Instant asset write-off provisions now unlimited for businesses with an aggregated turnover of under $5 billion
The instant asset write-off provisions are now available until 30 June 2022. Also, for the first time, businesses with aggregated turnover of $500 million or above, but under $5 billion, are eligible to benefit. Below we comment on six things to be aware of when considering the instant asset write-off provisions. read more
Proposed cash payments limit legislation abandoned
A cash payments limit was first mentioned in the 2018-19 Federal Budget as a way to tackle the black economy, which has been estimated at being worth up to $50 billion a year. Following this, the Government moved to introduce a $10,000 cash payments limit through the Currency (Restrictions on the Use of Cash) Bill 2019. This bill was abandoned on 3 December 2020. read more
Christmas and COVID: Year end cash flow tips
Although lock downs seem to be easing and the states and territories are opening up their 'borders', we now have an added cash flow challenge to manage, with the Christmas and end of year break period. Many businesses usually find cash availability is tighter over this time, with more downtime, a lull in sales into the new year and debtor payments pausing over the break. Now it's coming on top of COVID-19. We provide cash flow tips for a year end break with Christmas and COVID-19 and prompt you to start preparing now. read more
Round Three: $10,000 to $20,000 grants for eligible Victorian businesses
Round Three of the Business Support Fund program provides for one-off grants of $10,000 to $20,000, depending on your annual payroll in 2019-20. See eligibility criteria and link to apply. read more
Beware ATO actions to recover tax and superannuation debt
The ATO can take various actions to recover debts. The action taken is tailored to each individual situation and based on the circumstances, past behaviour and lodgment and payment history. read more
4 Key Points on the Instant Asset Write-Off Provisions
Eligible businesses can use these provisions to claim an immediate tax deduction for the full cost of qualifying assets under the threshold amount - rather than being restricted to only claiming the depreciated amount each year for the next 10 years. read more
Interim financial reports are only for big businesses. Right or wrong?
Financial reports are the gateway between what's just been happening in your business and what you should be doing right now, so the more current the report the better you can understand how to keep your business on course to your destination. read more
Safe harbour introduced for Directors promotes rescue rather than closure of struggling companies
A recent reform of Australia’s stringent insolvent trading laws has enabled a safe harbour from personal civil liability for directors who are taking a course of action to keep struggling businesses afloat. read more
Culture is the key to Sustainable Cost Reduction
Whether you're considering cost cutting in response to your business situation or as a proactive step towards protecting your businesses financial future, if you want sustainable results you need to treat it with the respect it deserves. Cost cutting should be undertaken with a 'future thinking' mindset. read more

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