TAX PLANNING 2020 – TIP #5 – BAD DEBTS
At this time of year we need to clean out the cobwebs, especially so for businesses where outstanding debtors have been neglected, not chased and remain outstanding over a period of time.
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TAX PLANNING 2020 – TIP #4 – OBSOLETE STOCK
We are into the first week of June, and have you reviewed your profit? Do you still have excess profit that’s going to present as a tax bill by 30 June?
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TAX PLANNING 2020 – TIP #3 – DIRECTORS FEES
One of our many TAX SAVING strategies is to consider paying Directors what is known as a Directors Fee, as remuneration for holding this position of high responsibility.
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TAX PLANNING 2020 – TIP #2 – BONUSES
Did you know that it can be more wealth and tax effective to pay year end bonuses to business owners than retain earnings in the business?
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TAX PLANNING 2020 – TIP #1 – SUPERANNUATION
Did you know that your super fund pays tax on “concessional contributions” at 15%, which makes your super a great channel through which to save some annual tax dollars!
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Covid-19 JobKeeper Program – Application 20th April 2020
Enrolment for JobKeeper Payment opens on 20th April 2020 and must be completed by 30th April 2020 to claim JobKeeper payments for April.
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COVID-19 Working From Home
With large numbers of people now working from home due to the Coronavirus Pandemic, the ATO is introducing the following shortcut method for related tax deductions:
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COVID-19 – The Mandatory Code
Today the government has announced that a “Mandatory Code” will be introduced to assist businesses through the Covid-19 crisis.
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COVID-19 Cash Flow Booster – Entitlement “Manufacture”
One of the questions the accounting profession is receiving after the “Cash Flow Booster” Stimulus Update was delivered, was whether it would be a good time to “implement a wage” or “increase wages”.
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COVID-19 JobKeeper Payment
Read my summary of yesterday’s stimulus announcement – the JobKeeper Payment being the section that will impact our business clients.
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