JobKeeper Payment – Update

We have had many questions in relation to the JobKeeper payment and can now provide some clarity. Please note that the measures announced are complicated in the way that a business is assessed and unfortunately much too complicated to cover entirely in this update. We will contact all of our business clients prior to the 21st of April so that Dendra can assist in registering your business for the JobKeeper payment. We will also discuss your options and qualification criteria. If you have not been contacted by the 21st of April, please contact our office directly. We understand that this […]

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Coronavirus Stimulus Package Update

  Now that the legislation in relation to the stimulus package has passed through parliament, we have more clarity around the measures announced and how they will be implemented. Below we have given a brief summary (as brief as we can be) on the measures for business and individuals. Boosting cash flow for businesses Businesses with less than $50 million turnover (based on their prior years turnover) and employ staff, may be eligible to receive a payment of up to $100,000 (with a minimum total payment of $20,000) based on their PAYG withholding in two stages. Stage 1 payment (credit) […]

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Business Coronavirus Stimulus Examples

Examples Sarah’s Construction Business Sarah owns and runs a building business in South Australia and employs 8 construction workers on average full-time weekly earnings, who each earn $89,730 per year. Sarah reports withholding of $15,008 for her employees on each of her monthly Business Activity Statements (BAS). Under the Government’s changes, Sarah will be eligible to receive the payment on lodgment of her BAS. Sarah’s business receives: A credit of $45,024 for the March period, equal to 300 per cent of her total withholding. A credit of $4,976 for the April period, before she reaches the $50,000 cap. No payment […]

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The ATO and Coronavirus

How the ATO is assisting business to deal with the impacts of Coronavirus. We are in unprecedented times and it seems that we are hearing that particular word numerous times each day. As the impact of the virus changes each day, so do the policies being released by government and the ATO. We will attempt to keep our clients continually updated to ensure that we can assist you in accessing any and all concessions and grants that are available as quickly as possible. We are expecting the Federal Government to release another stimulus package to add to the package announced […]

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$17.6 Billion Economic Stimulus Package – What’s in it for your business

The government has announced a $17.6 billion stimulus package and the measures announced will apply to most of our business clients. These measures have been announced to start immediately however do need to pass through legislation. Its expected that the legislation will be passed in the next two weeks. An explanation of the business measures announced are below: Instant Asset Write Off The instant assets write off threshold will increase from $30,000 to $150,000 for businesses with turnover of less than $500m. This means an immediate tax deduction for business assets purchased. This proposal will apply from 12 March 2020 […]

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Budget Update 2017-18

Welcome to our 2017-18 Budget summary. We have summarised all the relevant areas of the budget that apply to our business and investor clients along with a few other interesting areas of the budget. Overseas investors have been very heavily impacted and the most surprising part of the budget is the increase in the property settlement tax by 2.5% to 12.5% but also the reduction of the threshold to $750,000. This means that an overseas investor will need to pay tax on a purchase of any property that exceeds $750,000. The Government has also dealt the first blow to the […]

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Tax Planning – It’s a Competitive Advantage Most Businesses Don’t Have, and usually, it’s Not Their Fault!

Your business has every right to arrange its financial affairs in order to minimise the tax you pay, and this process is called tax planning. But if you run a business that turns over more than $200-250,000 a year and you don’t tax plan, you are at a major competitive disadvantage when compared to your more sophisticated rivals. Here’s why: How can you expect to effectively compete with businesses who are implementing superior tax planning strategies, ones that effectively leave them with more money to invest in finding new customers, or buying new technology that makes them more efficient? In […]

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August 2017 Tax Update

Purchasing property? You may be required to withhold tax from the purchase price. New rules for foreign resident capital gains withholding (FRCGW) apply to vendors disposing of certain taxable property under contracts entered into from 1 July 2017. The changes will apply to disposals where the contract price for a property is $750,000 and above (previously $2 million) and the withholding tax rate will be 12.5% up from 10%. The previous threshold and rate will apply to any contracts entered into from 1 July 2016 but before 1 July 2017, even if they are not due to settle until after […]

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Victorian SMSF & Accounting Awards

George Kontominas the Principal Accountant at Dendra Accounting Group, has won the 2017 Accounting Award for Partner of the Year in Victoria. The SMSF Accounting Awards is the first state-wide industry awards program recognising excellence in the SMSF (Self Managed Super Fund) accounting and consulting professions, judged on state-based performance criteria. These awards acknowledge individuals and businesses providing leading accounting and consulting services in their state, while maintaining the highest standards of professionalism, as well as bringing innovation to their service offering. The Judging panel for the SMSF & Accounting awards includes top academics in the field of Accounting from […]

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Unpaid Tax Liabilities with ATO

Over recent months, we have seen the ATO vigorously pursue individuals and small business for unpaid tax debts. From 1 July 2017, the ATO will be able to disclose to the Credit Reporting Agencies the names of taxpayers who have unpaid taxation liabilities. This means that for businesses with tax debts, the true financial position of the business will become available to the public. Ignoring the ATO can in some instances be to your detriment At the outset, the threshold for this reporting will be restricted to those ABN’s who have tax debts exceeding $10,000 and with the debt outstanding for […]

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