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New Superannuation rates & thresholds for 2021-2022
Superannuation rates and thresholds for 2021–22 The ATO has published the key superannuation rates and thresholds for the 2021–22 year. Some of these rates and thresholds have been indexed following the average weekly ordinary time earnings figures released by the...
First conviction for JobKeeper fraud
First conviction for JobKeeper fraud A man has been convicted to 3 counts of making a false and misleading statement to receive $6,000 in JobKeeper payments. In addition to the conviction, the Heidelberg Magistrates’ Court fined Mr Raed Saleh $3,000 and ordered him to...
Priority Migration Skilled Occupation List
These 18 occupations skilled visa applicants will be on the priority list (update as at 27 Nov 2020) The Priority Migration Skilled Occupation List The 18 occupations (ANZSCO code) are: • Chief Executive or Managing Director (111111) • Construction Project Manager...
Business Visas UPDATE
Business Innovation and Investment Program changes from 1 July 2021 Key changes: The program will be simplified from nine to four visa streams: Business Innovation, Entrepreneur, Investor, and Significant Investor. There will be a clear pathway to permanent residency...
Can I deduct business assets?
Rules surrounding full expensing of assets In the 2020 federal budget, the government announced new rules relating to fully deducting assets used in your business. This letter is to provide you with a snapshot of the rules, so that you can understand how they affect...
Amending trust deed by 31 December 2020 may avoid land tax surcharge
Amending deed may avoid land tax surcharge A recent revenue ruling in New South Wales has clarified the position of discretionary trusts and foreign ownership of land. Legislation is in affect that applies a surcharge of stamp duty and land tax if the owner of the...
Personal income tax cuts brought forward
The federal government initially announced a seven year individual income tax plan in the 2018 federal budget. The plan would run over three phases, introducing a temporary low and middle tax offset and eventually removing the 37% income tax bracket. Subsequent...
Instant asset write-off — COVID-19 stimulus package
The instant asset write-off currently in ITAA 1997 Div 328 and 40 has been extended to include the vast majority of Australian businesses, in response to the COVID-19 pandemic. Amended legislation now permits businesses with less than $500m in aggregated turnover to...
Loss carry-back available for companies
One part of the federal Government’s JobMaker Plan, announced in the 2020 federal budget, will temporarily allow an eligible company to carry-back a tax loss. Broadly, this measure will be in place for three income years, from 2019/20 to 2021/22. A company will be...
COVID-19 (NSW): stamp duty reduced for first home buyers
COVID-19 (NSW): stamp duty reduced for first home buyers The NSW Government will reduce stamp duties on newly built homes and vacant land for eligible first home buyers from 1 August 2020. The threshold above which stamp duty will be charged on new homes for eligible...