Federal Budget 2021/22

On 11 May 2021, the Federal Treasurer Josh Frydenberg announced the Federal Budget, which placed emphasis on rebuilding our economy, creating jobs and securing Australia’s future. The focus of this Federal Budget is to “secure Australia’s economic recovery” by investing in infrastructure and skills to create more jobs and provide incentives to business to “hire, […]

Family Court’s new initiative to tackle Family Violence – Lighthouse Project

There is no hiding from the concerning statistics surrounding family violence, with one women per week, one man per month and one child per fortnight killed every year at the hands of their intimate partner or family member. In light of these statistics, the Family Court of Australia has initiated a program to assist families […]

ATO’s First Conviction – Taxpayer Found Guilty for Rorting JobKeeper

It was only a matter of time before the ATO secured its first conviction against businesses rorting the JobKeeper program. On 24 February 2021 at the Heidelberg Magistrates Court, Raed Saleh pleaded guilty to three counts of making a false and misleading statement to the ATO in relation to accessing the JobKeeper program. Mr Saleh […]

Family Law Separation and Taxes – Why you need to consider both in any Financial Settlement

Going through a family law separation can be both difficult and emotionally draining.  The last thing on your mind would be the tax implications that arise from a separation and this is why it is so important before finalising any financial arrangements that you seek proper legal advice.  The tax implications of a separation and […]

Estate Planning and Why You Need It.

With us well into the New Year and and with easing of COVID restrictions, now its a good time to start think about Estate Planning. With more Australians owning more assets, its important to ensure that your assets are protected. What is Estate Planning? Estate Planning can be as simple as just organising a will. […]

JobKeeper Test Case is a Win for Taxpayer.

In a highly awaited decision for many business owners, the Administrative Appeals Tribunal (AAT) has ruled in favour of the Taxpayer for the first JobKeeper case. On 21 December, 2020, the AAT overturned the ATO’s decision to deny Mr Apted (Taxpayer) access to JobKeeper and instead held that he was entitled to access the program. […]

Changes to the Retail Leases Act

On 22 September 2020, the Retail Leases Amendment Act 2020 (Vic)received Royal Assent and made changes to the Retail Leases Act 2003 (Vic) which affect both landlords and tenants in Victoria. The key changes are: Essential Safety Measures (ESMs): If agreed between the landlord and tenant, the landlord may recover from the tenant the costs […]

NSW Land Tax Assessments Now include an additional 2% surcharge for land tax

Revenue NSW (formerly the Office of State Revenue – NSW) has started to issue land tax assessments that now include the additional 2% foreign person surcharge land tax amount to trustees Revenue NSW now deems that a discretionary trust is a foreign trust because of the State Revenue Legislation Further Amendment Bill 2020 (Bill).  In […]

ESIC tax incentives for innovative investors

As part of the ATO’s commitment to supporting Australian businesses with innovation, a number of tax incentives for investors looking to engage with early stage innovation companies (ESICs) are currently available. A non-refundable carry forward tax offsetThis is capped at 20% of the initial investment and to a maximum offset amount of $200,000 for each […]

ATO penalties for false JobKeeper claims or failure to comply with employer obligations.

The Australian Taxation Office (ATO) have indicated they will investigate any organisations who have claimed the JobKeeper subsidy where there may be concerns of fraudulent behaviour.   In extreme cases, employers found to have knowingly made a false claim for JobKeeper payments could be fined up to $126,000 or 10 years in prison. If an […]