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As we all know, the world came to a stop when news of the COVID-19 virus sprung upon us. In the lengthy 8 months we have been in lockdown, businesses all across Victoria took a hit from the state of the economy. According to statistics from the first instalment of the Impact of COVID-19 Businesses report, results show that the crisis has affected majority of business in Australia. In April, approximately 58% of businesses owners reported that COVID-19 strongly affected…

Before the commencement of any business venture one of the first fundamental questions is what business structure you will operate under. If this is not considered carefully & the correct decision made, this can be costly in the future if you need to restructure your business. Your choice of structure will depend on the size and type of business and how you want to run it. Each structure may have an impact on key areas such as tax you’re liable…

This quarter’s newsletter covers the following topics: DFK ANZ Feature Article2020 Federal Budget Explained DIV7A Loans & COVID-19 Depreciation limit on cars COVID-19 Working from home deductions Upcoming Key Dates Download the full newsletter here

As part of its 2019-2020 budget the government announced changes to the contributions rules to allow older Australians greater flexibility to make contributions into their super fund.  The changes were introduced into parliament in separate bills in March and May 2020 and importantly relate to: Amending the work test requirement from age 65 to 67 (first bill) Increase the cut off age for spouse contributions from 69 to 74 (first bill) Making the brought forward rules available to members aged…

If you are considering selling your business, whether it be sooner or later, the more prepared you are the better the outcome may well be. As Benjamin Franklin said – “if you fail to plan, you are planning to fail”. As you can see from below – there are so many steps to take and it likely won’t be an overnight process.  But there is help at hand to make the process as smooth as possible. Speak with your adviser…

The 2020 Federal Budget has been handed down delayed due to COVID-19.Rather than returning to surplus the effects of the COVID-19 pandemic sees the country in a recession with debt of over $200 billion and this is anticipated to grow to $1 trillion. The focus of the Budget is to deliver an Economic recovery plan to create jobs and to stimulate and rebuild the Australian economy. Key measures announced were:  Backdating personal income tax cuts Expanding the immediate asset write…