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As part of the 2023–24 Federal Budget handed down on 9 May 2023, the Government announced this lodgement penalty amnesty program for small businesses to get their tax obligations up to date. The amnesty applies to overdue income tax returns, Business Activity Statements (BAS) and FBT returns that were originally due between the period 1...
Treasurer, Jim Chalmers’ second Federal Budget handed down last night in the context of an uncertain and volatile global economy, inflationary and cost of living pressures and forecasts of the weakest period of global growth since 2013. The key headlines, in a budget sense, are the expectations for a small surplus ($4.2bn) this financial year,...
On Tuesday 28 February 2023, the Federal Treasurer, Jim Chalmers announced that from 1 July 2025 (if the Labor Government is re-elected), a 30 per cent tax rate will apply to earnings for super balances above $3 million. On 1 March 2023, Treasury released a ‘Better targeted superannuation concessions factsheet’ outlining the changes. What are the changes? From...
The NSW Government has just announced it is launching an initiative to make home ownership more achievable for single parents, older singles and key worker first home buyers. This initiative called the Shared Equity Home Buyer Helper is planned to begin on 23 January 2023 where the NSW Government will for eligible and approved applicants,...
Revenue NSW will begin the process of issuing 2023 Land Tax Notice of Assessments from January 2023 onwards. You will receive them in the post either directly or from us if we act as your land tax agent and postal address. If you prefer to receive these electronically you can now elect to receive them...
On 25 October 2022, Treasurer Jim Chalmers handed down an updated 2022/23 Federal Budget, the first for the Albanese Labor Government. The government delivered a bleak economic outlook, highlighting major challenges, but failed to provide certainty about its future reform priorities. Presumably more clarity will be provided at the next Federal budget at the usual time in...
The Federal Government has introduced a new Bill to exempt from fringe benefits tax (FBT) electric cars made available by employers to employees. The exemption will only apply where the retail price of the car (and the price of other related supplies which might attract luxury car tax) are below the luxury car tax threshold...
From 1 July 2022, two important super guarantee (SG) changes will apply to businesses. These are: The rate of SG is increasing from 10% to 10.50% The $450 per month eligibility threshold for when SG is paid is being removed What this means for you These changes mean that from 1 July 2022: You’ll need...
The Federal Treasurer, the Hon. Josh Frydenberg MP, has delivered the 2022 Federal Budget. We’re pleased to provide you with our 2022/23 Federal Budget Summary. Personal income tax changes Increase to low and middle income tax offset (‘LMITO’) The Government has announced a once-off $420 ‘cost of living tax offset’ for the 2022 income year,...
The latest Covid wave has continued to cause disruption for many businesses and over the weekend, the NSW Government announced a new $1 billion support package for small to medium businesses to support business recovery in NSW. As these announcements are new, the devil will be in the detail, but below is a high level...
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2026 Quantiphy – Eastern Suburbs, Sydney. All Right Reserved. Website By Omni Online
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