News

In this edition of Tax Time Monthly we cover updates and findings from ATO on: Fringe Benefits Tax; Tax treatment of government grants and payments during COVID-19; No more JobKeeper but are you eligible for JobMaker; Do you need to review your service trust arrangements in the light of PCG…

The ActiveKIT initiative is a grant being offered by the QLD Department of Tourism, Innovation and Sport. This grant aims to support innovative solutions within the Active Industry to increase physical activity opportunities for target cohorts and contribute to the Industry’s capability and resilience. Read more about eligibility and key dates.

The Government’s SME Recovery Loan Scheme is designed to support the economic recovery, and to provide continued assistance to businesses currently on JobKeeper. Phase 1 and 2 of the scheme have previously been advised, with Phase 3 of the SME Recovery Loan Scheme coming into effect from 1 April 2021.

Read more about Phase 3 of the loan scheme here.

Learn why effective tax planning is important to your business in the first of our video series.

Sam Micalizzi talks to why this process of analysing the financial performance to date of a business from a tax perspective is important and how preparing a tax plan can ensure maximum tax efficiency for the business.

A new grants program has opened aimed at helping Queensland export businesses better sell their products online to overseas customers.

The new $400,000 E-commerce Grants Program will offer up to $10,000 to Queensland exporters that already have an e-commerce deal but want to ramp up their online activity in Queensland’s key export markets.

It is undeniable the impact COVID-19 has had on the world in which we live. In Australia, we watched the initial headlines of positive cases, followed by the swift response of hard lock downs. We have experienced the ongoing Government announcements in efforts to aid business health and stimulate our economy. As the financial support slowly ends, clients may be concerned with navigating the impending months ahead.

In November 2020, Insurance Australia Group Limited (IAG:AU) announced it would raise up to $750 million in new equity capital.  The move taken by IAG was in response to the Supreme Court of New South Wales Court of  Appeal (NSWCA) 18 November judgment on a business interruption insurance test case. 

In a unanimous decision, the NSWCA determined pandemic exclusions that refer to the Quarantine Act and subsequent amendments, rather than the Biosecurity Act, are not effective to exclude cover for business interruption losses associated with COVID-19. 

Scams and scammers are tricks and fraudsters that get you to pay money or divulge certain personal information that allows other people to impersonate you. You should only provide your personal information, like your tax file number and bank details to people that you trust.

In September 2019 the Federal Government launched the Manufacturing Modernisation Fund, providing $160m of co-funded grants to assist small and medium-sized Australian manufacturers to invest in new technology, grow and create new jobs.

Round 2 of this initiative, valued at $52.8m, is now open, but applications close 5pm (AEDT) 21 January 2021.