The Queensland Government has once again upped its game to help its Business’ with the announcement of a new grant program.

Small businesses in Queensland can now apply for grants worth up to $10,000 to help soften the blow from COVID-19.

With the crisis escalating at an exponential rate, we do note and appreciate the elevated levels of concern in our community.

A business plan is often associated with new business, a document prepared during the start-up phase to assess the viability of a business or to support finance applications.

In light of the recent developments around the Coronavirus (or COVID-19) and the uncertainty we are all facing at this time, we felt it important to advise you to assure you that we expect no major interruptions to the services that we provide to you.

Morrison government unveiled $23 billion stimulus package during the COVID – 19 crises in the hope to avoid Australian economy sliding into recession.

You may be wondering why you need a plan in the first place. After all, you have a clear idea in your mind about what you want to achieve.

Some good reasons to have a business plan are…

If you are a medium-sized business (i.e. have a turnover between $10M and $50M) or a small business, you are entitled to take advantage of the $30,000 instant asset write-off for the 2020 financial year.

Although death is generally not a taxing event, whenever assets move from one person to another, there may be potential income tax, capital gains tax (CGT) and stamp duty implications.

The time to make a decision regarding who the trustee of your SMSF should be is…

Whilst Director Penalty Notices (DPN) have been around for some time, protecting employees by ensuring the payments due to be remitted on their behalf are made, recent legislation changes have extended the DPN regime to include unpaid GST.

A recent ruling in the Victorian Court of Appeal against The Optical Superstore means that all medical and related practices should review their payroll tax obligations.

Companies rising out of the ashes to avoid paying tax, wages and other debts will face a crackdown when regulators get increased powers.

The start of the new year has brought some core changes that will affect many SME’s in the way they conduct their business.

Government has passed the bill to remove the main residence exemption for Australian non-resident.

Due to the recent catastrophic bushfires in QLD and NSW, the ATO has granted a two-month lodgement and payment deferral for taxpayers in affected areas.

Every year the Australian Taxation Office (ATO) contacts about 2 million Australian taxpayers to clarify or question information provided in their tax returns.

Kick-start the new year and work smarter by improving your organisation’s digital capability with the help from the government via the Small Business Digital Grant Program.

A naming convention is simply a way of achieving uniformity in how documents are named or filed firm wide.

This reporting is aimed at identifying the contractors who have not met their tax obligations.

The proposed changes are said to address concerns about taxpayers claiming tax deductions for holding costs on land that was not genuinely held for the purpose of producing assessable income.