Tax issues for businesses that have received a support payment
Navigating Tax Implications for Government Support Grants What Business Owners Need to Know Taxpayers who have received a government support grant or payment recently to help their business recover from COVID-19 or a natural disaster should check if they need to include the payment in their assessable income. Grants are generally treated as assessable income, […]
SME Recovery Loan Scheme extended
Government extends SME Recovery Loan Scheme to 30 June 2022 The Government has recently extended the SME Recovery Loan Scheme by a further six months (to 30 June 2022) to support SMEs adversely economically affected by the Coronavirus Pandemic. Under the Scheme, eligible businesses can obtain loans through participating bank and non-bank lenders with the […]
SME Recovery Loan Scheme
Expansion of support for SMEs to access funding The Government is providing additional support to small and medium-sized businesses (SMEs) by expanding eligibility for the SME Recovery Loan Scheme. Specifically, in recognition of the continued economic impacts of COVID‑19, the Government will remove requirements for SMEs to have received JobKeeper during the March quarter of […]
Lost, damaged or destroyed tax records
The ATO knows that many taxpayers are facing lasting impacts left in the wake of natural disasters. As such, if they find their records have been lost or destroyed, whether in cyclones, floods or bushfires, the ATO can help. According to ATO Assistant Commissioner: “If you have a myGov account linked to the ATO, you’ll […]
Extension on Division 7A loan repayments
Extension of time to make repayments on Division 7A loans To offer more support due to the ongoing effects of COVID-19, an extension of the repayment period is now available. It is available to those who were unable to make their MYRs by the end of the lender’s 2020/21 income year (generally 30 June). The […]
2021/22 Federal Budget
Omnis Group Federal Budget Summary 2021/22 Key points covered by this summary: Personal income tax changes Changes affecting business taxpayers Superannuation related changes 1. Personal income tax changes 1.1 Retaining the Low and Middle Income Tax Offset (‘LMITO’) for the 2022 income year The Government has announced that it will retain the LMITO for one […]
From the desk of Justin Flavel, Spring 2020
The business market is extremely odd; some industries definitely need the extended JobKeeper payment whilst others are having record months. It has been a challenging period for all over the last 6 months and we believe it is going to be an unstable environment for many months still to come. If your business has not […]
JobTrainer skills package announced
COVID-19 business recovery The Australian Government will invest $2 billion to give hundreds of thousands of Australians access to new skills by retraining and upskilling them into sectors with job opportunities, as the economy recovers from COVID-19. In partnership with the states and territories, more Australians will have access to free, or low cost, training […]
