Delivering Professional Accounting & Taxation Solutions for your Business

By CG Wilson Team

August Newsletter 2021

ATO tax time support: COVID-19 and natural disasters The ATO has a range of year-end tax time options to support taxpayers who have been affected by the COVID-19 pandemic and recent natural disasters. Income statements can be accessed in ATO online services through myGov accounts from 14 July. The ATO also reminds those who may […]

July Newsletter 2021

Temporary COVID Disaster Payment now available The Federal Government has announced a temporary COVID Disaster Payment to assist workers who live or work in a Commonwealth declared hotspot, who are unable to attend work and earn an income as a result of state-imposed health restrictions that last for longer than one week. The payment, available […]

June Newsletter 2021

Are you ready for Tax Time 2021? Don’t jump the gun and lodge too early Tax time 2021 is almost here, but it’s likely to be anything but routine. Many people on reduced incomes or who have increased deductions may be eager to lodge their income tax returns early to get their hands on a […]

Federal Budget May 2021

PERSONAL TAXATION Personal tax rates unchanged for 2021–2022 In the Budget, the Government did not announce any personal tax rates changes, having already brought forward the Stage 2 tax rates to 1 July 2020 in the October 2020 Budget. The Stage 3 tax changes will commence from 1 July 2024, as previously legislated. The 2021–2022 […]

May Newsletter

Independent resolution process for small businesses now permanent Small businesses now have another pathway to resolve tax disputes, with the ATO making its independent review service a permanent option for eligible small businesses (those with a turnover of less than $10 million) after a successful multi-year pilot. The service’s original pilot commenced in 2018 and centered […]

April Newsletter

It’s time to consider FBT If your business has provided any benefits to your employees, you may be liable for fringe benefits tax (FBT). This includes benefits to current, prospective and former employees, as well as their associates. It’s important to keep in mind that this applies no matter what structure your business has – […]

March Newsletter

Tax implications of having more than one job With insecure, contract and casual work becoming increasingly common, particularly in the current COVID-19 affected economy, it’s no surprise that many young and not-so-young Australians may have income from more than one job. If you are working two or more jobs casually or have overlapping contract work, […]

February Newsletter

ATO warning: watch out for tax avoidance schemes Tax planning or tax avoidance – do you know the difference? Tax planning is a legitimate and legal way of arranging your financial affairs to keep your tax to a minimum, provided you make the arrangements within the intent of the law. Any tax minimisation schemes that […]

December Newsletter

Coronavirus Supplement extended (but reduced) The Federal Government’s Coronavirus Supplement has been extended for a further three months. The Supplement payments were due to end on 31 December 2020, but the latest extension will allow them to run until 31 March 2021, which will be welcome news for many individuals still struggling with unemployment and other […]

November Newsletter

Budget personal tax cuts and business concessions now law Several tax announcements from the 2020 Federal Budget have now been passed into law. These include bringing forward changes to the personal income tax thresholds so that they apply from 1 July 2020. From that date, the top threshold of the 19% personal income tax bracket […]

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