We are a thriving accounting firm based in Sylvania Waters with office space available for 1 – 3 people. It would be great to share space with a like minded professional services firm that values relationships and is looking for a possible referral partner.
The space includes: Modern premises Lots of parking Access to boardroom and reception facilities Flexible arrangements Lockable office area up to 20sqm and/or workstations NBN Access Surrounded by shops, cafe and other businesses
Ideal opportunity for a mortgage broker, bookkeeper, conveyancer, graphic artist, etc…
This tremendous opportunity so please contact Shoral Simmonds on (02) 8543 6800 or by email shoral@hydadvisory.com.au to register your interest an/or arrange for a site inspection.
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As part of the COVID recovery program, The Small Business Fees and Charges Rebate can help you with the cost of state and local government fees and charges you’ve incurred since 1 March 2021. The rebate helps businesses recover from the impact of COVID-19 and encourages growth by reducing the cost of running a business.
If you wish to discuss any of the above information please contact our office on (02) 8543 6800.
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The JobMaker Hiring Credit scheme is an incentive for businesses to employ additional young job seekers between 16 and 35 years of age.
Eligible employers can access the JobMaker Hiring Credit for each eligible additional employee hired between 7 October 2020 and 6 October 2021.
The first JobMaker period is 7 October 2020 to 6 January 2021 and the claim period for this is 1 February 2021 to 30 April 2021.
Registration is open now and can be accessed via ATO online services, the Business Portal or Online services for business. This must be done before the end of the period being claimed for, ie. for the first period registration needs to be completed before 30 April 2021.
Employers cannot claim JobKeeper and the JobMaking Hiring Credit for the same period.
Single Touch Payroll (STP) reporting obligations for each period being claimed must be met.
In March 2021, the ATO released PCG 2021/D2 – its draft guidance on the taxation of profits in professional services firms.
The draft guidelines will apply from 1 July 2021 and professional services including accountants, lawyers, architects, engineers, financial service providers, medical practitioners, among others, will all be affected.
The ATO is specifically concerned with professional practices operating through trusts, companies and partnerships of discretionary trusts and how the profits from these practices are being taxed.
Professional firms have clearly been put on notice that Part IVA could potentially apply depending on how profits of the firm are dealt with.
Please see below for the draft practical compliance guidelines, and we will keep you updated with further changes as they develop.
Tax Highlights The 2020-2021 Budget was described as responding to the urgent needs of NSW now, whilst also looking beyond the current crisis and into the future.
The key factors for NSW businesses are as follows:
Changes to payroll tax rates and thresholds
$1,500 digital voucher
Commercial rent relief
Jobs Plus program
Tax reforms
Payroll tax changes The payroll tax rate will be reduced from 5.45% to 4.85% for the next two years, in addition, the payroll tax threshold will increase from $1m to $1.2m from 1 July 2020.
These changes will take many small and medium businesses out of the payroll tax system and reduce the payroll tax burden on those businesses that continue to be subject to payroll tax.
Please do not hesitate to contact your client manager to conduct a review of your payroll tax circumstances, as this is a regular area of NSW revenue reviews.
$1,500 digital voucher Small and medium size businesses, which do not pay payroll tax, will be provided with a $1,500 digital voucher that can be applied towards the cost of government fees and charges.
Commercial Rent Relief The commercial rent relief scheme has been extended until 28 March 2021. The extension will apply to retail tenants with annual turnover less then $50mil that has a downturn of turnover greater then 30%.
Jobs Plus Program The Jobs Plus Program aims to create or support 25,000 jobs between 15 December 2020 and 30 June 2022. Businesses that create (net) at least 30 new jobs in NSW will be eligible for payroll tax relief for up to a four year period.
Tax reforms There will also be a review into reforming the property tax system, including stamp duty and land tax.
Stay tuned for further updates as they arise!
Please contact your client manager directly by phone on (02) 8543 6800 or email for more information.
Stimulating investment is high on the Government’s agenda. To encourage spending, the 2020-21 Budget introduced a measure that allows businesses with turnover under $5bn* to immediately deduct the cost of new depreciable assets and the cost of improvements to existing assets in the first year of use. This means that an asset’s cost will be fully deductible in the year it’s installed ready for use, rather than being claimed over the asset’s life. And, there is no cap on the cost of the asset.
When it comes to second-hand assets the rules are a bit different depending on the size of the business. Businesses with an aggregated turnover under $50 million can claim an immediate deduction for the cost of second-hand assets under the new measures.
Instant asset write-off thresholds
Aggregated turnover under $10m
Aggregated turnover under $50m
Aggregated turnover under $500m
Aggregated turnover under $5bn
1 July 2018 – 28 January 2019
$20,000
–
–
–
29 January 2020 – 2 April 2020
$25,000
–
–
–
2 April 2020 – 11 March 2020
$30,000
$30,000
–
–
12 March 2020 – 31 December 2020
$150,000
$150,000
$150,000
–
6 October 2020+ – 30 June 2022
unlimited
unlimited
unlimited
Unlimited
Businesses with aggregated annual turnover between $50 million and $500 million can still deduct the full cost of eligible second-hand assets costing less than $150,000 that are purchased by 31 December 2020 under the existing enhanced instant asset write-off. Businesses that hold assets eligible for the enhanced $150,000 instant asset write-off will have an extra six months, until 30 June 2021, to first use or install those assets.
For small business entities that have assets in a general pool the changes seek to ensure that pool balances are completely written-off for tax purposes in the 2021 and 2022 income years.
These super-charged immediate deduction rules tie into the existing instant asset write-off for businesses with a turnover under $500 million (summarised below).
The instant asset write-off only applies to certain depreciable assets. There are some assets, like horticultural plants, capital works (building construction costs, etc.) and certain intangible assets that don’t qualify for the new rules.
If your business will make a tax profit this year, this measure is likely to reduce the taxable income of the business for the year and it may be possible to vary upcoming PAYG instalments to improve cash flow. If your business operates through a company and will make a tax loss, you might be able to use the loss to offset tax paid in previous years . Alternatively, tax losses can generally be carried forward to a future year.
Please contact your client manager directly by phone on (02) 8543 6800 or email for more information.
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