Category: Tax

PAYG instalments for business and investment income

Pay as you go (PAYG) instalments are payments you can make throughout the year to avoid accumulating a large tax bill to pay at the end of the year. Making these payments…

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Tax relief for individuals

The Federal Budget for 2020 announced personal and business tax relief through various tax cuts. The legislation was approved by parliament meaning that individuals and businesses will be paying less tax, and…

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Basics of fringe benefits tax

What are fringe benefits? Employees may opt to make an agreement with their employers that provides them with fringe benefit ‘payments’ in a form other than salary or wages. There are various…

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JobMaker Hiring Credit

Job losses have been extensive during the COVID-19 pandemic and the JobMaker Hiring Credit will give businesses incentives to take on additional employees aged between 16 and 35 years old. Eligible employers…

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Insolvency reforms to support small business

The government recognises that despite support to get through the COVID-19 outbreak, not all businesses are going to remain viable. Many small businesses will have significantly increased levels of debt in order…

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Upskilling Australia

The Budget highlights the government’s commitment to getting people back in jobs and upskilling Australians. The JobTrainer Fund which falls under the JobMaker Plan will support up to 340,700 free or low-fee…

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Lower taxes for businesses and individuals

The Budget seeks to promote tax reform and simplification in an effort to support business investment and help reduce the personal income tax burden. Business Businesses are encouraged to invest with the…

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Long term tax-effective Investments

Determining where to invest requires multiple factors to be taken into consideration. One such factor may be tax efficiency. The tax charged on income from a tax-effective investment is less than the…

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Income Tax cuts in Federal Budget Benefiting high income earners

In its efforts to boost the economy, the Federal Government is considering bringing the planned income tax cuts forward. The intention behind these cuts is to boost the economy by boosting consumption.…

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Handling deductions for self-education expense

Individuals upskilling and educating themselves during these down times may be eligible to claim a deduction for their self-education expenses. The deductions apply to self-education activities that are directly related to an…

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