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Director identification numbers available soon

The Federal government has now confirmed the due dates for application by all directors for a Director Identification Number (DIN), with applications open from November 2021.

Government Grants for Construction Businesses

The Victorian government has released limited details of the Business Cost Assistance Program Round 4 – Construction, providing financial assistance to businesses in the construction industry impacted by the recent shutdowns.

Support for Commercial Landlords

The recently introduced Commercial Tenancy Relief Scheme will require certain landlords to provide rent concessions to small to medium commercial tenants with an annual turnover under $50 million which have been significantly impacted by COVID-19.

Victorian Covid Relief Payments Declared Tax Free

The Federal Government has passed legislation to enable the Treasurer to decide which state and territory business support programs would be eligible for tax-free status, known as non-assessable non-exempt (NANE) income.

Small Business COVID Hardship Fund – Now Enhanced

The Victorian Government has announced an increase in funding for the Small Business COVID Hardship Fund, increasing the amount of the grant from $10,000 to $14,000.

Are COVID-19 grants and funding tax free?

Most people would think that money provided by the Government to support people and business during a crisis would be tax free. Otherwise, it’s like giving money with one hand and then taking it away with the other, isn’t it?

New laws target sharing economy platforms

In an attempt to reign in undeclared income, proposed new laws will require platform providers in the sharing economy to report all transactions through their platforms.

Help available for holiday accommodation providers

In response to the recent COVID-19 lockdown in Victoria, the State government has announced a support program for holiday accommodation providers.

SMSF Funds now with 6 members

From the 1st of July 2021, Self-Managed Superannuation Funds (SMSFs) will be able to have up to 6 members - an increase on the previous limit of 4 members.

COVID-19 PAYG instalment variations

Taxpayers who are concerned about reducing their September 2020 tax instalments can be at ease following the ATO's updates on potential penalties.

Hospitality industry grant opens

Applications are now open for the Victorian Government’s “Outdoor Eating and Entertainment Package,” supporting Melbourne's hospitality industry.

Could this be your JobKeeper 2.0 lifeline?

Feeling stressed thinking you will miss out on the next phase of JobKeeper because you have failed the Decline in Turnover basic test? The next few paragraphs could be the stress-relief you need.