The HomeBuilder Grant: What is it and how do you access it? The Government has announced grants of $25,000 to encourage people to build a new home or substantially renovate their existing home. The HomeBuilder scheme targets the residential construction market by providing tax-free grants of $25,000 to eligible owner-occupiers, including first home buyers, to [...]
Joining a Zoom meeting Here at Marzol Holloway we use video conferencing to stay in touch with clients that can’t get to us in person. With the current Coronavirus (COVID-19) situation affecting everyone we wanted to let you know that you can now connect with us in person using this technology. All you need is [...]
The Stimulus Package: What You Need To Know The Government has announced a $17.6 billion investment package to support the economy as we brace for the impact of the coronavirus. The yet to be legislated four-part package focuses on business investment, sustaining employers and driving cash into the economy. For business Business investment Increase and [...]
Surviving a Crisis: Coronavirus and Beyond Empty restaurants and retail stores were one of the first signs of the devastating impact the coronavirus on Australian businesses. Within a few months, the virus, now called COVID-19, has gone from being a largely unknown medical condition to one that threatens to impair Australian and global economic growth. [...]
How to get your payroll right A series of high-profile examples of businesses underpaying their employees has brought the need to get payroll right into sharp focus. Complex award and enterprise agreements can complicate payroll obligations, in terms of both regular salary and wages and the ongoing need to pay employee superannuation. On top [...]
FBT hot spots With the start of the Fringe Benefits Tax year looming on 1 April, businesses are being urged to review their Fringe Benefits Tax (FBT) position. The ATO’s top FBT problem areas 1. Motor vehicle fringe benefits - failing to report motor vehicle fringe benefits, incorrectly applying exemptions for vehicles or [...]
Alerts to protect SMSFs from fraud A new system alerting SMSF trustees of changes made to their SMSF will roll out this month. The ATO will alert trustees by text and/or email when changes are made to bank details, electronic service address of the fund, the authorised contact and members. Trustees need to notify [...]
ATO targets ‘lifestyle’ assets The ATO has requested insurance policy information from 30 insurers for lifestyle assets such as yachts, thoroughbred horses, and fine arts. The review, expected to impact 350,000 taxpayers, reaches from the 2015-16 to 2019-20 financial years, revealing assets that previously may not have been disclosed or underreporting of income. “If [...]
Bushfire support and assistance Ten million hectares, lives lost, wildlife on the brink, billions in lost revenue and clean-up costs. For many, returning life to normal is a long way off this summer. We summarise the help available to those impacted by the bushfires. What we can do for you If you are impacted by [...]
CGT and the family home: expats and foreigners excluded from tax exemption Late last year, legislative changes were made that exclude non-residents from accessing the main residence exemption. The retrospective changes directly impact foreigners and expats whose main residence is in Australia or overseas. We explore the impact. Key points · Non-residents for tax [...]
