Granny flats: Tax tips and traps
The idea of adding a granny flat to your property sounds like a great idea. A property to rent out to generate some welcome extra income, or a home for adult children or mum and dad in their later years.
But there are important tax and personal considerations to consider before taking the plunge and digging up the backyard.
Although the Federal Budget proposed significant reform in this area (which we cover later in this article), important tax questio...
JobKeeper - Easing Eligibility
More businesses and not-for-profits will be eligible for JobKeeper payment extension under a $15.6 billion change to the scheme announced on August 7.
The Government initially outlined the JobKeeper extension guidelines on July 21, but says it needs to extend its criteria after the Victoria Government implemented stricter lockdowns across the state this week.
Changes from 28 September
The new rules mean that from 28 September, businesses need to ...
Building a bridge to recovery
In what has been billed as one of the most important budgets since the Great Depression, and the first since the onset of the COVID-19 pandemic dragged Australia into its first recession in almost 30 years, Treasurer Josh Frydenberg said the next phase of the journey is to secure Australia's future.
As expected, the focus is on job creation, tax cuts and targeted spending to get the economy over the COVID-19 hump.
The Treasurer said this Budget, which...
15 September 2020
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With June 30 behind us and the economy slowly re-opening, most business owners are thinking about the challenge of repairing and rebuilding their finances after the COVID-19 lockdown.
Over the next few months, key tests will come with the withdrawal of government stimulus measures like JobKeeper and the return of your normal wages, rent and financing expenses.
An end to landlord rent deferrals and business loan repayment holidays, for those who had them, will make cashflow and debtor ma...
Just when you thought you had a grip on the superannuation rules, they change again. This time though, the changes are mostly positive, especially for older super members keen to top up their savings.
From 1 July 2020, changes came into effect with the potential to help retirees as well as members suffering financial hardship due to the economic impacts of COVID-19.
If you are not working you may be able to contribute to super for longer, while couples can take advantage of spouse contr...