Latest Insights
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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.
Funding for the arts: what’s available?
Will the Prime Minister’s targeted $250 million package of funding to support cultural and creative projects and initiatives save the industry? The arts funding is aimed at kick starting the sector with funding preferencing commercial initiatives that generate jobs...
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
JobKeeper: The Next Steps
The first tranche of JobKeeper ended on 27 September 2020. We look at the issues for those seeking to qualify for the second tranche of JobKeeper and for those no longer eligible.
Q&A: My business received a grant from the State Government. Do I pay tax on it?
My business received a grant from the State Government. Do I pay tax on it?
JobKeeper Alert
With the employee test date for JobKeeper moved to 1 July 2020, some additional employees might have become eligible for JobKeeper. The August JobKeeper monthly business declaration is due by 14 September and is different to the previous form as it covers three JobKeeper fortnights.
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.
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