WA Small Business Lockdown Assistance Round 2

On 29 June 2021 to 6 July 2021 WA entered into a lockdown and interim restrictions to stop the spread of COVID.

As a result of the lockdown some businesses were forced to close.

To help small businesses get through the lockdown, the WA government has announced another round of Small Business Lockdown Assistance Grant whereby it provides a $3,000 cash to an eligible business across Perth, Peel and regional WA.

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Am I taxed on an Insurance Payout?

Australia has had its fair share of disasters over the last few years – drought, bushfires and floods – that have ramped up the volume of insurance claims. Most people would assume that if and when they need to claim on their insurance, the insurance payout covers the damage and is not income assessed for tax purposes – but this is not always the case.

Insurance payouts for damaged or destroyed personal items are generally not taxed. For example, any insurance payout you receive for your family home won’t necessarily be taxed. But, the rules are different if you have used your home to produce an income, for example, you have used part of your home as a home business or you have rented out part of your home.

The rules are also different if the item is a personal asset costing more than $10,000 or if the asset is a collectible that cost more than $500.

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Superannuation Budget Updates – Changes from 1 July 2021

A few changes to the superannuation world that applies from 1 July 2021 onwards, including contribution cap changes, information for employers, individuals aged 60 or over, and changes to work tests.

Superannuation Guarantee Contributions

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Business Budget Measures

The 2021-2022 Federal Budget has been announced on 11 May 2021, with a few welcoming measures for small businesses. Here are two main measures that would benefit your business once it becomes law.

Temporary full expensing extension

Businesses with an aggregated turnover of less than $5 billion will be able to continue to fully expense the cost of new depreciable assets and the cost of improvements to existing eligible assets in the first year of use.

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Fringe Benefits Tax – what you need to know

Fringe Benefit Tax (FBT) is a tax paid by employers who provide certain benefits to employees and their associates. The main type of benefits provided are entertainment (including meals and tickets to events) and providing an employee the use of a car for private use. 

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