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Government Assistance for Lockdowns
Due to the continued lockdowns, more people are requiring Government assistance from lost work or the effects on their business. If you are in this position, we have provided a Summary to help you here. Federal Government Assistance on Page 1 NSW Government Assistance...
2021 Federal Budget
The 2021-22 Federal Budget has been released. The Main Points include: Individuals The Low & Middle Income Tax Offset has been Retained for the 2021-22 Financial Year. Continuing this tax offset provides a rebate of up to $1,080 each on lodgement of an Individual...
2021 Federal Budget – Superannuation
The 2021-22 Federal Budget has been released. The Main Points include: Superannuation Super Guarantee Contribution (SGC) rate on Wages is to increase to 10% on 1 July 2021. Subsequently Increase to 10.5% on 1 July 2022 and keep increasing until it reaches 12% on 1...
2021 Federal Budget – Business
The 2021-22 Federal Budget has been released. The Main Points include: Business Businesses can fully expense depreciating assets up to 30 June 2022 where their turnover is under $5 Billion. Government Assistance of $2.1 Billion in targeted support for aviation,...
2021 Federal Budget – Individuals
The 2021-22 Federal Budget has been released. The Main Points include: Individuals The Low & Middle Income Tax Offset has been Retained for the 2021-22 Financial Year. Continuing this tax offset provides a rebate of up to $1,080 each on lodgement of an Individual...
Contribution Caps Increasing from 1 July 2021
The ATO have announced that the Contribution Caps for Super are increasing from 1 July 2021. The new Contribution Caps will be: Concessional Cap of $27,500. (Up from $25,000) Non Concessional Cap of $110,000. (Up from $100,000) The Concessional Cap is for super...
2020 2nd Stimulus Package
The Federal Government has released a Second Economic Stimulus Package of $66 Billion now making their response in value of up to 9.7% of GDP. Here are the benefits you may be eligible for: -$750 Payment to Social Security, Veteran, other Income Support recipients,...
2019 Federal Budget Changes
2019 Federal Budget Changes - Individuals Increase the Low and Middle Income Tax Offset from 1 July 2018 for this Current 2019 Financial Year from $530 up to a maximum $1,080 to be received on assessment. To provide an immediate benefit to assist families with...
2019 Federal Budget Changes – Superannuation
Remove the Work Test for People Aged 65 and 66 years from 1 July 2020 Remove the need to meet the Work Test to make voluntary superannuation contributions of both concessional and non concessional contributions by people aged 65 and 66 years from 1 July 2020. Access...
2019 Federal Budget Changes – Businesses
Increase the Instant Asset Write Off from $25,000 to $30,000 and Extend it to Medium Businesses The Government has announced that it will increase the instant asset write off from $25,000 to $30,000 from 2 April 2019 to 30 June 2020 for Small Businesses with an...
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