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Family Dynasties – The Thompson Family, From Blue Seas to Red Dust, a WA Treasure
When we consider
family business dynasties,
there’s probably few as
quintessentially West
Australian or as diverse as the
cray fishing Thompson family
from the seaside town of
Cervantes. Read more here …
Insight Brings Luxury Retreat Closer to Realisation of Dream
Insight’s support for Amaroo
stretches from tax advice, to
business strategies, and managing
the company’s payroll.
Preventing a Tsunami of Insolvencies
The Government has stepped in to prevent a wave of insolvencies when the COVID-19 support measures run their course in December 2020.
Budget 2020-21: Road to Recovery?
The 2020-21 Federal Budget is a road to recovery paved with cash.
Key initiatives include:
• Personal income tax cuts from 1 July 2020
• A $4 billion ‘JobMaker’ Hiring Credit to encourage businesses to take on additional employees aged 16 to 35 years old
• $110 billion in infrastructure investment over 10 years
• Immediate deductions for business investment in capital assets
• Changes to how companies can manage losses
• Access to generous tax concessions for a wider range of businesses
Business Transition Specialists Critical to Family Office Success
Family companies are an Insight speciality and clients are often second and third generation family members who have taken over the reins of the family business.
Forecasting during a pandemic
Now, more than ever, business operators should have a plan in place to manage during uncertain times. Even if your business is not directly impacted, it’s likely your customers, your supply chain, and your workforce will be to some extent.
So, how do you plan for uncertainty when every assumption is subject to change?
Has COVID-19 devalued your business?
If you are selling your business, merging, acquiring, or inviting in new investors, you need to understand the value of your business. But, to what degree does the pandemic impact on value? Should you discount or hold firm to pre COVID-19 performance on the basis that ‘we’re going to come out of it eventually’?
Insight’s Expertise Ignites LITT Start-up
Insight’s Expertise Ignites LITT Start-Up – Launched in April, has 4000 users and those numbers are growing. Social Media Reimagined.
A different way to help the grandkids
Many grandparents want to give their grandchildren a head start in life, and a common way to do so is to help by paying some (or all) of their school fees. This can, of course, simply be done by making a contribution at the time the fees are payable. However, it’s not unusual for grandparents to plan ahead by setting funds aside in a specific account. That is one option, but there might be a better one.
Five ways to recession-proof your business
Economies tend to face headwinds every ten years as the business cycle moves from periods of growth to contraction. While recessions are challenging for small and medium businesses across Australia, it doesn’t mean there aren’t significant opportunities to strengthen your business and come out of challenging times stronger and more profitable. In this article, we’re sharing five ways you can recession proof your business.
2021 Risks & Opportunities
With the borders between the State and Territories all but open and 2021 in sight, there is a hunger for a return to ‘normal’. The recent Westpac-Melbourne Institute Index of Consumer Sentiment articulates this desire to ‘get on with things’; sentiment reached its highest level since November 2013 and Christmas spending is expected to be consistent with previous years.
However, the Reserve Bank of Australia cautions that the recovery will be uneven and drawn out and GDP is not expected to return to pre-pandemic levels until the end of 2021. The risks are not limited to the pandemic but Australia’s geopolitical relationships, notably with our largest trading partner, China.
Here’s our key risks and opportunities as we head into 2021 …
End of Year Deadlines
The ATO has extended the JobKeeper. 31 December 2020 is the last day you can apply to access your superannuation early under the COVID-19 early access measures. Read more here …
APRA reveals $34.4bn super early release
Over $34.4bn has been released from Australian Superannuation Funds under the COVID-19 early release scheme, the Australian Prudential Regulation Authority revealed. The figures, which do not include self-managed super funds, show the deep impact of the scheme on superannuation balances. 3.3 million initial applications and 1.3 million subsequent applications were received by funds.
JobKeeper clawback begins
At the recent Senate Estimates hearing, Jeremy Hirschhorn, the ATO’s Second Commissioner, stated that $120 million in JobKeeper payments had been clawed back from those either deliberately seeking to rort the system or who had made reckless mistakes. Read more ….
Refunds for Tax Losses
If your company has made a loss, you may be able to claim a tax refund for tax previously paid on profits.
Tax deductions for investing in your business
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.
Tax Table Reminder
The 2020-21 personal income tax cuts announced in the Federal are now law.
JobMaker Hiring Credits: What We Know So Far
We’ve had quite a few questions about the JobMaker hiring credit announced in the 2020-21 Federal Budget. The legislation enabling the JobMaker scheme has not passed Parliament as yet and until this occurs, the JobMaker rules are not certain and may change. More details should be available soon and we’ll let you know as soon as we have some certainty.
Budget 2020-21: Road to Recovery?
The 2020-21 Federal Budget is a road to recovery paved with cash.
Key initiatives include:
• Personal income tax cuts from 1 July 2020
• A $4 billion ‘JobMaker’ Hiring Credit to encourage businesses to take on additional employees aged 16 to 35 years old
• $110 billion in infrastructure investment over 10 years
• Immediate deductions for business investment in capital assets
• Changes to how companies can manage losses
• Access to generous tax concessions for a wider range of businesses
The Latest Changes to JobKeeper 2.0 from 28 September 2020
The updated rules and explanatory statement clarify a number of common issues that have been raised by accountants since the JobKeeper extension was announced, including:
Carrying on an entity from 1 March 2020
Eligibility for December if failed previous decline in turnover test periods
Applying the two tier payment rates
The power of the Tax Commissioner
GST reporting method
Current GST turnover
Jobkeeper payment rates – alternative tests for the 80 hour requirement
Employees not tied to hours worked
Wage condition extended to 31 October 2020
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