If your business has been impacted by the recent Queensland lockdown, you may be eligible for financial support through for 2021 COVID-19 Business Support Grants. The $5000 grants (excluding GST) are available to small and medium businesses across Queensland affected by the COVID-19 lockdown that commenced on Saturday 31July 2021. These grants are aimed to […]

Are you a landlord who rents out commercial property? Or do you rent your place of business? If you have given or received a rent concession because of COVID-19, you need to consider this in your tax returns. There may be changes to the income you declare, deductions you can claim and your GST and […]

What is a tax offset? A tax offset is a reduction of your tax payable by the offset amount. Contrary to popular belief, you do not receive the amount of the offset entitlement directly as a lump sum. For example, if you earn $87,000 a year, in the 2021/22 financial year you are eligible for […]

Do you use the Small Business Superannuation Clearing House (SBSCH)? If you intend to claim a tax deduction for super payments you make for employees in the 2020-21 income year, those payments must be accepted by the SBSCH on or before 23 June 2021. This allows processing time for the payments to be received by your […]

Are you a small business in Queensland? Then read on… The Queensland Government has recently announced a new grant for small businesses in Queensland which can be used for: Business continuity and succession Training and coaching Website build/upgrades Professional business advice Strategic marketing services The $5,000 Business Basics Grant Program will soon be open for […]

Wondering how the 2021-2022 Federal Budget affects you? We’ve broken down the below key points from last night’s announcement. INCOME TAX As expected, the government is extending its scheme that will refund Australians up to $1,080 come tax time by one more year. The low and middle income tax offset was a temporary measure designed […]

With the JobKeeper program scheduled to conclude on the 28th March 2021, as a business owner it is suggested you plan for what could happen when your cash flow safety net is removed. It’s essential to think about – How you will cover costs? How will you adjust operations? How will you continue to grow […]

In line with Fuel Excise Indexation, the fuel tax credit rates have increased since the start of February. If your business claims less than $10,000 each year using diesel in heavy vehicles, there is now an easier way to calculate your fuel tax credits. To use the method, all you need is the distance you […]

COVID-19 has had a massive impact on Australian businesses and the economy. Due to this, there has been a number of important financial lessons that your business can learn from to ensure ongoing success and prompt recovery. The importance of contingency planning COVID-19 has highlighted the saying ‘those who fail to plan, plan to fail’. […]