This article focuses on inflation, interest rates, a surge in spending, company profit and domestic and global economic growth. – Quarterly Economic Update: October – December 2022.
The deadline for existing directors of Australian companies to obtain a Director Identification Number is 30 November 2022. – Director ID: 30 November 2022.
There’s nothing subtle in the way COVID-19 hit us. It struck before many of us saw it coming, and, seemingly overnight, we found ourselves in a whole new world. Are face to face meetings a dying trend?
The Government has stepped in to prevent a wave of insolvencies when the COVID-19 support measures run their course in December 2020.
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 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