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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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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Domestic Travel Tax Deductions

Tax deductions for work related travel can be confusing and complicated.  Here’s a brief summary of what records you need to keep:

Generally you need to keep written evidence, i.e. receipts to claim a deduction for work related travel.  Where the travel is more than 6 nights you will also be required to keep a travel diary.  However, there are exceptions

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