The ATO has reminded that it has a range of support available for small businesses experiencing difficult situations, such as natural disasters, mental health challenges
Low Income Tax Offset The low income tax offset (LITO) will continue to apply for the 2021-22 income year. Australian tax resident individuals whose income
Tax Rate For the 2021/22 year, the reduced corporate tax rate has been reduced to 25%, down from 26%. Eligibility for the reduced corporate tax
Business Income and Expenses Subject to cash flow requirements, consider deferring income until after 30 June, especially if you expect lower income for 2022/23 compared
Superannuation Changes There are a number of superannuation measures that were proposed in the 2020 Federal Budget that come into effect on 1 July 2021:
Individuals can now re-contribute amounts they withdrew under the COVID-19 early release of super program without the re-contribution counting towards their non-concessional contributions cap. These
After much speculation, the Government announced that COVID-19 tests, including Polymerase Chain Reaction (‘PCR’) and Rapid Antigen Tests (‘RATs’), will be both: ❑ tax-deductible; and
The Government has recently extended the SME Recovery Loan Scheme by a further six months (to 30 June 2022) to support SMEs adversely economically affected
We have actually discussed how to develop your company plan for the new year in our Blog article Update your business plan for a new
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