Federal Budget 2020-21 – Other Business Measures

Modern Manufacturing Strategy The Prime Minister has named six priority areas in a plan for grants of $1.5 billion to promote manufacturing: resources and critical minerals; food and beverages; medical products; recycling and clean energy; defence and space. Insolvency System Reform Reforms to support small business include the following: The introduction of a new streamlined process to enable eligible incorporated …

Federal Budget 2020-21 – Business Tax Changes

Temporary Full Expensing of Assets Businesses with turnover up to $5 billion will be able to deduct the full cost of new eligible depreciable assets, of any value, in the year they are first used or installed ready for use. The cost of improvements made during this period to existing eligible depreciable assets can also be fully deducted. This incentive …

Federal Budget 2020-21 – Business Wage Subsidies

JobMaker Hiring Credit This credit is available to employers for up to 12 months for each new job they create from 7 October 2020 to 6 October 2021 for which they hire an eligible young person, aged 16 to 35 years old. The amount of the credit depends on the age of the employee at the start of the new …

Federal Budget 2020-21 – Personal Income Tax

Income Tax Cuts Income tax cuts have been introduced and backdated to 1 July 2020. These “stage two” tax cuts were previously due to start in July 2022 and have been accelerated in this Budget to deliver instant tax relief. Tax rates remain the same for this financial year however the range ceilings have been lifted. Tax Rate 2019-20 2020-21 …

JobKeeper Extension – Commencing 28 September

Eligibility -Business Entities Decline in turnover of (same turnover levels as the original scheme) 50% for businesses with turnover of more than $1 billion; 30% for businesses with turnovers of $1 billion or less; and 15% for registered charities, excluding schools and universities. Period 1 (28 September to 3 January 2021) Decline in turnover must be demonstrated from actual GST …

Tax

Running your business from home? There’s a tax trap you need to know about

Did you find working from home during COVID-19 lockdown to be a success? Are you considering giving up your leased commercial business premises to instead run your business from home? This choice may result in the Australian Taxation Office taking a slice of the capital gain that you make when you eventually sell your home. If you have been using …

accounting-mobilephone

10 steps to restarting your business post-COVID

I have noticed a quote doing the rounds in various articles over the last few months, “Never let a serious crisis go to waste.” The quote has been credited to Rahm Emmanuel, while Chief of Staff to Barack Obama, proposing how to respond positively to the Financial Crisis of 2008. Can you apply that thinking to your business? This crisis …

Year End Tax Planning Tips

With the end of the financial year almost here, it’s time to take stock of activities during 2019 that will impact on compliance and tax for the year. Of key importance is the requirement for trustees of discretionary trusts to consider how best to distribute trust income and capital for the year to eligible and appropriate beneficiaries. You should consider …

Australian Financial Review lists nation’s leading accounting firms: NKH placed in top 50

NKH Business Advisors & Accountants are pleased to announce our recognition in the Australian Financial Review’s Top 100 Accounting Firms list. The list, released earlier this month, offers a broad scope of the performance of the industry’s leading firms, with rankings based on total revenue and revenue growth. NKH Business Advisors & Accountants placed 50th, proudly joining the big four …

accounting-mobilephone

Federal Budget 2018 – 2019 Insights

The Federal Budget was handed down on 8th May, with a variety of measures that leave us in no doubt that this is an ‘election budget’. The Treasurer has taken just under half of the $35 billion of improved revenue and turned it into tax cuts targeted to benefit all Australians. With a focus on business and personal taxation, we …