Monthly Archives: May 2021

Federal budget 2021-22: spending our way back

The Federal Government has handed down its second pandemic budget, committing billions to creating jobs and bolstering essential services as Australia recovers from the effects of COVID-19. According to the Budget Papers, Australia has achieved a stronger-than-expected recovery from COVID-19. Economic output is expected to have reached pre-pandemic levels in March 2021, nine months earlier than...
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Boosting super: low and middle income earners

If you’re a low or middle-income earner, you can take advantage of the government super co-contribution scheme to boost your super. The scheme works like this, for eligible individuals, depending on the amount of personal contributions you make to your super account, the government will contribute a maximum of $500 to your super account. For the...
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Benefits of family trusts

Many of you have heard of family trusts, but perhaps don’t know too much about their benefits and how they differ from the usual non-fixed trusts. Essentially, a family trust is a trust where the trustee has made a valid family trust election (FTE) for tax purposes. By becoming a family trust, the trust is...
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Independent resolution process 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 (ie those with a turnover of less than $10m). The service was initially conceived as an avenue for small businesses to obtain early and fair resolution in relation to audit...
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