Do you have a study or training loan?

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Do you have a study or training loan?

Do you have a study or training loan?

If you earn $47,014 or more per year, you may need to start making compulsory repayments. Compulsory repayments of your study and training support loan are made through the income tax system. If you have a loan when you lodge your tax return and your repayment income is above the minimum repayment threshold, your compulsory […]

Commonwealth COVID-19 Disaster Payment

Commonwealth COVID-19 Disaster Payment

The COVID-19 Disaster Payment was originally announced on 3 June 2021 in response to the May/June lockdown in Victoria. Since then, the Disaster Payment has been made applicable to Commonwealth declared hotspots such as in News South Wales, Queensland and South Australia. Its primary aim is to provide weekly assistance to eligible individuals, like full […]

Taxable Payments Annual Reports (TPAR)

Taxable Payments Annual Reports (TPAR)

Are you a business owner that needs to lodge a taxable payments annual report (TPAR) for this financial year? If you have made payments to contactors that provide the following services, you will be required to lodge a TPAR: Building and construction service Cleaning services Courier or road freight services Information technology (IT) services Security, […]

2021 COVID-19 Business Support Grants for lockdown impacted businesses in Queensland

2021 COVID-19 Business Support Grants for lockdown impacted businesses in Queensland

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 […]

What you need to know about Low and Middle Income Tax Offset

What you need to know about Low and Middle Income Tax Offset

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 […]

Want to claim a tax deduction on super payments?

Want to claim a tax deduction on super payments?

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 […]

$5000 SMALL BUSINESS GRANT

$5000 SMALL BUSINESS GRANT

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 […]

A rundown of the 2021 – 2022 Federal Budget

A rundown of the 2021 – 2022 Federal Budget

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 […]