In the 2019–20 Budget, the Government announced that Single Touch Payroll (STP) would be expanded to include additional information.
The expansion of STP, also known as STP Phase 2, would reduce reporting burden for employers who need to report information about their employees to multiple government agencies.
The mandatory start date for Phase 2 reporting was 1 January 2022 however
Applications are open for the Small Business Assistance Grant – December 2021. This grant is to assist small businesses impacted financially by the Covid-19 restrictions put in place between 23rd December 2021 and 4th January 2022.
This grant offers up to a maximum of $12,500 to eligible businesses and specifically applies to the hospitality sector, music events industry and creative and performing arts sectors.
Eligible employing businesses will receive $1,130 for each impacted day (up to a maximum of $12,500), while eligible non-employing small businesses will receive $400 for each impacted day (up to a maximum of $4,400).
Click here to view the eligibility criteria.
Applications close 4 pm Thursday 31st March 2022 (AWST).
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.
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.
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.
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.
