The proposed JobKeeper Payment

Source: National Tax & Accountants’ Association Ltd: March 2020

The Federal Government has announced (as part of its Coronavirus Stimulus Package) the introduction of a new JobKeeper Payment to assist eligible employers (and self-employed individuals) who have been impacted by the Coronavirus pandemic to continue to pay their workers.

The following is a broad summary of the key aspects of the proposed JobKeeper Payment, based on the Government’s Joint Media Release dated 30 March 2020 and the information that is currently available on the Treasury website at www.treasury.gov.au.

The Government intends to introduce legislation into Parliament to give effect to the JobKeeper Payment measure. The Government also announced that the partner income test will be relaxed to ensure that an eligible person can receive JobSeeker Payment (and the associated Coronavirus supplement) where their partner earns less than $3,068 per fortnight (around $79,762 per annum).

1. What is the JobKeeper Payment?

The JobKeeper payment is a subsidy that will be paid through the tax system (i.e., by applying to the ATO) to eligible employers (and self-employed individuals) impacted by the Coronavirus. Eligible employers will be able to claim a subsidy of $1,500 per fortnight, per eligible employee, from 30 March 2020 (with payments commencing from the first week of May 2020), for a maximum period of six months. This subsidy will be paid by the ATO monthly in arrears and will ensure that an eligible employee receives a gross payment (i.e., before tax) of at least $1,500 per fortnight. Self-employed individuals (i.e., businesses without employees) can also qualify to receive the JobKeeper Payment.

2. When is an employer or business eligible for the JobKeeper Payment?

Employers will be eligible for the JobKeeper subsidy where:

• for a business with a turnover of less than $1 billion – its turnover will be reduced by more than 30% relative to a comparable period a year ago (of at least a month); or

• for a business with a turnover of $1 billion or more – its turnover will be reduced by more than 50% relative to a comparable period a year ago (of at least a month); and

• the business is not subject to the Major Bank Levy.

Self-employed individuals (i.e., businesses without employees) and not-for-profit entities (including charities) that satisfy the above requirements will be eligible to apply for the JobKeeper Payment.

3. When can the JobKeeper Payment be claimed in respect of an employee?

Before an eligible employer can claim the JobKeeper payment in respect of an employee (‘eligible employee’), the employee must satisfy the following requirements:

• The employee is currently employed by the employer (which includes an employee who has been stood down or re-hired after they had already lost their job).

• The employee was employed by the employer as at 1 March 2020.

• The employee is a full-time or part-time employee, or a long-term casual employee who has been employed by the employer on a regular basis for longer than 12 months at 1 March 2020.

• The employee is at least 16 years of age.

• The employee is an Australian citizen, or the holder of a permanent visa, a Protected Special Category Visa Holder, a non-protected Special Category Visa Holder who has been residing continually in Australia for 10 years or more, or a Special Category (Subclass 444) Visa Holder.

• The employee is not in receipt of a JobKeeper Payment from another employer.

In practical terms, this means that eligible employers will receive the JobKeeper Payment for each eligible employee who was on the employer’s books on 1 March 2020 and continues to be engaged by that employer (including full-time, part-time, long-term casuals and stood down employees).

Employees who have multiple employers will need to notify their primary employer to claim the JobKeeper Payment on their behalf, as only one employer will be eligible to receive the payment. In most cases, the claiming of the tax-free threshold will be sufficient notification that an employer is the employee’s primary employer.

4. How does a business apply for the JobKeeper Payment?

Initially, businesses can start to register their interest in applying for the JobKeeper payment from 30 March 2020, on the ATO’s website at www.ato.gov.au. The first payments under this measure are expected to be made to an eligible business from the first week of May 2020.

Eligible employers that apply for the JobKeeper Payment (i.e., via an online application) will need to provide supporting information demonstrating a downturn in their business, and must report the number of eligible employees employed by the business on a monthly basis.

Businesses without employees (e.g., self-employed individuals) will need to provide an ABN for the business, nominate an individual to receive the JobKeeper payment and provide that individual’s Tax File Number, as well as provide a declaration on the recent business activity (presumably, to demonstrate the downturn in the business). These businesses will also need to provide a monthly update to the ATO in order to declare their continued eligibility for the JobKeeper Payment.

It is expected that more information will be provided about applying for the JobKeeper Payment, for businesses with employees and for the self-employed, on the ATO’s website.

5. How is the JobKeeper payment applied by an eligible business? 

The underlying purpose of the JobKeeper Payment is to ensure that eligible workers (including eligible employees) are paid a gross minimum amount of $1,500 per fortnight. In particular, for eligible employers who receive the JobKeeper Payment for an eligible employee, the employee will receive this payment basically as follows:

(a) If the employee ordinarily receives at least $1,500 in gross salary income per fortnight, they will continue to receive their regular income according to their prevailing workplace arrangements. In this case, the JobKeeper Payment will effectively subsidise part or all of the employee’s gross fortnightly salary income.

(b) If the employee ordinarily receives less than $1,500 in gross salary income per fortnight, their employer must pay the employee a minimum gross fortnightly salary income of $1,500 under the JobKeeper Payment scheme.

(c) If an employee has been stood down, their employer must pay the employee a minimum gross fortnightly salary income of $1,500 under the JobKeeper Payment scheme.

(d) If an employee was employed on 1 March 2020, has subsequently ceased employment with their employer, and then has been re-engaged by the same employer, the employee will receive a minimum gross fortnightly salary of $1,500 under the JobKeeper payment scheme.

An eligible employer receiving the JobKeeper Payment in respect of one or more employees will be required to notify each employee that they have been nominated as eligible employees for the employer to receive the payment. Furthermore, an eligible employer has the option of choosing whether or not to provide superannuation guarantee support in respect of any additional salary income (to the extent that it relates to the JobKeeper Payment) paid to an eligible employee by an employer (refer to Example 1 below).

Where an employer receives the JobKeeper Payment for an eligible employee who has been receiving income support through Centrelink (or Services Australia) as a result of having been stood down or their hours being reduced, the employee will need to report the JobKeeper Payment as income, as this could affect their entitlement to such Centrelink support.

The following examples further illustrate how the JobKeeper Payment is expected to apply. The examples have been adapted from the Treasury publications “JobKeeper Payment – Information for employers” and “Supporting businesses to retain jobs”.

EXAMPLE 1 – Employer affected by Covid-19 with multiple employees

Adam owns a business whose turnover has declined by more than 30% as a result of the downturn due to the Coronavirus. The business had the following three employees as at 1 March 2020:

• Anne, who is a permanent full-time employee and who continues to work in the business earning a gross salary of $3,000 per fortnight.

• Nick, who is a permanent part-time employee and who continues to work in the business earning a gross salary of $1,000 per fortnight.

• Fred, who was recently stood down from the business without pay.

Adam is eligible to receive the JobKeeper Payment for each employee of $1,500 per fortnight (before tax), for a maximum period of six months (which would be paid monthly in arrears). The JobKeeper Payment would provide the following benefits for the business and its employees:

(a) The business continues to pay Anne her full-time gross salary of $3,000 per fortnight, as well as superannuation guarantee support on this income. In this case, the $1,500 per fortnight JobKeeper Payment effectively partly subsidises the cost of Anne’s salary.

(b) The business continues to pay Nick his $1,000 gross fortnightly salary and an additional $500 gross amount per fortnight, resulting in a total gross fortnightly salary of $1,500. In this case, the JobKeeper Payment fully subsidises the cost of Nick’s salary.

The business must continue to provide Nick with superannuation guarantee support on the

$1,000 fortnightly salary amount, but has the option of choosing to pay superannuation on the additional $500 gross amount paid to Nick under the JobKeeper Payment scheme.

(c) The business must start paying Fred a gross salary of $1,500 per fortnight, which is fully subsidised by the JobKeeper Payment. The business has the option of choosing to pay superannuation on this amount paid to Fred under the JobKeeper Payment scheme. If Fred commenced receiving any Centrelink support (e.g., JobSeeker Payment), he will need to advise Centrelink of his JobKeeper payment.

EXAMPLE 2 – Self-employed affected by Covid-19 with no employees

Melissa is a sole trader running a florist without any employees.

The economic downturn due to the Coronavirus has adversely affected Melissa’s business and she expects that her business turnover will fall by more than 30% compared to a typical month one year ago (i.e., in 2019).

On this basis, Melissa will be able to apply for the JobKeeper Payment and would receive $1,500 per fortnight (before tax), which will be paid to her on a monthly basis in arrears.

As always COAST is here to guide you and answer all your questions. Give Chris a call on 0413 328 419 to discuss your unique situation.

Coronavirus Special Update

The Government’s Stimulus Package in response to the Coronavirus

What a changed world we are living in as we all try to navigate the challenges arising from the current Coronavirus Pandemic, including protecting the health and safety of our friends and family, and the viability of our businesses, employment and investments.

The purpose of this article is to provide you with an update relating to the Government's Economic Stimulus Package in response to the Coronavirus.  Our office will continue to apply its available resources to assist and support you where we can through this uncertain period as we attempt to survive the ever changing restrictions we are all dealing with.

The following is a broad summary of the key aspects of the Federal Government’s stimulus package in response to the Coronavirus, as recently announced and enacted. 

These measures were implemented via various Bills introduced into Parliament, which very quickly received Royal Assent on 24 March 2020 (including the Coronavirus Economic Response Package Omnibus Bill 2020), so as to give effect to the Government’s stimulus package.  

Income support for individuals

Various measures have been introduced so as to provide a 'safety net' for individuals who are financially impacted by the Coronavirus.

The new Coronavirus supplement

A new six-month 'Coronavirus supplement' of $550 per fortnight will be paid to individuals who are currently eligible for certain income support payments, including the:

• Jobseeker Payment;

• Youth Allowance; and

• Parenting Payment (Partnered and Single).

Furthermore, it appears that this new (additional) supplement will be paid to eligible individuals as part of their existing income support payments (e.g., Jobseeker Payment and Youth Allowance).

Expanding access (and eligibility) to certain income support payments

For the period that the Coronavirus supplement is paid, the Government will also expand access to certain income support payments (e.g., the Jobseeker Payment, the Youth Allowance Jobseeker and the Parenting Payment) for eligible individuals. 

For example, a new category of Jobseeker Payment and Youth Allowance Jobseeker will become available for eligible individuals financially impacted by the Coronavirus.

According to the Government, this could include, for example, permanent employees who are stood down or lose their employment; sole traders; the self-employed; casual workers; and contract workers who meet the income tests, as a result of the economic downturn due to the Coronavirus.

Additionally, asset testing for the JobSeeker Payment, the Youth Allowance Jobseeker and the Parenting Payment will be waived for the period of the Coronavirus supplement.  Income testing will still apply to the person’s other payments, consistent with current arrangements.

Tax-free payments of $750 to eligible recipients

The Government will be providing two separate $750 tax-free payments (referred to as ‘economic support payments’) to social security, veteran and other income support recipients and to eligible concession card holders.

The first $750 payment will be available to individuals who are residing in Australia and are receiving an eligible Government payment, or are the holders of an eligible concession card, at any time from 12 March 2020 to 13 April 2020 (inclusive).  This payment will be made automatically to eligible individuals from 31 March 2020.

The second $750 payment will be available to individuals who are residing in Australia and are receiving one of the eligible Government payments or are the holders of one of the eligible concession cards on 10 July 2020 (except for those receiving an income support payment that qualifies them to receive the $550 fortnightly Coronavirus supplement).  This payment will be made automatically to eligible individuals from 13 July 2020.

Each of the $750 payments will be exempt from income tax and will not count as income for the purposes of Social Security, the Farm Household Allowance and Veteran payments.

Early access to superannuation benefits

The Government will introduce a new compassionate ground of release that will allow individuals to access their superannuation entitlements where those benefits are required to assist them to deal with the adverse economic effects of the Coronavirus, but only where one or more of the following requirements are satisfied:

•  The individual is unemployed.

• The individual is eligible to receive the Jobseeker Payment, Youth Allowance for jobseekers, Parenting Payment (which includes the single and partnered payments), Special Benefit or Farm Household Allowance.

• On or after 1 January 2020 either:

         –   the individual was made redundant; or

         –   the individual’s working hours were   reduced by at least 20%; or

         –   if the individual is a sole trader – their business was suspended or there was a reduction in the business’s turnover of at least 20%. 

Under this new compassionate ground of release, eligible individuals will be able to access (as a lump sum) up to $10,000 of their superannuation entitlements before 1 July 2020, and a further $10,000 from 1 July 2020 (subject to a six-month time frame).

Eligible individuals who are looking to access their superannuation entitlements under the above new ground of release will be able to apply directly to the ATO through the myGov website (at www.my.gov.au) and certify that the relevant eligibility criteria is satisfied.

Importantly, such lump sum superannuation withdrawals under this new compassionate ground of release will not be taxable to the recipient (i.e., they will be tax-free).  Also, according to the Government, the amount withdrawn will not affect Centrelink or Veteran’s Affairs payments.

Reducing the minimum drawdown amounts for superannuation pensions

The Government will be temporarily reducing the superannuation minimum drawdown amounts for account-based pensions and similar products by 50% for the 2020 and 2021 income years. 

This basically means that the total minimum annual pension amount that a superannuation fund is otherwise required to pay to a member receiving a pension from the fund (e.g., an account-based pension) will be reduced by half for these two income years. 

Reducing social security deeming rates 

From 1 May 2020, the Government will be reducing both the upper and lower social security deeming rates by a further 0.25 percentage points.  This is in addition to the recent 0.5 percentage point reduction, resulting in an overall reduction to the social security deeming rates of 0.75 percentage points.

On this basis, as of 1 May 2020, the upper deeming rate will be reduced from 3% to 2.25%, and the lower deeming rate will be reduced from 1% to 0.25%. 

These reductions reflect the low interest rate environment and its impact on the income from savings.  Broadly speaking, the social security deeming rates apply (for ‘income test’ purposes) to determine the amount of income that an individual is ‘deemed’ (or taken to) earn from financial investments (e.g., cash deposits and listed securities), irrespective of the actual amount of income (e.g., interest income and dividend income) earned by the individual.  In most cases, the deeming rates apply for the purposes of applying the Age Pension ‘income test’. 

Cash flow assistance for businesses 

The Government is also providing cash flow assistance for eligible businesses in the form of two separate measures.

Boosting cash flow for employers

Small and medium-sized businesses and not-for-profit entities, with an aggregated annual turnover of less than $50 million (usually based on their prior year’s turnover) that employ people, may be eligible to receive a total payment (in the form of a refundable credit) of up to $100,000 (with a minimum total payment of $20,000), based on their PAYG withholding obligations in two stages:

Stage 1 payment (credit)

Commencing with the lodgment of activity statements from 28 April 2020, eligible employers that withhold PAYG tax on their employees’ salary and wages will receive a tax-free payment equal to 100% of the amount withheld, up to a maximum of $50,000. 

Eligible employers that pay salary and wages will receive a minimum (tax-free) payment of $10,000, even if they are not required to withhold PAYG tax.

The tax-free payment will broadly be calculated and paid by the ATO as an automatic credit to an employer, upon the lodgment of activity statements from 28 April 2020, with any resulting refund being paid to the employer.  This means that:

• quarterly lodgers will be eligible to receive the payment for the quarters ending March 2020 and June 2020; and

• monthly lodgers will be eligible to receive the payment for the March 2020, April 2020, May 2020 and June 2020 lodgments. 

Note that, the minimum payment of $10,000 will be applied to an entity’s first activity statement lodgment (whether for the month of March or the March quarter) from 28 April 2020.

Stage 2 payment (credit)

For employers that continue to be active, an additional (tax-free) payment will be available in respect of the June to October 2020 period, basically as follows:

• Quarterly lodgers will be eligible to receive the additional payment for the quarters ending June 2020 and September 2020, with each payment being equal to 50% of their total initial (or Stage 1) payment (up to a maximum of $50,000). 

• Monthly lodgers will be eligible to receive the additional payment for the June 2020, July 2020, August 2020 and September 2020 activity statement lodgements, with each additional payment being equal to a quarter of their total initial (or Stage 1) payment (up to a maximum of $50,000).

Again, the ATO will automatically calculate and pay the additional (tax-free) payment as a credit to an employer upon the lodgment of their activity statements from July 2020, with any resulting refund being paid to the employer.

It should be noted that eligibility for the above payments is subject to a specific integrity rule that is designed to stamp out artificial or contrived arrangements that are implemented to obtain access to this measure.  In particular, if an employer or an associate enters into a scheme with the sole or dominant purpose of obtaining or increasing any of the above payments for a particular employer, for a period, the employer will not be eligible for any such payments for the relevant period. 

Wages subsidies for apprentices and trainees

Employers with less than 20 full-time employees, who retain an apprentice or trainee (who was in training with the employer as at 1 March 2020) may be entitled to Government funded wage subsidies.

These will be equal to 50% of the apprentice’s or trainee’s wage paid during the nine months from 1 January 2020 to 30 September 2020. 

The maximum wage subsidy over the nine-month period will be $21,000 per eligible apprentice or trainee.

Employers can register for the subsidy from early April 2020.

Increasing the instant write-off threshold for business assets 

Broadly, the depreciating asset instant asset write-off threshold will be increased from $30,000 (for businesses with an aggregated turnover of less than $50 million) to $150,000 (for businesses with an aggregated turnover of less than $500 million) until 30 June 2020. 

The measure applies to both new and second-hand assets first used or installed ready for use in the period beginning on 12 March 2020 (i.e., the date on which this measure was announced) and ending on 30 June 2020.

Small Business Entities (‘SBEs’)

These are businesses with aggregated turnover of less than $10 million.

SBEs will be able to claim an immediate deduction for depreciating assets that cost less than $150,000, provided the relevant asset is first acquired at or after 7.30 pm on 12 May 2015, by legal time in the ACT, and first used or installed ready for use on or after 12 March 2020, but before 1 July 2020.

Additionally, SBEs will also be able to claim an immediate deduction for the following:

• An amount included in the second element of the cost of (i.e., an improvement to) a depreciating asset that was first used or installed ready for use in a previous income year.  The amount of the second element cost must be less than $150,000 and the cost must be incurred on or after 12 March 2020, but before 1 July 2020.

• If the balance of an entity’s general small business pool (excluding current year depreciation) is less than $150,000 at the end of the 2020 income year, a deduction can be claimed for this balance.

Medium Business Entities (‘MBEs’)

These are businesses with turnover of at least $10 million and less than $500 million.

MBEs can immediately deduct the cost of an asset in an income year if the asset has a cost of less than $150,000 and it was first acquired in the period beginning at 7:30pm, by legal time in the ACT, on 2 April 2019 and ending on 30 June 2020, and the taxpayer starts to use or have the asset installed ready for use for a taxable purpose in the period beginning on 12 March 2020 and ending on 30 June 2020.

Additionally, MBEs can also claim a deduction for certain amounts included in the second element of the cost of a depreciating asset, where the amount of the second element cost is less than $150,000, and is incurred on or after 12 March 2020 but before 1 July 2020.

The threshold will generally be applied to the GST-exclusive cost of an eligible asset (i.e., assuming the relevant business is entitled to an input tax credit for any GST included in the acquisition cost).

Importantly, this increased threshold also continues to operate on a ‘per asset’ basis, which means that eligible businesses can immediately write-off multiple assets (as long as each of the assets individually satisfy the relevant eligibility criteria).

Currently, the instant asset write-off threshold is due to revert to $1,000 for small businesses (i.e., those with an aggregated turnover of less than $10 million) from 1 July 2020.

Accelerating depreciation deductions for new assets

Broadly, a new time-limited 15-month investment incentive (available for eligible assets acquired from 12 March 2020 up until 30 June 2021) will also be introduced to accelerate certain depreciation deductions for businesses with an aggregated turnover below $500 million.

The amount that an eligible entity can deduct in the income year in which an eligible depreciating asset is first used or installed ready for use is:

• 50% of the cost (or adjustable value where applicable) of the asset; and

• the amount of the usual depreciation deduction that would otherwise apply (if it were calculated on the remaining cost of the asset).

Different rules will apply where an SBE is using the general small business pool (i.e., for assets not qualifying for the instant asset write-off).  In this case, an SBE may deduct an amount equal to 57.5% (rather than 15%) of the business-use portion of the cost of an eligible depreciating asset in the year is it allocated to the pool. 

Unless specifically excluded, an eligible asset is a new asset that can be depreciated under Division 40 of the ITAA 1997 (i.e., plant and equipment and specified intangible assets, such as patents), where the asset satisfies all of the following conditions:

• The asset is new and has not previously been held (and used or installed ready for use) by another entity (other than as trading stock or for testing and trialling purposes).

• No entity has claimed depreciation deductions (including under the instant asset write-off) in respect of the asset.

• The asset is first held, and first used or installed ready for use, for a taxable purpose, between 12 March 2020 and 30 June 2021 (inclusive).

Note that a depreciating asset is not an eligible asset where a commitment to acquire or construct the asset was entered into before 12 March 2020.

Please Note: Many of the comments are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.

We know it’s a lot of information to take in, which is why we’re here to help you through it and answer all your questions. Please don’t hesitate to give Chris a call on 0413 328 419.

The Coronavirus Stimulus Package and what it means for your Business

The Australian Government has now put in place a series of measures to combat the economic impact we’re likely to see as a result of Coronavirus (COVID-19). It’s essentially a four-pronged approach totalling $17.6 billion to stimulate the economy we’re it’s needed most and protect jobs.

1.   $2,000 - 25,000 payout for small to medium business

This is a grant payout to SMEs with employees (between 1 January and 30 June 2020) and a turnover of up to $50 million. It’s designed to help improve cashflow. For eligible businesses who pay income tax on behalf of employees, you’ll likely receive a payment equal to 50% of the tax paid on employee salaries (up to $25,000). These grants will be issued automatically based on Business Activity Statements (BAS) or PAYG Instalment Activity Statements from 28 April, so it’s a great time to get on top of your BAS and PAYG compliance.

2. Apprenticeship Wage Subsidy

This payout will also be equivalent to 50% of wages for apprentices in SMEs up to $21,000 per apprentice. And if it’s not possible to retain your apprentice the subsidy will be available to the new employer (even if it’s a large company).

3. Increase in Instant Asset Write-Off

The asset expenditure threshold has now been increased from $30,000 to $150,000 and is available to any business turning over less than $500 million (up from $50 million). This applies only until 30 June 2020 and will allow businesses to deduct 50% of an asset cost in the year it was purchased and apply the existing depreciation rules to the balance. This is a limited 15-month investment incentive that accelerates depreciation deductions and is designed to ensure ongoing investment and potentially move forward any planned spending by businesses.

4. One-Off Payments

Pensioners and Newstart recipients will be given a one-off payment of $750. This payment is most likely to be spent immediately and assist in boosting the overall economy.

In addition, the ATO will provide administrative relief on some tax obligations for those affected and this will be assessed on a case by case basis. A $1 billion fund has also been committed to support businesses who are most affected by Coronavirus such as travel, tourism and education.

On a smaller scale, we recommend that you look at contingency plans for your own business - addressing issues such as cash flow, operations and staffing. As always, Coast Accounting is available to talk through the tax implications of the Coronavirus Stimulus Package for your business and put in place strategies to maximise offsets and minimise impacts.

Please don’t hesitate to give Chris a call on 0413 328 419 with any questions you may have or to arrange an appointment.

What is a CA Certified Public Practice? And why does it matter?

As a member of Chartered Accountants Australia and New Zealand, becoming a Certified Public Practice Accountant has been a natural step in our start up year at Coast Accounting. We’re proud to announce that we achieved this qualification in September 2018.

It’s the CA mark of an accounting firm that meets their high standards for integrity and professionalism. We’ve invested time, effort and study into ensuring we offer the best accounting services and advice to the public and manage our own business well into the future.

According to CAANZ “members in public practice who don’t hold a CPP, or who fail to comply with all the obligations that a CPP entails, are not uncommon”.

As a client of Coast Accounting, you can put your trust in our CPP standing and rest assured that the CAANZ is regulating us and our profession as a whole to ensure all members are equipped to provide services to the public – a responsibility we don’t take lightly.

Our Certificate of Public Practice is in addition to Director Dr. Chris Gunther’s decades of accounting experience in both Australia and South Africa and the achievement of a PhD in 2012 so we’re well qualified and looking forward to taking care of your accounting needs.

Give us a call on 0413 328 419 to discuss your requirements and arrange a chat over coffee at your favourite local.

The 2017 Budget - What's in it for Small Business Owners?

According to Treasurer Scott Morrison, small businesses “deserve our respect and support”. Hear, hear!

With the 2017 budget handed down yesterday, what exactly is in it to support small business?

The good news is that the $20k instant asset tax write-off is here to stay for at least another 12 months. There’s also more funding allocated to important issues such as reducing red tape, manufacturing, scientific research, supporting apprentices and crowdfunding equity.

On the flip side, all individuals will be paying more tax and if you utilise workers who are on temporary work visas, it will cost you more.

So although, the government is crowing about its support for small business, let’s just say it’s a neutral outcome overall - which is certainly not a bad position to be in. Keep in mind that the instant tax offset is flagged to drop back to $1000 on 1 July 2018 so be sure you’re maximising the benefits now. 

If you’re not sure, give us a call on 0413 328 419 and we’ll talk you through it.

COAST Blog – Coming Soon!

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The COAST blog is currently under development but we look forward to sitting down, enjoying a coffee and sharing some great articles and insights to help you in your day-to-day business. From accounting tips to marketing ideas, why not sign up to our email newsletter or follow us on Facebook to receive the latest updates.