Why accurate leave management is so important
Your business could be at a serious risk of making costly errors if you aren’t managing your leave correctly. Read More…
By Gillian Hayward
Top measures released in the Government’s 2020 Budget that may affect you and your business.
Instant Asset Write-Off
JobMaker Hiring Credit
Apprentice Wage Subsidy
Loss Carry Back
Changes to personal tax rates
Proposed stage 2 tax rate changes scheduled to take place from 1 July 2022 being brought forward to take affect from 1 July 2020;
Tax rates and income thresholds | |||
Tax Rate | 2019-20 | 2020-21 (new) |
From 2024-25 (unchanged) |
Nil | $0 - $18,200 | $0 - $18,200 | $0 - $18,200 |
19% | $18,201 - $37,000 | $18,201 - $45,000 | $18,201 - $45,000 |
30% | $45,001 - $200,000 | ||
32.5% | $37,001 - $90,000 | $45,001 - $120,000 | N/A |
37% | $90,001 - $180,000 | $120,001 - $180,000 | N/A |
45% | $180,001 + | $180,001 + | $200,001 + |
Low and middle income tax offset (LMITO) | Up to $1,080 | Up to $1,080 | N/A |
Low income tax offset (LITO) | Up to $445 | Up to $700 | Up to $700 |
Associate
Why accurate leave management is so important
Your business could be at a serious risk of making costly errors if you aren’t managing your leave correctly. Read More…
Deductions denied for ATO interest charges
The ATO can apply a general interest charge (GIC) if an amount of tax or some other liability remains unpaid after the due date. Read More…
Reducing the uncertainty: Financial Forecasting and Planning
Analysing your cashflow statements, profit and loss reports and quarterly management accounts gives you an indication of where you’ve been as a business by using forecasting and scenario-planning, you make it easier to manage your finances and reduce some of the financial uncertainty. Read More…