sum of $2000.

The 2022 Small Business Support Program is for the month of February only. Businesses will be able to apply through Service NSW from mid-February in 2022, and eligible completed applications through Service NSW should receive payment within 5 to 15 days of applying.


Other NSW Govt support grants include;
■  Small Business Fees, Charges and RATs Rebate will soon be increased by 50% (to $3,000 in late March 2022), which also means employers will be able to use the rebate to obtain Rapid Antigen Testing kits.
■ Extended Commercial Landlord Hardship Grant - up to $3,000 per month, extended until 13 March 2022.
■ Extended Performing Arts package - funding for the performing arts sector from 14 February 2022 to 30 April 2022 (apply through Create NSW).  
■ Export Assistance Grants of up to $10,000 are available until 30 June 2022.
■ COVID-19 TechVouchers for startup - eligible businesses must apply before 10 February 2022.
■ Payroll Tax support - arrangements to support until 28 February 2022 through Revenue NSW.

For more information about various NSW govt assistance available, please visit the COVID-19 Assistance Finder.  


KEY FACTS - NSW Small Business Support Program
(1) Includes support for eligble businesses that;
   (a) had an aggregated annual turnover of between $75,000 and $50 million (inclusive) for the year ended 30 June 2021; and
   (b) experienced a decline in turnover of 40 per cent or more due to Public Health Orders or the impacts of the Omicron COVID-19 strain during the month of January 2022, compared to January 2021 or January 2020; and
   (c) experienced a decline in turnover of 40 per cent or more due to the impacts of the Omicron COVID-19 strain from 1-14 February 2022, compared to the same fortnight in February in the comparison year used for the above criterion; and
   (d)  maintain their employee headcount from the date of the announcement of the scheme.
(2) Eligible businesses will receive 20 per cent of weekly payroll as a lump sum for the month of February, with a minimum payment of $750 per week and a maximum payment of $5,000 per week. Non-employing businesses will receive $500 per week (paid as a lump sum of $2,000).
(3)  The 2022 Small Business Support Program is for the month of February. Businesses will be able to apply through Service NSW from mid-February.


17/01/2022
We hope you all had a safe and happy Christmas & New Year's break.


29 October 2021
The new Director ID Regime 
Director ID is a new requirement for all company directors including corporate trustees.

If you are a company director of a corporate trustee of a SMSF/Trust you can apply for a director ID from November 2021 on the new Australian Business Registry Services.

From November 2021, all current directors and anyone wanting to become a director will need to apply for a Director Identification Number.

PLEASE NOTE: FAILING TO APPLY FOR A DIRECTOR ID NUMBER ATTRACTS A CIVIL PENALTY OF UP TO $13,320 (60 points) OR A CRIMINAL PENALTY OF UP TO ONE YEAR IMPRISONMENT.

DATES TO REMEMBER FOR DIRECTOR ID 
■ On or before 31 October 2021:  If you are a director on or before this date you must apply by 30 November 2022.
■ Between 1 November 2021 & 4 April 2022:  If you become a director between these dates you will need to apply within 28 days of appointment.
■ Up to 5 April 2022:  If you become a director after this date, you will need to apply for a director ID number before registering a company.

HOW TO APPLY 
Only directors must apply for their Director ID Number themselves which will be used to identify you as a director for all of your companies. Unfortunately, no one can apply on your behalf.  However, we will be here to provide you guidance and assistance through the process.


14 October 2021
NSW State Govt new Stock guarantee grant
The NSW Government has announced that eligible businesses with an (annual turnover between $75,000 and $50 million) will be able to apply for a grant of up to $20,000 to compensate for loss of perishable stock, or claim $10,000 for reduced capacity to sell non-perishable items if a local lockdown occurs and they are affected. This will be eligible for use til 30 June 2022.


13 September 2021
Service NSW - Delay in reaffirming eligibility
The IPA Team has reported that Service NSW will grant a 'grace period' of a further 14 days for businesses to reaffirm their Jobsaver eligibilities, as per the following statement:

"After some late evening advocacy by the Professional Bodies on Friday September 10, Service NSW has provided a grace period to reaffirm eligibility of JobSaver. You do not have to retest your clients' eligibility for JobSaver this fortnight and payments will not stop on Monday for the next fortnight.

We have been granted a grace period of a further fortnight to reaffirm eligibility and JobSaver payments will continue. You can disregard the email message from Service NSW "Please confirm your eligibility for your next payment".

Delaying the start for reaffirming eligibility testing will enable the Professional Bodies to have further discussions with the NSW Government to come up with a more workable solution for the profession." 


7 September 2021
Australian accounting bodies have provided useful summary's on their websites in regards to the COVID-19 business support:
• IPA NSW COVID-19 support
• CPA Grants and business support 
• CA Summary of NSW Covid-19 support


23 August 2021 (update)
Summary of the 2021 Federal & State Govt COVID-19 Support/Grants

Please note: If you require a letter from our office in relation to the grant, kindly email your request with the necessary details. 

Federal
• COVID-19 Disaster Payment
Federally funded support for areas recognised a hotspot for Commonwealth support. The period of support depends on when the area in question was recognised as a hotspot for Commonwealth support and when it stopped being recognised as such. The govt intends to treat the payment as non-taxable* (pending legislation).
• Pandemic Leave Disaster Payment
Available to residents who cannot work because they are required to self-isolate or in quarantine.
Eligible for $1,500 for each 14 day period they are required to self-isolate or quarantine

New South Wales
SUMMARY OF NSW GRANTS
• 2021 COVID-19 Business Grant
Applications opened on 19 July 2021.
Grants of up to $15,000 for businesses (incl. sole traders) impacted by the COVID-19 restrictions.
Eligibility:
– Active Australian Business Number (ABN).
– Business was operating in NSW as at 1 June 2021.
– Total annual Australian wages of $10 million or less as at 1 July 2020.
– An aggregated annual turnover between $75,000 and $50 million for the year ended 30/06/2020.
– No other government support available.
– Maintain employee headcount as at 13 July 2021.
– A revenue decline in turnover (net of GST) of 30% or more over a minimum 2-week period from 26 June to 17 July 2021, compared to the same period in 2019, or 2020, or the immediate 2 weeks prior to any restrictions (12 - 25 June 2021).
– No other government support available.
– *If your business does not meet all of the eligibility criteria, you may be able to apply for the grant if you can provide evidence to support the alternative circumstances outlined in the guidelines - you may need to contact Service NSW directly to discuss your case.
• JobSaver
Applications opened 26 July 2021.
Fortnightly payments to help maintain employee headcount (as at 13 July) and provide support.
Employing businesses: 40% of weekly payroll (gross wages), with a minimum payment of $1,500 per week and a maximum payment of $100,000 per week.
Non-employing business: $1,000 per week.
Eligibility:
– A revenue decline of over 30% or more due to the Public Health Order over a minimum 2-week period within the Sydney lockdown (commencing from 26 June 2021) compared to the same period in 2019, or 2020, or the immediate 2 weeks prior to any restrictions (12 - 25 June 2021).
– A turnover between $75,000 and $50 million.
– No other government support available.
– *If your business does not meet all the eligibility criteria, you may be able to apply for JobSaver if you can provide evidence to support the alternative circumstances outlined in the guidelines - you may need to contact Service NSW directly to discuss your case.
• COVID-19 Micro Business Grants
Applications opened late July 2021.
$1,500 payment per fortnight of restrictions.
Eligibility:
– Small business or sole trader with annual turnover of more than $30,000 and under $75,000.
– Applicants must have experienced a decline in turnover of 30% or more.
– The business provides the primary income source for a person associated with the business.
– No other government support available.
• Payroll tax deferrals
• Payroll tax concessions
• Small business fees and charges $1500 rebate
– The NSW Govt is offering small businesses in NSW, a fees and charges rebate of $1500.
• Other assistance: packages, such as for residential and commercial tenancies, are also available.

Victoria
• Eligible Business Costs Assistance Package Round 2
• Eligible Licensed Hospitality Venue Fund 2021
• Extra $3,000 for alpine businesses
• Up to $25,000 for public events and public events suppliers
• Live Performance Support

South Australia
• COVID-19 Business Support Grant – July 2021

Queensland
• Lockdown support package
– The QLD Govt has announced a lockdown support package of $5,000 for businesses affected by the current COVID-19 lockdown across all industries in the QLD.

*The ATO have released information about the tax treatment of the COVID related govt grants & payments.

FREQUENTLY ASKED QUESTIONS — NSW COVID-19 Business Grants

QUESTION #1:  
Should the decline in turnover be calculated on a cash or accrual basis?
ANSWER #1:    
Decline in turnover will be measured based on the Goods and Services Tax (GST) turnover of your business (that is, exclude GST from the turnover amount). As such, if your business accounts for GST on an accrual basis, you should use this method. If your business accounts for GST on a cash basis (most small businesses are on the cash basis), you should use this method.

QUESTION #2:  
The guideline eligibility states that a minimum two-week period of decline be shown. Can a business use the full three-week period to show the decline?
ANSWER #2: 
Yes, a business will be able to use the full three-week period to show the decline in turnover.

QUESTION #3: 
Is a business eligible for the Grant where they are not paying wages (for example a director drawing down on loans)?
ANSWER #3:
Non-employing businesses (such as sole traders) are eligible to apply for the Grant if all the eligibility requirements are met. However, non-employing businesses are not eligible to apply if persons associated with the business, and who derive income from it, have applied for, or are receiving, the Commonwealth COVID-19 Disaster Payment.

QUESTION #4: 
How does JobSaver affect whether a business may be able to receive the 2021 COVID-19 Business Grant?
ANSWER #4: 
JobSaver will not have any impact on the Grant. JobSaver commences on 18 July 2021, whereas the Grant is designed to support businesses from 26 June 2021 to 17 July 2021.

QUESTION #5:
Can a business (sole trader) receive the Commonwealth COVID-19 Disaster Payment and the 2021 COVID-19 Business Grant?
ANSWER #5: 
No, a business (e.g. sole trader) cannot receive both Disaster Payment and the Grant.  Non-employing businesses (which include sole traders) are not eligible to apply if persons associated with the business, and who derive income from it, have applied for, or are receiving, the Disaster Payment. Non-employing business means a business owner who does not have employees. This may include a range of entity types, such as non-employing sole traders or any other businesses without employees.



19 July 2021
NSW Govt COVID-19 Grants
From today, eligible NSW businesses, sole traders and not-for-profit organisations will be able to apply for up to $15,000 from the first of the NSW Government's economic support packages — the 2021 COVID-19 Business Support Grant.

What will you need to apply according to the guidelines?
• confirm your turnover has dropped by at least 30%, 50%, or 70%* by comparing your minimum 2-week period from 27 May 2021 to 26 July 2021 to the same period in May and/or June and/or July 2019.
• a MyService NSW account
• your ABN number
• your bank account details 
• a copy of your business tax return or assessment notice
• details of our firm as your registered tax agent/accountant
• FYI, if you are in the Fairfield/Liverpool/Bankstown NSW Council areas then you are considered to be in a highly impacted lockdown zone and may not need an accountants letter (depending on type of grant tier applicable).

*You may need to provide more information if using an alternative method due to your circumstances.

To apply online, please visit the Service NSW site for the application [Please note there may be technical issues due to high demand, and you may need to re-visit the website later].

Applications for the second tranche of assistance, which includes the Micro Business Support Grants and the JobSaver program, will open from Monday 26th July 2021. Please note for the JobSaver program, you may need to ensure the same staffing levels and provide a headcount at 13th July 2021.

Applications will open on 19 July 2021 and will close at 11:59pm on 13 September 2021.

Funds are expected to be sent out from the end of July 2021.


The Victorian Govt has announced they will also provide new cash grants for businesses affected by the short lockdown. 


14 July 2021
Federal & NSW COVID-19 Hotsot Support Payments
The Federal & NSW Governments have announced new support payments for those affected by the recent COVID-19 lockdowns.

A new business support payment will be available to businesses with an annual turnover between $75,000 and $50 million who can demonstrate a 30% decline in turnover.

To receive the payment, eligible entities will be required to maintain their employees as of 13/07/2021 (that is, full time, part time, & long term casuals). Payments of between $1,500 and $10,000 per week will be granted based on the level of their payroll.

For businesses without employees, such as sole traders, the payment will be set at $1,000 per week. A new support program of up to $1,500 (from late July 2021) has also been introduced for smaller micro businesses with turnover between $30,000 and $75,000.

12 July 2021
Further support for lockdowned NSW residents, with no savings hurdle
The Federal Government has announced that eligible NSW employees affected by the lockdown for more than 14 days can claim a second COVID-19 disaster payment from 8 July 2021. It is no longer necessary for applicants to declare less than $10,000 in liquid assets to be eligible for the payment where the lockdown extends into a third week. 

30 June 2021
Major New COVID-19 Support Package from the NSW Govt
The grant amounts that will be available by the end of July 2021 for small businesses are based on the decline in turnover experienced during COVID-19 restrictions — $10,000 for a 70% decline, $7,000 for a 50% decline, and $5,000 for a 30% decline.  

As per the NSW Govt's Media Release (29/06/2021), the annouced packages will be divided into:
1) Small Business COVID-19 Support Grant*
Available to businesses (incl. sole traders) with a turnover of more than $75,000 per annum but below the NSW Govt 2020-21 payroll tax threshold of $1,200,000 as at 1 July 2020. (Full criteria will be available in coming days on the Service NSW website).
2) Hospitality and Tourism COVID-19 Support Grant 
Available to tourism or hospitality businesses that have a turnover of more than $75,000 and an annual Australian wages bill of below $10 million, as at 1 July 2020. These business must have an Australian Business Number (ABN) registered in New South Wales or be able to demonstrate they are physically located and primarily operating in New South Wales. (Full criteria will be available in coming days on the Service NSW website).

*To apply, businesses will need to compare their turnover over a minimum two-week period after lockdown commenced, to a minimum two-week period in June and/or July 2019.

28 June 2021
NSW Govt COVID-19 restrictions & Disaster Payments
The Australian Govt will make available the COVID-19 Disaster Payment from 1 July 2021. For more information, please visit the Services Australia website.

New $1500 small business fees and charges rebate
The NSW Govt is offering small businesses in NSW, a small business fees and charges rebate of $1500.  
The rebate will be available until 30 June 2022. See here for more details.

3 June 2021
Super Guarantee rate increase 1 July 2021
Are you ready for the 10% Super Guarantee (SG) rate rise? 
From 1 July 2021, the superannuation guarantee rate will increase to 10% (from 9.5%).  The SG rate is set to increase gradually to 12% by 1 July 2025.

To assist employers, the ATO have developed a decision tool to help determine if your employees are eligible for SG here.

1 June 2021
Cryptocurrency Investments
The ATO have released a factsheet to help advise on the tax implications of cryptocurrency investment

31 May 2021
Budget 2021-22
• Budget 2021-22 Overview
• Tax incentives to support the recovery  
• Superannuation 
• Recovery and response support

9 March 2021
Changes to STP reporting from 1 July
There are changes to STP reporting for small employers with closely held payees and quarterly reporting for micro employers from 1 July 2021. 

Employers with closely held payees
From 1 July 2021, employers must report their closely held payees through STP. They can choose to report these payees each pay day, monthly or quarterly.

Micro employers reporting quarterly
From 1 July 2021, the eligibility criteria for the STP quarterly reporting concessions for micro employers will change and will only be available to micro employers who:
- report through a registered tax professional
- meet certain eligibility requirements which now include the need for exceptional circumstances to exist.

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