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Road to Recovery? Budget 2020-21 Update

Road to Recovery? Budget 2020-21 Update

by GNathan | Oct 7, 2020 | ATO, Blog, Corona Virus, COVID-19, Home page, Jobkeeper, Small Business in Australia, Small to Medium Business, Tax Tips

Road to Recovery? Budget 2020-21 Update The 2020-21 Federal Budget is a road to recovery paved with cash. Key initiatives include: • Personal income tax cuts from 1 July 2020 • A $4 billion ‘JobMaker’ Hiring Credit to encourage businesses to take on additional...
JobKeeper from 28 September 2020

JobKeeper from 28 September 2020

by GNathan | Oct 1, 2020 | ATO, Blog, Corona Virus, COVID-19, Home page, Jobkeeper, Small Business in Australia, Small to Medium Business, Tax Tips

JobKeeper from 28 September 2020 The first tranche of JobKeeper ended on 27 September 2020. Those needing further support will need to reassess their eligibility and prove an actual decline in turnover. To receive JobKeeper from 28 September 2020, eligible employers...
JobKeeper: The next steps

JobKeeper: The next steps

by GNathan | Oct 1, 2020 | ATO, Blog, Corona Virus, COVID-19, Home page, Jobkeeper, Small Business in Australia, Small to Medium Business, Tax Tips

JobKeeper: The Next Steps The first tranche of JobKeeper ended on 27 September 2020. We look at the issues for those seeking to qualify for the second tranche of JobKeeper and for those no longer eligible. Wrapping up JobKeeper If your business is no longer eligible...
In case you missed it: ATO reveals everything you need to know about JobKeeper 2.1

In case you missed it: ATO reveals everything you need to know about JobKeeper 2.1

by GNathan | Sep 25, 2020 | ATO, Blog, Corona Virus, COVID-19, Home page, Jobkeeper, Small Business in Australia, Small to Medium Business, Tax Tips

In case you missed it: ATO reveals everything you need to know about JobKeeper 2.1 With JobKeeper due to end on 28 September, find out whether you qualify for the extension and what steps you need to take next. ATO Deputy Commissioner James O’Halloran, Australian...
Legislative instruments on JobKeeper extension

Legislative instruments on JobKeeper extension

by GNathan | Sep 25, 2020 | ATO, Blog, Corona Virus, COVID-19, Home page, Jobkeeper, Small Business in Australia, Small to Medium Business, Tax Tips

Legislative instruments on JobKeeper extension Both the Treasurer and ATO Commissioner have registered a number of new legislative instruments on the extension of the JobKeeper payments scheme, with detail on: Codification of the JobKeeper extension through to 28...
Commissioner registers updated JobKeeper alternative tests

Commissioner registers updated JobKeeper alternative tests

by GNathan | Sep 23, 2020 | ATO, Blog, Corona Virus, COVID-19, Home page, Jobkeeper, Small Business in Australia, Small to Medium Business, Tax Tips

The Commissioner of Taxation has now released the updated alternative decline in turnover tests for the JobKeeper extension. The Coronavirus Economic Response Package (Payments and Benefits) Alternative Decline in Turnover Test Rules (No. 2) 2020 legislative...
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New financial year, fresh opportunity to get your New financial year, fresh opportunity to get your business systems working properly. The start of FY27 is a good time to reset, review your numbers and make sure your business is set up for the year ahead.Whether your focus is growth, better cash flow, cleaner bookkeeping or staying on top of tax and compliance obligations, taking a few proactive steps now helps reduce pressure later.Some smart ways to stay ahead for the new financial year:✅ Use receipt scanning apps to simplify your record keeping✅ Schedule regular check-ins with your accountant to stay on track✅ Set clear financial goals, budgets and business plans for FY27✅ Review your superannuation strategy, including contribution caps, before making extra contributions✅ Review your business and personal insurance cover✅ Check whether your business structure still suits your goals, income and risk✅ Review planned asset purchases and check current instant asset write-off rules before spendingA little planning now makes a big difference at tax time and throughout the year.Need support with your FY27 business planning, bookkeeping, tax strategy or compliance obligations? Get in touch with Simple Solutions Accounting Services. We’re here to help you stay organised and confident for the year ahead.📞 (08) 9474 4505🌐 website link in bio#SimpleSolutionsAccounting #perthaccountant #TaxTimeAustralia #SmallBusinessAustralia #businesstax
Employers, this is one of those important July pay Employers, this is one of those important July payroll tasks worth ticking off early.Single Touch Payroll (STP) finalisation declarations for the 2025–26 financial year are due by Tuesday 14 July 2026.Completing your STP finalisation ensures your employees’ income statements are marked as “Tax Ready” with the ATO, allowing them to lodge their tax returns without delays.Before you finalise, it’s important to review your payroll data carefully, including wages, PAYG withholding, superannuation and any reportable fringe benefits. Accurate reporting helps avoid errors, amendments and unnecessary stress later.Missing the STP finalisation deadline or submitting incorrect information can delay your employees’ tax returns and create additional compliance issues for your business.For more information on STP finalisation requirements, visit the ATO website:https://www.ato.gov.au/businesses-and-organisations/hiring-and-paying-your-workers/single-touch-payroll/start-reporting/end-of-year-finalisation-through-stp#SimpleSolutionsAccounting #SingleTouchPayroll #PayrollCompliance #TaxTime2026 #SmallBusinessAustralia
Proposed tax changes are moving again, and busines Proposed tax changes are moving again, and business owners should keep an eye on what happens next.At a press conference in June, Prime Minister Anthony Albanese and Treasurer Jim Chalmers announced adjustments to several federal budget measures, including proposed changes affecting capital gains tax concessions, small business turnover thresholds, start-ups and discretionary testamentary trusts.A few key points:✅ The active asset CGT reduction turnover threshold is proposed to increase from $2 million to $10 million.✅ A new CGT concession is proposed for innovative start-up businesses, including a 50 per cent CGT discount for early stage investors, founders and employee share scheme participants.✅ Minimum tax exemptions are proposed for income from discretionary testamentary trusts established for genuine testamentary purposes.For small business owners, investors and those with trust structures, the key message is to stay informed and avoid making rushed decisions while these proposed tax changes continue through consultation and negotiation.Read more here:https://www.accountantsdaily.com.au/tax-compliance/22563-labor-changes-course-on-trust-changes-cgt-concessions-increased-turnover-thresholdThese are not yet legislated - but rest assured, once the updated legislation is enacted, and we’ve wrapped our heads around it - we will keep you updated. #SimpleSolutionsAccounting #perthaccountant #SmallBusinessWA  #AustralianTax #taxupdates
𝗛𝗮𝗽𝗽𝘆 𝗡𝗲𝘄 𝗙𝗶𝗻𝗮 𝗛𝗮𝗽𝗽𝘆 𝗡𝗲𝘄 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗬𝗲𝗮𝗿! 🤍Fresh year, fresh start, fresh spreadsheet energy.Here’s to a clear, calm and productive year ahead.Happy FY27! Stay tuned - we will keep you up to date with the legislation changes as they happen, and how they affect you. #SimpleSolutionsAccounting #perthaccountant #SmallBusinessAustralia #SmallBusinessWA #EOFY
97% On-Time Lodgement! A big thank you and a big c 97% On-Time Lodgement! A big thank you and a big celebration for the SSAS team.We’re proud to share that 97% of our clients’ tax returns were lodged on time this year. The required benchmark is above 85%, so this is a fantastic achievement and a real credit to the care, effort and organisation that went into the lodgement season.To our SSAS team, how good are you?Absolute superstars who worked so hard to get everything across the line. We appreciate the attention to detail and commitment behind every lodgement.To our clients, thank you too.Getting your information in early makes a real difference. It helps avoid ATO penalties, supports smoother processing and gives us the best chance of lodging your returns on time.If this year felt a little stressful, now is a good time to think about how we can make next year simpler and more organised.Please get in touch if you’d like help planning ahead.📞 08 9474 4505🌐 website link in bio#SimpleSolutionsAccounting #TaxLodgement #TaxTime #ATOCompliance  #BusinessSupport
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