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Coronavirus – Small Business Tax Relief

small business tax relief

A great concern for small businesses at the moment is the impact the Coronavirus will have on small business and the community at large. The Australian government has therefore brought in various tax relief packages for small business. Below is details of the stage 1 package. Read about the stage 2 package HERE. Small Business Stimulus Package Here are details of how a small business can benefit from the stimulus…

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Coronavirus – Now working from home, what can I claim as a deduction? ( published in Flying Solo 25 March 2020 )

While we are all dealing with this crazy virus, there might be an opportunity to claim some expenses as a result of it. No it’s not the additional time that some people may have spent on a cruise ship, as that would be personal expenses, but rather the need that might arise for people to work from home. Should your employer instruct you to work from home as a result…

Director Penalty Notices will NOW include GST as well

Parliament has passed legislation to include GST in the Director Penalty Notice (DPN) Regime, and it comes into effect 1 April 2020. What is a Director Penalty Notice ( DPN) ? This is a letter from the Australian Tax Office sent to a company director making them up until now, personally liable for two types of tax debts of the company: PAYG Superannuation Now the ATO have added GST to…

Employee or Sub Contractor? Murky Waters, Beware!

Workers and employers are benefiting from the burgeoning gig economy in which people work part-time or on a project basis, often for a stable of employers. However, this is creating some uncertainty around whether people are independent contractors or employees, or a hybrid of both. A recent article in accountantsdaily highlighted this issue. Misinterpreting the arrangements can lead to inadvertent breaches of various legislation, as was demonstrated in the Fair…

Did You Know That if You Sell A New Residential Property You May Have To Register For GST?

Let me clarify the scenario: Mr Gump is not a business owner but an employee. He purchases a piece of land and then commissions a developer to build one or more residences on it,  which he then immediately sells with the intention of making a profit.  You might think that this is a private transaction and therefore  has nothing to do with GST, but BE CAUTIOUS. Surprise Surprise! Regulation defines…

Personal Income Tax Preparation

Get your tax done NOW and take advantage of the reduced tax rates. Our PERSONAL INCOME TAX PREPARATION service is guaranteed to make your life easier. We will help you find applicable tax credits and deductions to REDUCE your tax bill. Have your Personal Income Tax prepared by Accolade Accounting today! Do you need help with your Small Business Tax? Contact Neil at 08 6263 4466 | 0421 824 137…