January 2021 – Practice Update

New insolvency rules commence Important changes to Australia’s insolvency laws commenced operation on 1 January 2021. The measures apply to incorporated businesses with liabilities less than $1 million and are expected to cover around 76 per cent of businesses currently subject to insolvency. The new rules do not apply to partnerships or sole traders. The Treasury’s...

Read More

December 2020 – Practice Update

JobKeeper Update In welcome news, the ATO is extending the due date for lodgement of the December JobKeeper business monthly declaration to Thursday 28 January 2021 (instead of 14 January 2021).  The key dates are as follows : Between 4 January 2021 and 28 January 2021 – complete the December business monthly declaration (this is an extension...

Read More

November 2020 – Practice Update

Tax cuts pass Parliament The Government announced various tax measures in the 2020 Budget on 6 October 2020, and it was able to secure passage of legislation containing some of the important measures very shortly afterwards, as summarised below. Tax relief for individuals The Government brought forward ‘Stage two’ of their Personal Income Tax Plan...

Read More