Premier Palaszczuk may not be opening the boarders anytime soon, but she’s not afraid to open Treasury’s coffers to support struggling small businesses
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HomeBuilder provides eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home. HomeBuilder will assist the residential construction market by encouraging the commencement of new home builds and renovations this year.
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… And just like that, another financial year is nearly behind us! For all of us, the last few months have been interesting to say the least, but it looks like some form of normality is returning along with a few new ‘normalities’ … queue the hand sanitiser bottles!
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As we enter the battlefield for another day, the Government has added some more stimulus to our artillery.
General Scomo announced the third round of stimulus late yesterday (not yet legislated), known as the “Jobkeeper Payment”, targeted at retaining employees and not having to deal with Centrelink.
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*APPLICATIONS OPEN NOW*
The Queensland Government have released further information in regards to the $500 million loan scheme previously reported
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How many pollies does it take to stimulate an economy? All of them it seems… Following on from the recent stimulus package announced in early March 2020, the government has announced a new “safety net package” over the weekend.
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*BREAKING*
The Reserve Bank of Australia (RBA) has slashed interest rates to 0.25 per cent after calling an emergency meeting to try to save the economy. The RBA will buy Australian government bonds as part of its first-ever quantitative easing program and provide a three year funding facility to provide low cost loans to Australian banks.
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Nothing at m+h Private gets us more excited than a good ‘stimulus package’. The Government has announced a $17.6 billion stimulus package to combat the challenges the world is currently facing while dealing with the spread of corona virus (COVID-19). The package aims to help small to medium business by delivering support for investment and providing cash flow assistance.
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Recently The Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 was passed in parliament (SUPER!) and it has been sent to the Governor General for his tick and flick. Good news if you’re an employer who hasn’t kept their superannuation up to date. Now is the time for you to take advantage of a one-off amnesty to self-correct historical Super Guarantee (SG) non-compliance.
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So you’ve found a great doer-upper on a huge block. With a touch of know-how, and plenty of hard work, a property renovation or development can be a great way to make some cold hard cash. Without the correct project structure though, any “profits” can quickly find their way to the tax man. Let’s consider the Goods and Services Tax (GST) implications in this scenario (we will discuss income tax in a future post).
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With Christmas just around the corner, you may (or may not) be thinking about how to thank your staff for their hard work this year. Hosting an extravagant Christmas party is a great idea, but there are a few things to remember when it comes to tax. Any costs involved with throwing a party fall under entertainment expenditure which is generally not tax deductible. It may also be subject to fringe benefit tax (FBT) if the cost per person exceeds $300 (GST inclusive), which does not come under the minor benefits exemption.
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So you’ve got the idea, the smarts and the motivation but there is that one missing piece to get that great idea of yours to the next level or even of the ground – the $$!
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Is a Learjet or Gulfstream your preferred method of transport?
If so, listen up – we have some important changes to tell you about. If not, keep reading – it might only be a matter of time until they are. Who are you?
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With Liberal frontbenchers across Australia falling on their swords and Bill Shorten licking his lips, Labor are expected to romp home in the 2019 Australian Federal Election. A Winx-like victory if ever there was one - albeit a whole lot less entertaining.
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Setting up a new medical practice without first fully structuring your medical accounting and finance systems can be pretty much akin to performing open heart surgery on yourself. Without a proper plan - and the right advice - you’re almost certainly heading for disaster.
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We’re sure you’re aware that in today’s climate making money out of property development can be tough. Plus the uncertainty surrounding the banking royal commission and the looming federal election have only added to the complexities, making the property industry a nightmare if you’re not fully armed with the right information. So here’s a guide to property development, to help you choose a profitable path.
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A former Foodora Australia delivery rider, Joshua Klooger, recently won an unfair dismissal claim despite a service agreement that classified him as an independent contractor. We explore the implications of the case.
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If your company is an eligible base rate entity, there’s good news on your corporate tax cuts timeline scenario. And if you’re an unincorporated entity, you’re in for an increased income tax offset.
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Considering investing in an early stage investment company (ESIC)? Or maybe you’re a potential startup wondering about ESIC tax incentives. Either way, here’s a brief rundown on both ESIC tax incentives and the qualifications for ESIC eligibility itself.
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If you’re a medical practitioner or other sole trading professional, you’ll be probably be aware of the tax terms - Personal Service Income (PSI) and Personal Service Business (PSB). But are you fully up to speed with their often misunderstood rules and differences, and how they impact you?
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