by Swot Accoountants | Jun 11, 2020 | Coronavirus (COVID-19), Tax & Compliance
Businesses and employers JobKeeper payments received by the business are assessable (taxable) income Stimulus “Cash Boost” payments received between $20K and $100K are not assessable income (tax-free) Individuals and employees JobSeeker payments received from...
by Swot Accoountants | May 28, 2020 | Business News, Tax & Compliance
From 12 March 2020, the instant asset write-off threshold was increased to $150,000 for eligible businesses. From 1 July 2020 however, the threshold will be significantly reduced to its legislated $1,000 for each asset. There are some exclusions and limits. If you’re...
by Swot Accoountants | May 12, 2020 | Companies & Trusts
Family and Discretionary Trusts In legal terms, a trust is a relationship (not a legal entity) in which one party (the settlor) gives property to another person (the trustee) to hold or conducts a business for the benefit of a third person (beneficiary). Trusts are...
by Swot Accoountants | Apr 25, 2020 | Business News, Coronavirus (COVID-19)
The ATO Commissioner has extended the enrolment time for the JobKeeper Payments from 30 April 2020 to 31 May 2020. If you enrol before the 31 May, you will be able to claim for the fortnightly periods starting 30 March 2020. You must make sure that your employees have...
by Swot Accoountants | Apr 7, 2020 | Business News, Coronavirus (COVID-19)
The Treasury has now released a guide on the yet to be legislated JobKeeper payments, including the eligibility criteria. Some examples: Partnerships – only one partner in a partnership can be nominated to receive the JobKeeper payments. Trusts – only one individual...
by Swot Accoountants | Mar 31, 2020 | Business News, Coronavirus (COVID-19)
The Prime Minister has unveiled his third and largest stimulus package to help up to 6 million workers, known as the JobKeeper payment. The flat payment of $1,500 per fortnight will be paid to businesses (companies, trusts, partnerships and sole traders) to pass on to...
by Swot Accoountants | Mar 25, 2020 | Coronavirus (COVID-19)
The ATO has updated its website to include the essential information about the economic support packages that have now become law. The website provides detailed information about: Government payments to individuals affected by COVID-19 Government’s stimulus package...
by Swot Accoountants | Mar 23, 2020 | Coronavirus (COVID-19)
The government yesterday announced the second stage of its economic plan to reduce the economic impact of the coronavirus. Support for workers and households: Coronavirus supplement of $550 p/fortnight for six months Payments to support households of an additional...
by Swot Accoountants | Mar 23, 2020 | Coronavirus (COVID-19)
The BIG four major banks have announced financial initiatives to distress home loan customers, allowing them to defer mortgage repayments for up to six months. They also announced other measures to help personal and business customers, including interest rate...
by Swot Accoountants | Mar 18, 2020 | Business News, Coronavirus (COVID-19)
The SWOT Accountants team are here during these difficult times to provide positivity and support to you and your business! As a business owner, there’s one key thing you need to totally focus on now – keeping your business alive during these difficult times. It’s not...
