Apply for COVID-19 Land Tax relief

NSW Government Land Tax support

If you’re a commercial or residential landlord who has reduced your tenants’ rent due to COVID-19, you may be eligible for land tax relief

Up to 25% of your 2020 land tax liability and a 3-month deferment on paying your land tax.

This relief applies to landlords who agreed to […]

NSW Small Business Recovery Grant now open for applications

Apply now for the $3000 Small Business Recovery Grant

Applications close 16 August 2020

The new Small Business Recovery Grant for up to $3,000 is now open for applications to help you rebuild your business.

You can use it to cover:

marketing and advertising expenses fit-out changes staff training expenses to work in a COVID […]

Key FY21 changes to note from 1 July

Business tax changes for a new financial year

NO TAX DEDUCTIONS IF YOU DON’T MEET YOUR TAX OBLIGATIONS

From 1 July 2019, if taxpayers don’t meet their PAYG withholding and reporting obligations to the ATO, they will not be able to claim a tax deduction for payments:

 of salary, wages, commissions, bonuses or allowances to […]

Last Minute Tax Minimisation Tips

6 Final reminders of how to reduce tax for 2020

EOFY Reminders & Action Items

As a business owner, there are many obligations that you need to consider and action just before and after 30 June.

Some of these will help to minimise your tax. Others will reduce your exposure to an ATO tax audit. […]

Is Your Business Model Standing the Test of COVID-19?

Staying Current in Changing Times

In very simple terms, a business model refers to “the way a business makes money”.

Take a retailer, for example, who buys and displays products of interest to customers. By attracting people into their store, they sell those products and make a profit, provided the sales price exceeds the costs […]

ATO allowances on late lodgement and penalties

Lodgement due date for all tax returns denied

An extension was requested in light of the extra COVID-19-related issues many business owners have worked through, including setting up employees for JobKeeper and accessing the government’s stimulus package.

However the ATO Deputy Commissioner replied: “We recognise and appreciate your efforts to help your clients meet their […]

$150,000 instant asset write-off extended

Asset investment write-off extension gives farmers and suppliers options

Farmers have applauded the federal government’s decision to extend its $150,000 instant asset investment write-off offer until December after many businesses highlighted the previous deadline was too short to make practical use of the incentive.

The instant investment depreciation write-off was initially announced in […]

Under COVID-19 providing certain benefits deemed not taxable

COVID-19 employment benefits

The ATO has been asked pertinent questions from taxpayers about some salient queries that have arisen due to the current COVID-19 employment environment. These may apply to a wide sample of taxpayers.

Some queries have related to fringe benefits tax (FBT) and the supply of items from an employer to staff to […]

Salisburys tax planning reminder

Reduce your tax

With the end of financial year just weeks away, there is still time to discuss with us the actions you can take before 30 June to reduce tax and access additional cash flow.

“In the business world, the rear view mirror is always clearer than the windshield” – Warren Buffett

It’s the […]

SBSCH USERS Deadline reminder to claim your tax deduction

Want to claim a deduction for super contributions?

Your super payments must be accepted by 23 June 2020.

Super payments are only considered to be paid for the purpose of claiming a tax deduction once they have been received by the super fund, not the date the Small Business Superannuation Clearing House (SBSCH) accepts them?

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