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Tax Time 2020
2019-20 has been an unusual year. This year, more than ever, we want to ensure that we help you achieve the best result possible, as well as
reducing your tax exposure and minimising the risk of an audit by the regulators.
Here’s some of the big changes to bear in mind in collating your 2020 year tax information:
As you may have heard this week, the Federal Government has announced another round of stimulus/support measures past the end of September,
extending support for eligible businesses through to March 2021.
While of course there is no legislation yet, here is what we know so far.
Guest Track App
To reopen, many businesses may be required to collect and store customer, employee and contractor information, including name, email and mobile number. This information will help authorities trace any COVID-19 infections if they occur. The way the information is collected and stored must also comply with privacy laws and time limits.Read More
Qld Government Grant – Round 2 opening 1 July 2020
The Queensland Government has announced a second round of grants up to $10,000 for small businesses impacted by COVID-19.
To find out if you're eligible, continue reading..
APPLY NOW: $100 million in small business grants and training to combat COVID-19
Queensland Government grants for small businesses are now available.
Today the Queensland Government has announced Small Business COVID-19 Adaption Grants of up to $10,000 for small and micro-businesses.
Developing a COVID-19 Business Recovery Plan
This has been and continues to be a worrying and uncertain time, with constantly changing messages about COVID-19 and its impact on our
health, lives and the economy.
Our message is simple. We are here to support you, and work with you now, through the next few months and when the crisis ends.
The business landscape has shifted significantly. Many of our clients have been forced to shut down their businesses. This is causing increasing levels of stress, but also giving business owners time.
As many of you are aware, the Australian government acted quickly to introduce several packages of support for businesses and individuals impacted by the Coronavirus crisis. While it was fantastic to have such rapid response from our government in its efforts to help those affected, there were wide-ranging unintended consequences including significant uncertainty about eligibility for the measures. In particular the complex JobKeeper legislation was the subject of many mixed messages from ATO and Treasury, as well as raising numerous questions about situations that had not been considered in the original legislation.Read More
COVID-19: Things to consider regarding early release of super
The Government has introduced a package of measures to provide assistance to eligible individuals financially impacted by the Coronavirus
(COVID-19) including the temporary early release of super. This is a single payment of up to $10,000 in both the 2019/2020 and 2020/2021
Here are some points to consider before applying to release your super:
INTEGRITY WEALTH UPDATE
We hope you were able to reflect and remember in your own way on ANZAC Day, despite the physical limitations in place.
We have had a big week, with lots of JobKeeper work in particular since enrolments opened on 20 April. See below for some updates & important information on JobKeeper, but first an important reminder to be vigilant against scammers.
JobKeeper Payment Eligibility
The JobKeeper Payment legislation was passed last week, however rather than the flood of information and guidance we were all hoping for,
the details are still only coming at a frustrating trickle.
Below is some of the most recent information available on eligibility requirements for the JobKeeper Payment.
IMPORTANT: INTEGRITY WEALTH SUPPORTING YOU THROUGH COVID-19
With the ever developing situation around the Coronavirus (or COVID-19) and the uncertainty we are all facing day to day, we want to assure you we are here to help.
Upside Down World
You may have seen or heard lots of discussion in the media, at the moment, full of gloomy predictions because of ‘inverted yield curves’.
We would like to share an article from our main investment manager, Dimensional Fund Advisors Ltd, which hopefully provides a broader picture on this issue. We hope this provides a different perspective for your investment journey.
2019-2020 Budget Update: The pre-election announcements that are now law
The Federal Budget announced a series of measures, some of which are now law and are available to you this financial year.Read More
The Value of Comprehensive Financial Advice - From Rags to Riches
Cliff and Teri were excited. They were also relieved. Excitement came because they were entering a new stage of their life in retirement after selling their business. Relief was there because they knew they were going to have an enjoyable next stage of life as they were now financially comfortable.Read More
The Value of a Trusted Financial Adviser
Carol’s husband Errol had sadly passed away after a long period of illness. He had been the person who made most of the financial
decisions for the family.
Daunted by the complexity of her finances and her grief, Carol sought assistance from a financial adviser referred by her lawyer who was dealing with Errol’s estate.
Package your super and pay less tax
Superannuation is your savings for your retirement. While the Government will be gradually increasing the super guarantee payments made by your employer on your behalf from 9.5 per cent to 12 per cent by 2025, these contributions alone may not be sufficient to support your retirement lifestyle. There are, however, strategies that can help you boost your super savings.
Salary sacrificing not only helps to boost your superannuation savings but reduces the amount of tax you pay as well.
To read more…
Is your business protected against Cyber attack?
There have been changes to the Privacy Legislation
Effective from 22nd February 2018 amendments to Federal Privacy Act legislation will see mandatory data breach notification laws introduced to Australia for the first time.
This will be known as the Notifiable Data Breaches Scheme (NDB) and will impact all organisations covered by the Australian Privacy Act 1988.
Single Touch Payroll
Single Touch Payroll (STP), the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO, comes into effect from 1 July 2018.
Employers with 20 or more employees at 1 April 2018 must use standard business reporting-enabled software from 1 July 2018. The head count for ‘20 employees’ includes full-time, part-time, casuals (who worked any time during March), employees based overseas, or on paid or unpaid leave. Directors and independent contractors are excluded from the count.
STP is currently voluntary for businesses with less than 20 employees although proposed reforms seek to extend the reporting system to all employers by 1 July 2019, regardless of the number of employees. .
Financial Matters for the over 60s
Considering retirement and starting to plan the rest of your life, there are some important decisions you need to make. When you see a financial adviser, you might be surprised to find they’re not always financial. These are some questions you might need to consider to prepare for retirement.Read More