Cash Flow, Small Business, Taxation
Welcome to the Small Business Treasure Chest. I have looked inside our chest again and found some amazing jewels to share with you. Join me over the next few weeks to view these very helpful tips that will help you reduce your Income Tax for 2020. The third jewel I have found is all about Superannuation Contributions. The maximum amount a person can contribute to their superfund for 2020 without…
Cash Flow, Small Business, Taxation
Welcome to the Small Business Treasure Chest. I have looked again inside the chest and found some amazing jewels to share with you. Join me over the next few days to view these very helpful tips that will help you reduce your Income Tax for 2020. The second jewel I have found is very relatable to those who live in WA. I call it the WaitAwhile benefit. Usually this phrase…
Cash Flow, Small Business, Taxation
Many of my clients and business owners have been asking me about how the Jobkeeper Payment scheme will actually operate. Below are some of the most relevant questions that apply to small businesses. Question 1 Can a sole trader who has employees also qualify for the JobKeeper Payment? Answer is Yes. On the basis that the sole trader’s business has satisfied all the requirements to qualify for the JobKeeper…
Cash Flow, Small Business, Taxation
1) Employer affected by Covid-19 with multiple employees Adam owns a business whose turnover has declined by more than 30% as a result of the downturn due to the Coronavirus. The business had the following three employees as at 1 March 2020: • Anne, who is a permanent full-time employee and who continues to work in the business earning a gross salary of $3,000 per fortnight. • Nick, who is…
The government released the 3rd stimulus package yesterday which entitles businesses without employees to register for the Jobkeeper Payment if their turnover has or will reduce by more than 30% relative to the same period of at least one month, a year ago. Below is some detail relating to non-employee businesses. The business is paid $1 500 per fortnight per employee to be paid to each employee. Businesses without employees,…
Cash Flow, Small Business, Taxation
There are 2 types of businesses in Australia. Those that employ staff and those that don’t. The number of businesses as at 30 June 2019 that don’t employ staff makes up 61% or 1.4 million of the total 2.4 million businesses in Australia, as well as 33% of the GDP created in Australia based on a recent Australian Bureau of Statistics report. These are enormous numbers and involve a huge…