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Borland Business Accountants

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25.01.2022 Business Survival Coronavirus With so much uncertainty it’s hard for business owners to know what to do or where to turn. I’d like to offer some advice so your business has every chance of surviving. The Stimulus Packages includes, cashflow injections for small business, loan guarantees, accelerated depreciation. Little detail has been provided, but as information comes to hand, I’ll be working with all of you to ensure you access everything that you are entitled to....Continue reading

23.01.2022 Federal Budget - Big benefits for business The headline benefits for business include: Increasing the small business entity threshold from $10 million to $50 million. This will enable around 20,000 businesses to access a range of new tax concessions. Changes to the research and development tax incentive that will deliver more value to companies claiming the concession. Temporary full write off of capital assets. From the 6th October 2020 until 30 June 2022, businesses ...with turnover up to $5 billion will be able to deduct the full cost of eligible depreciated assets of any value in the year they are installed. For depreciation purposes, the cost of a vehicle is reduced to the car limit. Therefore, the $150,000 instant asset write-off is subject to the luxury car limit of $59,136. Temporary loss carry-back. This will allow companies with turnover up to $5 billion to offset losses against previous profits on which tax has been paid. Losses incurred up to 2021-22 can be carried back against profits made in or after 2018-19. Eligible companies may elect to receive a tax refund when they lodge their 2020-21 and 2021-22 tax returns. Taxation Changes The Budget brings forward previously legislated income tax cuts for lower and middle income earners, which will be backdated to July 2020. Rate - Taxable Income (Proposed 2021 - 2024) 0% - 0 - 18,200 19% - 18,200 - 45,000 32.50% - 45,001 - 120,000 37% - 120,001 - 180,000 45% - 180,000 + JobMaker Hiring Credit The Government will introduce a JobMaker Hiring Credit to incentivise businesses to take on additional young job seekers. From 7 October 2020: $200 per week if they hire an eligible employee aged 16 to 29 years, or $100 per week if they hire an eligible employee aged 30 to 35 years. New jobs created until 6 October 2021 will attract the credit for up to 12 months from the date the new position is created. The JobMaker Hiring Credit will be claimed quarterly in arrears by the employer from the ATO from 1 February 2021. Employers will need to report quarterly that they meet the eligibility criteria. If you have any questions please give us a call on 07 54436468

22.01.2022 JobKeeper 2.0 To be eligible for JobKeeper 2.0, businesses and not-for-profits will still need to demonstrate that they have experienced a decline in turnover of: 50% for those with an aggregated turnover of more than $1 billion; 30% for those with an aggregated turnover of $1 billion or less; or...Continue reading

20.01.2022 Business Survival Coronavirus With so much uncertainty its hard for business owners to know what to do or where to turn. Id like to offer some advice so your business has every chance of surviving. The Stimulus Packages includes, cashflow injections for small business, loan guarantees, accelerated depreciation. Little detail has been provided, but as information comes to hand, Ill be working with all of you to ensure you access everything that you are entitled to....Continue reading

18.01.2022 The JobKeeper Payment On 8th of April 2020, the Federal Government passed a package of Bills through both Houses of Parliament (which received Royal Assent on 9 April 2020) to give effect to (amongst other things) the JobKeeper Scheme. Subsequent to this, a Legislative Instrument was released by the Treasurer containing the detailed rules of the JobKeeper Payment. Following is a broad summary of the key aspects of the JobKeeper Payment, based on the above package of Bills, th...Continue reading

10.01.2022 Extension of time to enrol for the JobKeeper scheme The Commissioner has extended the time to enrol for the initial JobKeeper periods, from 30 April 2020 until 31 May 2020. If you enrol by 31 May you will still be able to claim for the fortnights in April and May, provided you meet all the eligibility requirements for each of those fortnights. This includes having paid your employees by the appropriate date for each fortnight.... For the first two fortnights (30 March 12 April, 13 April 26 April), we will accept the minimum $1,500 payment for each fortnight has been paid by you even if it has been paid late, provided it is paid by 8 May 2020. If you do not pay your staff by this date, you will not be able to claim JobKeeper for the first two fortnights. You can enrol and claim for JobKeeper earlier if you choose. For example, you can enrol by the end of April to claim JobKeeper payments for the two fortnights in April.

10.01.2022 COVID-19 State Stimulus Queensland economic relief and stimulus packages summary. In response to COVID-19 pandemic currently the economy and business generally, each Australian State has announced relief and other support packages as part of the broader economic stimulus measures....Continue reading

05.01.2022 During this uncertain time, we must all do what we can to protect the community and support local businesses. The full impact of COVID-19 on our economy is unknown and may continue to evolve, but the scale of stimulus on offer from both Federal and State Governments can provide some relief to business owners. The new package comes less than a fortnight since the first round of economic stimulus measures were announced, with the aim of expanding support to more businesses, emp...loyees and individuals impacted directly or indirectly by the pandemic. Key elements of the stimulus for small business: Boosting Cash Flow for Employers expands to not-for-profit sector Government guarantee of unsecured loans up to $250,000 New regulatory protections for impacted businesses What about sole-traders? The Government is temporarily expanding eligibility for income support payments. The supplement is to be paid at a rate of $550 per fortnight to existing and new recipients of the JobSeeker Payment, Youth Allowance jobseeker, Parenting Payment, Farm Household Allowance and Special Benefit. For people suffering financial stress as a result of COVID-19, the Government is allowing early access to superannuation. Eligible individuals will gain access to up to $10,000 through an online application in myGov before 1 July 2020, with a further $10,000 available after that date. What about state-specific stimulus packages? Aside from the Australia-wide measures, state governments have officially released their own stimulus packages, which includes an unprecedented amount of assistance for the SME sector. https://www.qld.gov.au//industry-recove/about-this-package

04.01.2022 Government announces increased tax benefit in response to the Coronavirus The Government has announced its economic response to the Coronavirus in the form of a $17.6 billion economic stimulus package. The package has been marketed as a measure to protect the economy by maintaining confidence, supporting investment and keeping people in their jobs. It is expected that an appropriate package of Bills (which will provide further detail in relation to the proposed measures) wil...Continue reading