DFK Crosbie Blog
PAYG instalments is a system that helps you manage your expected tax liability on income from your business and/or investments for the current income year by making regular payments.
Businesses experiencing financial difficulty due to COVID-19 may be over-paying their PAYG instalments if their current rate no longer reflects their... more
The ATO announced it has identified some common errors regarding luxury car tax (LCT) claims, but also says there are issues it has identified with LCT that are more associated with actively trying to pay less tax than required.
What is LCT?
Luxury car tax (LCT) is a tax on cars with... more
The end of the financial year is an important time for your small business and you, and this end of financial year is a little different for many. To help prepare for the EOFY we have put together an end of financial year checklist for 2020.
Raising capital is an essential process when aiming to grow or finance your business with new ideas. While it certainly isn’t easy to do, there are a few tips you can keep in mind.
1. Build a strong company identity:
In order to attract general interest from potential investors and partners, it is recommended... more
The government is allowing the early release of superannuation and a temporary reduction in minimum pension drawdown rates to help individuals deal with the adverse economic effects of COVID-19.
Retirees watching their savings go down amid volatile markets will no doubt welcome the temporary reduction in minimum pension drawdown rates... more
Instant asset write-off policies have been expanded as part of the Government’s COVID-19 initiative to encourage business spending in an effort to increase cash flow, stave off an economic recession, boost consumption, and protect employment.
The instant asset write-off threshold has been increased from $30,000 to $150,000 and has... more
On 19 March 2020, the Reserve Bank of Australia cut official interest rates to a record low of 0.25% to encourage active spending and keep the Australian economy afloat.
Amidst Australia’s softening economy and the impacts of the coronavirus pandemic, the RBA is also offering banks at least $90 billion at 0.25% over three years... more
The most successful small businesses know their cash flow position and cycles while those that don’t often run into cash flow problems, which puts them at risk of failing or suffering financial hardship.
Cash flow allows business to be able pay their immediate expenses such as, wages, superannuation, PAYGW, bank and equipment loans... more
If your business doesn’t have the right cybersecurity precautions in place, then having your employees working from home can put your assets at serious risk.
COVID-19 is forcing many businesses to have employees work from home and the change may be difficult for some teams, especially if they haven’t worked remotely before.... more
If you have been financially affected by COVID-19 you can access up to $10,000 of your superannuation in 2019–20 and a further $10,000 in 2020–21.
You will not need to pay tax on amounts released and the money withdrawn will not be taken into account for any income or means tests.
Eligible individuals who