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With COVID-19 having a significant impact on traditional employment, many people are working as a contractor for the first time either by choice or necessity. It’s not just a lifestyle decision; from the tax and superannuation perspective, there are important differences between being an employee and a contractor.
At a time when many people have been focused on their family’s health and livelihood, having adequate life insurance has never been more important. Yet the gap between what we need and what we have, has been growing.
The ACNC has urged charities to take steps to prevent fraud and cybercrime.
The ACNC is urging charities with deductible-gift-recipient endorsement to check their registration details.
The Australian Institute of Company Directors annual NFP Governance and Performance Study reveals that many organisations’ future was under threat even before the challenges of COVID-19.
A common misconception about estate planning is that you should only worry about it when you are old. However, estate planning is one of the most important things you can do to protect yourself, your assets and your loved ones.
It was a year most of us would like to forget. And yet, some of the toughest lessons of 2020 had a silver lining.
We take a glimpse at what the market has been up to and what the key developments were for December 2020.
For many business owners, fear of incurring a Fringe Benefits Tax (FBT) bill has kept them from retraining and re-skilling their employees to perform different roles or activities within the business.
Just as we were recovering from the long drought and the worst bushfires on record, the global coronavirus pandemic took hold and changed everything.
Although individuals and small business owners are now enjoying welcome tax relief in the wake of some valuable tax changes, there is more on the horizon as the government seeks to reboot the Australian economy.
In summary The US election appears resolved despite Trump’s protests and avoidance of administration handover. Whilst this outcome was not unexpected, it didn’t result in the expected increased equity market volatility.
The traditional festive holiday season is likely to be a little different this year, but one thing is likely to remain the same – the temptation to spend and the post-Christmas budget hangover.
After a year when the average superannuation balance fell slightly or, at best, moved sideways, the summer holidays could be a good opportunity to think about ways to rebuild your savings while being mindful of tax.
Legislation was introduced into the Senate in September 2020 to expand the maximum number of members of a self-managed superannuation fund (SMSF) from 4 to 6. The intention is to allow greater flexibility for SMSFs, particularly for family groups.
In summary The US election appears resolved despite Trump’s protests and avoidance of administration handover. Whilst this outcome was not unexpected, it didn’t result in the expected increased equity market volatility.
Most Australians are only vaguely aware – or completely unaware – of the fact that credit-reporting agencies monitor their financial transactions. While most Australians don’t give much thought to what’s on their credit report, the credit score that’s based on the
With tax cuts and stimulus payments on the way, Treasurer Josh Frydenberg is urging us to open our wallets and spend to kick start the national economy. But if your personal balance sheet could do with a kick along, then saving and investing what you can also makes...
Adding a granny flat to your property sounds like a great idea. A property to rent out to generate some welcome extra income, or a home for adult children or mum and dad in their later years. But there are important tax and personal considerations to think about...
The COVID-19 pandemic is raising some interesting questions for small business employers in relation to their Fringe Benefit Tax (FBT) liabilities. With many employees working from home, common employee benefits are often not being supplied, while some employers are...
The Australian Institute of Company Directors and the Governance Institute of Australia have released a new report on the impact of COVID-19 on board practices. The report reveals insights into governance challenges in the current climate. Governance through a crisis:...
The Australian Securities & Investments Commission has issued an FAQ on accounting implications of clarified casual-employment rules. ASIC urged companies to consider whether they should provide for additional employee entitlements (including annual leave,...
The Australian Securities & Investments Commission has issued an FAQ on accounting implications of clarified casual-employment rules. ASIC urged companies to consider whether they should provide for additional employee entitlements (including annual leave,...
In summary September saw a break in the rally in global equity markets. Several factors contributed to this, including signs that the global recovery, while proceeding, is nevertheless slowing down. Growing concerns about prospects for fiscal stimulus in the US added...
This year has exposed investors to the end of a bull market and the start of a global recession, all caused by a totally unexpected global pandemic. The outlook for the global economy and investment markets remains uncertain until an effective vaccine is available....
Living through COVID-19 has brought many challenges and shifting priorities as we deal with the financial impacts of the pandemic, and that includes the issue of life insurance. On the one hand, the pandemic has highlighted the importance of life cover. On the other,...
Investing in property is a popular option for self managed superannuation funds (SMSF). Unlike retail funds, the members of an SMSF are the trustees, and make all the investment decisions. This can include investing in residential or commercial property. In deciding...
Building a bridge to recovery In what has been billed as one of the most important budgets since the Great Depression, and the first since the onset of the COVID-19 pandemic dragged Australia into its first recession in almost 30 years, Treasurer Josh Frydenberg said...
Many small business owners and sole traders will be breathing a sigh of relief following the extension of the JobKeeper scheme until March
next year. At the same time, however, the ATO is stepping up its compliance activities. Here’s a roundup of some of the key...
2020 has challenged businesses on a global scale. With restrictions, shutdowns, and a global financial crisis changing many businesses
operating conditions, business owners are struggling to keep up with the increased speed of change that 2020 has brought about. So...
In summary August saw restrictions maintained in a number of countries to contain second waves of Covid-19. Progress was made in Australia and the US in reducing infection rates, but the US still has a long way to go before they really get the virus under control....
When the inflation rate fell into negative territory in the June quarter, it was so unusual it begged the question of what this means for the economy. Are we facing deflation or even stagflation and what is the difference? In the June quarter the annual inflation...
Self-managed super funds (SMSFs) have had a challenging year, with COVID-19 linked market uncertainty affecting income and returns. But SMSF trustees haven’t been sitting on their hands. One of the main reasons people give for wanting to establish an SMSF is to have...
After a year when even the best laid plans have been put on hold due to COVID-19, people who were planning to retire soon may be having second thoughts. You may be concerned about a drop in your super balance, work security, or an uncertain investment outlook....
Receiving an inheritance is always welcome, but people often forget the tax man will take a keen interest in their good fortune. There are numerous situations whereby when ownership of an asset is transferred or disposed of it may incur a capital gain or loss with...
Many people like to invest in property. In these uncertain times, investing in listed shares or managed funds can often seem too risky. In contrast and although they have increased recently, the returns from term deposits or other fixed interest securities is relatively low.
Most of us understand the importance of saving for a rainy day, but sometimes it takes a crisis like the current pandemic to make us act on
it. With so many jobs lost and the outlook unknown, having a cash buffer means you are more able to manage unexpected expenses...
July saw second waves of Covid-19 infections around the world with cases per week in a number of countries, including Australia, the US and Japan, exceeding previous peaks. Some countries have responded by reinstating national restrictions, while others, including...
Selling a business you have spent so many years building up can be a difficult process, but getting the best price is not the only consideration. Tax has a big role to play in the financial result. That means the ATO will be paying close attention.
Under AASB 15 Revenue from Contracts with Customers, revenue is recognised so that promised goods and services are transferred in an amount that reflects the consideration to which their provider expects to be entitled. AASB 15 requires the application of a five-step...
AASB 16 Leases has been amended to exclude rent holidays caused by COVID-19 from being assessed as lease ‘modifications’. The amendment provides a practical expedient that permits lessees not to assess whether rent concessions such as rent holidays and temporary rent...
COVID-19 is having an unprecedented impact on the economic outlook for Australian and global economies. For the first time, many entities will be required to consider in more detail their solvency and ability to continue operating as a going concern.
Law changes have been introduced to reduce red tape and improve internal governances for the 22,900 incorporated associations in Queensland, including 3750 registered as charities. Associations Incorporation and Other Legislation Amendment Bill 2019 was passed by...
With Australia in a COVID-induced recession, residential property is not immune to falling economic activity. Yet housing prices are proving surprisingly resilient. Only months ago, economists were forecasting a housing price slump of 20 per cent or more. Now, most...
The start of the financial year is always an excellent time to take stock of your current situation and visualise where you’d like to be in the future. It’s fair to say this year hasn’t been ‘business as usual’! While no-one could have predicted the first six months...
The May 2018 Federal Budget announced a number of changes to the superannuation work test and contributions for over 65s. These changes have recently come into effect and will impact the way many people contribute to their or their partners’ super fund as they near...
With the financial year ending just over a week ago and people starting to think about completing their tax returns, we thought that we
should spend some time covering home office deductions. For the first time, many clients have been forced to work from home and as...
Family trusts have stood the test of time as a means of protecting family and business wealth, and managing the distribution of trust income in a tax-effective way. But the misuse of these tax benefits by a small minority periodically puts trusts in the firing line of...
As COVID-19 restrictions came into effect in March of this year, changing the way businesses operated across the country, many small businesses adopted out of the box techniques to keep their businesses moving despite the many challenges and roadblocks thrown their...
After successfully navigating our initial response to the COVID-19 (coronavirus) health crisis, backed up with $285 billion in government support to individuals and businesses to keep the economy ticking over, thoughts are turning to how to get the economy back on its...
Equity markets pushed higher in May, taking valuations to very expensive levels, as markets took an almost exclusively optimistic view of declining infection rates, reports of progress towards a vaccine and the benefits of economies re-opening. In addition,...
The two cash flow boosts provided by the federal government to help businesses deal with the COVID-19 emergency have largely been overshadowed by the JobKeeper program, but they could provide valuable financial support to organisations that qualify. Some businesses...
As this financial year draws to a close, it will be viewed as a year like no other. COVID-19 (coronavirus) has impacted everybody’s life, albeit in different ways for different people. For some, staying at home has meant you have greater savings; for others, the virus...
With COVID-19 dominating everyone’s thoughts, employers are being offered a brief window of opportunity to get their tax affairs in order with the new Superannuation Guarantee (SG) amnesty. There is also a range of virus related assistance on offer to help affected...
The Morrison Government’s mind-bogglingly large support packages to get Australians through the COVID-19 shutdown have dominated headlines,
and rightly so. Only months ago, the Australian economy was in relatively good shape and headed for a Budget surplus. Behind the...
If you have been out of routine this year, you have probably realised how easy it is to lose track of the days. To help keep you up to date, we have put together a list of dates you will not want to forget. The end of financial year in Australia is looking a little...
In summary Markets embraced a risk-on mood in April with a strong rally in equities as investors welcomed declining virus infections and reports of possible medical treatments. Support from governments and central banks also helped. However, as the month went on, the...
In order to ameliorate some of the economic impact of the coronavirus on landlords and property owners, the Queensland Government has provided some land tax concessions, which apply in the 2019/2020 and 2020/2021 financial years. The concessions are: A rebate of 25%...
The recent sell-off on global sharemarkets due to the economic impact of COVID-19 has highlighted the risks of depending too heavily on a single asset class. Even before the current crisis, the ATO was concerned about a minority of self-managed superannuation funds...
At a time of uncertainty about the economy, not to mention unexpected social isolation, people are rethinking their personal and financial priorities. Whether you are spending less by necessity or because you are living more simply at home, this could be a good time...