$1,500 JobKeeper subsidy to keep staff employed Date · From 30 March 2020 for six months · For employees employed at and from 1 March 2020 · First payments in the first week of May 2020 Applies to Based on comparable periods: · Employers <$1 bn that have experienced a downturn of more than 30% · Employers >$1bn that have experienced a downturn of more than 50% A subsidy of $1,500 per fortnight per employee, administered by the ATO, will be paid to businesses that…
The Government has announced a $17.6 billion investment package to support the economy as we brace for the impact of the coronavirus. The yet to be legislated four part package focuses on business investment, sustaining employers and driving cash into the economy. For business Business investment Increase and extension of the instant asset write-off Accelerated depreciation deductions Cash flow assistance for small and medium sized business Tax-free payments up to $25,000 for employers Wage subsidy of up to 50% of an apprentice or trainee wage…
Melbourne Chartered Accountant David McKellar has received the honour of Fellowship from Chartered Accountants Australia and New Zealand (CA ANZ). Mr McKellar, who is Director of Allied Business Accountants, is one of only 220 Chartered Accountants from nine countries to receive Fellowship in 2019. An honour in its own right, David was also the youngest finance professional to be awarded the status this year. Awarded after a peer-nomination process, the honour recognises David’s professional body of career achievements, his contribution to the profession of…
The daily grind of owning and operating a business often leaves little time for planning ahead. Whether you’re busy working in your business, managing staff or battling with bookkeeping, you probably find your to-do list never ends. Unfortunately, that busy-ness can come at a cost to your business, and stand in the way of making valuable steps towards future growth. This could also cause you to lose sight of the original vision for your business, and the level of passion you once had. This battle…
Is your business in a position of growth? Do you find yourself stretched for time managing all aspects of your business? Are you finding it hard identifying and acting upon problem areas that present a risk to your income? If you answered yes to any or all of these three questions, you may be in need of a Chief Financial Officer (CFO). CFOs are specialists in providing strategic financial and business advice, adding value to your business that a standard accountant cannot do. Virtual CFOs…
Investors in receipt of dividends from their share portfolio often benefit from investing in shares because they usually have franking credits attached. As a general rule, an Australian resident shareholder is assessed for tax on dividends received plus any franking credits attached to those dividends. The shareholder is assessed on the “grossed-up” income and then allowed a “franking tax credit” in respect of the corporate tax paid by the company on the profits from which those dividends are paid. This system is referred to as…
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