Tax Talk

  • Coronavirus SME Guarantee Scheme
    The Government, Reserve Bank of Australia and the Australian Prudential Regulation Authority have taken coordinated action to support the flow of credit in the Australian economy, in particular for small and medium enterprises (SMEs). Timely access t...
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  • Bushfire Recovery Grants for Small Business
    The NSW, Victorian & South Australian State Governments are supporting business with grants for those directly and indirectly impacted by the recent bushfires These grants are up to $50,000 for those directly impacted by the bushfires; and up to ...
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  • Payroll Tax Measures to Assist with the Impacts of COVID-19
    The Government and the registered states are assisting business owners affected by the Coronavirus crisis through payroll tax financial relief and assistance. Each state is implementing their own measures and stimulus packages and the rates and thres...
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  • Boosting Cash Flow for Employers with a current ATO debt
    The Cash Flow Boost for Employers is to provide temporary cash flow support to small and medium businesses and not-for-profit organisations that employ staff during the economic downturn associated with COVID-19. These cash flow boosts will be applie...
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  • JobKeeper Payment – Supporting Businesses to Retain Jobs
    The Government is introducing a subsidy program to support employees and businesses. The JobKeeper Payment is designed to help businesses affected by the Coronavirus to cover the costs of their employees’ wages, so that more employees can retain th...
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  • JobKeeper Payment – Sole Traders and Self-Employed
    Sole traders and self-employed are included in the group of eligible employers who will now gain access to the Federal Government’s $130 billion wage subsidy program known as the JobKeeper payment. Both sole traders who employ people, and those who...
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  • Government’s JobKeeper Scheme
    The Government is introducing a subsidy program to support employees and businesses. The JobKeeper Payment is designed to help businesses affected by the Coronavirus to cover the costs of their employees’ wages, so that more employees can retain th...
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  • Access to Superannuation
    Employees who have been made redundant, or those who have their working hours reduced by 20 per cent or more, or sole traders whose businesses have been suspended or see a reduction in turnover by 20 per cent or more will also now be allowed to acces...
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  • Temporary Insolvency Relief
    Directors will now be temporarily relieved of their duty to prevent insolvent trading with respect to any debts incurred in the ordinary course of the company’s business, with the measure set to run for six months. According to Treasury, egregious ...
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  • Coronavirus and Australian Workplace Laws
    To assist our clients, both employers and employees, we have provided the following link to the Australian Government’s Fair Work Ombudsman website in relation to the current workplace laws. Whilst we do not provide advice in relation to these ...
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  • Sole Trader Support
    The government will establish a new $550 fortnightly coronavirus supplement payment. Permanent employees who are stood down or lose their employment, sole traders, the self-employed, casual workers and contract workers will be able to access the new ...
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  • The Accounting Profession Considered an Essential Service
    In communication to our clients, specifically the most recent ones regarding the reforms and incentives the various governments have provided, we have specifically mentioned that we want to be here for you – and hopefully soon that will be conf...
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  • Coronavirus Special Update – Cash Flow Assistance for Businesses
    Government’s Stimulus Package in response to the Coronavirus The purpose of this communication is to provide you with an update relating to the Government’s Economic Stimulus Package in response to the Coronavirus. Our office will continue to...
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  • Coronavirus Special Update – Income Support for Individuals
    Government’s Stimulus Package in response to the Coronavirus The purpose of this communication is to provide you with an update relating to the Government’s Econonmic Stimulus Package in response to the Coronavirus. Our office will contin...
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  • The Federal Government’s second COVID-19 stimulus package for business and employers
    Prime Minister Scott Morrison has now unveiled a second $66.1 billion support package after he announced an initial $17.6 billion package that included a supercharged instant asset write-off and this SME cash payments. This second stimulus package pr...
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  • Government coronavirus stimulus package for businesses
    The Federal Government has announced a $17.6 billion stimulus package to address any economic downfall that may be caused by COVID-19 (coronavirus). These measures have been introduced immediately to provide significant cash flow to business taxpayer...
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  • COVID-19 Information from David O’Brien and Associates
    Dear valued clients, In the wake of the recent COVID-19 outbreak, we understand that many people are concerned for the safety of themselves, family and friends. We want to provide assurance that the team at David O’Brien and Associates are always p...
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  • SMS scam targeting natural disaster victims promises tax bonus
    The ATO is warning the community about a new SMS scam which promises an 8% bonus on 2020 tax returns to victims of recent natural disasters. The scam text message says: “Due to natural disasters, Australians are entitled to an 8% bonus on their tax...
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  • SG amnesty bill passes Parliament
    ‘The long-awaited superannuation guarantee amnesty bill has now passed both houses, with employers set to get six months to disclose historical non-compliance before tougher penalties apply.’ ‘The Treasury Laws Amendment (Recovering...
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  • Government given the green light over $10k cash limit bill
    ‘A Senate inquiry has recommended that a controversial bill that will criminalise business cash payments above $10,000 be passed with the proviso that the start date be pushed back, among other recommendations.’ ‘The Senate Economic...
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  • Monthly Tax Tip – FBT savings when providing employees with ‘smart watches’
    In recent years, major developments in the technological capabilities of electronic devices such as mobile phones have resulted in the introduction of a new device that is commonly referred to as a ‘smart watch’ (e.g., Apple Watch, Samsun...
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  • Tax exemption announced for disaster relief payments
    The Treasurer has announced that any disaster relief payments being made to individuals and businesses impacted by the devastating bushfires are tax exempt. Notably, the exemption will extend to payments such as: Disaster Recovery Allowance Payments ...
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  • No CGT main residence exemption for non-residents
    The Government surprised many tax practitioners recently by tabling legislation which is aimed at denying access to the CGT main residence exemption for individuals who are foreign residents (i.e., non-resident taxpayers for Australian tax purposes.)...
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  • New scheme to help first home buyers
    The Government has passed new laws to implement the First Home Loan Deposit Scheme. Editor: This measure is in addition to the First Home Super Saver Scheme, which helps Australians build a deposit for a first home inside their superannuation fund by...
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  • Using the cents per kilometre method
    The ‘cents per kilometre’ method broadly allows an individual taxpayer to claim up to a maximum of 5,000 business kilometres per car, per year without the need to keep any written evidence (e.g. receipts) of car expenses. Importantly, tax...
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  • $30,000 instant asset write off
    The ATO is reminding businesses that are looking to expand or improve their business and thinking of buying new or second hand assets, that medium sized businesses with a turnover up to $50 million (but at least $10 million) are eligible for the inst...
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  • Common mistakes when changing business structure
    The ATO has identified the following common errors that can result when small businesses change their business structure from a sole trader to a more complex company or trust structures: reporting income for the wrong entity; claiming expenses incurr...
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  • Private Health Insurance Statements
    Taxpayers with private health insurance should be aware that insurance providers are no longer required to provide statements to their members. Previously, health insurers were required to send a private health insurance statement to each adult cover...
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  • Federal Budget 2018/19
     1. Personal income tax changes 1.1 Personal income tax plan The Government will introduce a seven-year, three-step, Personal Income Tax Plan, as follows: Step 1: Targeted tax relief to low and middle income earners The Government will introduce the...
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  • We hope you’re enjoying our David O’Brien and Associates App
    To all Our Valued Clients, We were delighted recently to announce the release of our brand-new App; if you need a reminder of what it does you can view our app by searching ‘David O’Brien & Associates’ in the App Store or on Goo...
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  • Launch of our David O’Brien And Associates APP!
    Dear Our Valued Client, As a firm we are constantly looking for ways we can improve the service we offer our customers. Therefore, we are pleased to announce the launch of our brand new David O’Brien & Associates App. It’s completely ...
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  • Federal Budget 2017/18
    1. Personal income tax measures 1.1 Limiting plant and equipment depreciation deductions to outlays actually incurred by investors – for residential investment properties acquired from Budget night on 9 May 2017 From 1 July 2017, the Government...
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  • ‘Uber’ – Ride-Sourcing Is Taxi Travel
    In a recent case, the Federal Court has agreed with the ATO that ‘ride-sourcing’ (such as that provided using Uber) is ‘taxi travel’ within the meaning of the GST law. The ATO has advised tax practitioners that, since a lot of...
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  • Are Airport Lounge Annual Fees Deductible?
    Taxpayers are entitled to a general deduction for the annual fees incurred on an airport lounge membership for use by its employees where that membership is provided because of the employment relationship. However, the annual fees incurred will not b...
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  • Renting Out A Room Is Rental Income
    The ATO recently issued an information sheet on renting out rooms in homes/flats, etc., and the following are excerpts: Money your clients earn from renting out a room in their house is rental income. This applies to rooms rented by traditional means...
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  • ‘Pitfalls and Dangers’ In Property Purchases.
    Every year we come across new clients that are in the property market, however, have never received the appropriate taxation advice to properly plan their investment strategy. It leads to common errors related to both their property and tax that coul...
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  • ATO Numbers For SME’s (Small and Medium Enterprises)
    Small business indicate that issues with cash flow are a major challenge when running a business, leading to financial problems that impact on business viability. In 2014/15, 20,018 businesses in Australia became insolvent, with inadequate cash flow ...
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  • Reforms to Non-Concessional Super Contributions
    On 15 September 2016, the government announced new changes affecting the non-concessional contribution (‘NCC’) caps, which are to take effect from 1 July 2017. In particular, it announced a reduction in the existing NCCs caps, with the $1...
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  • Are Gifts From Clients Deductible?
    A recent taxation determination is to the effect that a taxpayer who carries on a business is entitled to a general deduction (under s 8-1 of the Income Tax Assessment Act 1997 (Cth) (ITAA97)) for an outgoing incurred on a gift made to a former or cu...
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“Please note that many of the comments in Tax Talk are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances. As such we ask that you please contact our office if you require any further clarification.”
Mar 31, 1 day ago
Coronavirus SME Guarantee Scheme
The Government, Reserve Bank of Australia and the Australian Prudential Regulation Authority have taken coordinated action to support the flow of credit in the Australian economy, in particular for small and medium enterprises (SMEs). Timely access t...
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