Budget Update 2021

Last night, Treasurer Josh Frydenberg delivered a somewhat ‘free spending budget’. Despite the considerable debt that has been incurred in lieu of the pandemic; Australia’s economic rebound from the COVID-19 has given the government more money to play with than first expected. The 2021/22 budget sees increased funding to social programs such as disability services, […]

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Jobkeeper 2.0

Jobkeeper

This first extension period of JobKeeper 2.0 runs from 28 September 2020 to 3 January 2021. Businesses will need to show that the actual GST turnover (as opposed to projected) has declined in the September 2020 quarter relative to a comparable period (generally the corresponding quarter in 2019). See the actual decline in turnover test for more information. To […]

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Five steps to better cash flow

Get your invoicing right BlueVine knows invoicing is part of good cash flow management. Once you’ve delivered a product or service, don’t wait to invoice. That can hurt your cash flow and your business. You should get into the habit of sending invoices for payment quickly. Consider sending invoices immediately, or on a daily basis, depending […]

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UPDATE: BUDGET 2020/21

The government has handed down the widely anticipated 2020/21 budget, outlining its plans to help rebuild Australia post-pandemic. From the $98bn of spending and business concessions outlined; here’s what we believe are the stand out announcements impacting small and medium business: Budget Summary Graphic Uncapped Immediate Asset Write Off Businesses with an aggregated annual turnover […]

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Green Light on Superannuation Amnesty

After much waiting and anticipation…. the superannuation amnesty has finally received the green light.

So what does it mean?

The amnesty creates an opportunity for employers to make a catch up payment of ‘old superannuation’ that should have paid for employees (and directors)… the ATO will allow the payment to be deductible* (super is normally only deductible if paid by the due date) along with reducing fines and penalties that would normally be applicable. […]

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