If you’re thinking about pausing, changing or closing your business due to the current economic conditions, be wary of untrustworthy advisers who may recommend inappropriate or illegal behaviour. This could include illegal phoenix activity, where businesses intentionally remove their assets prior to winding up so that they can be used… Read More »How to avoid getting dodgy advice
The New South Wales (NSW) Treasurer, The Hon. Dominic Perrottet MP, announced the following tax initiatives as part of the 2020 State Budget. Budget papers are now available. Payroll tax The Payroll Tax Act 2007 will be amended to provide a temporary reduction of the payroll tax rate used to calculate the payroll tax imposed on taxable wages. Under that Act, the… Read More »NSW State budget 2020-2021
On 6 October 2020, the Australian Government introduced personal income tax cuts as part of the 2020–21 Budget. These tax cuts bring forward legislated personal income tax cuts from 1 July 2022 to 1 July 2020. You and your employer clients can use the 2020–21 tax tables at ato.gov.au/taxtables to withhold the right amount of… Read More »2020–21 personal tax cuts