JobKeeper guide – sole traders

Enrolment is now open for the government’s $130 billion JobKeeper Payment scheme. The scheme supports businesses significantly affected by the coronavirus to help keep more Australians in jobs. Below is a guide published by the Australian Taxation Office specifically for Sole Traders. We recommend that you seek the advice from a professional tax agent to […]

The JobKeeper Payment Scheme

The JobKeeper payment is open to eligible employers to enable them to pay their eligible employee’s salary or wages of at least $1,500 (before tax) per fortnight. Eligible employers will be reimbursed a fixed amount of $1,500 per fortnight for each eligible employee. Employers, the key dates and key actions over the next few weeks […]

The 2nd $66.1bn Stimulus Package: What you need to know

The stimulus measures are not yet legislated. Parliament is in session today. The Prime Minister has warned that there are no “quick solutions” and that business should prepare for 6 months of disruption. In Summary Business Tax-free payments up to $100,000 for small business and not-for-profit employers. An increase in the previously announced initial tax-free […]

The Stimulus Package: What You Need To Know

The Government has announced a $17.6 billion investment package to support the economy as we brace for the impact of the coronavirus. The yet to be legislated four part package focuses on business investment, sustaining employers and driving cash into the economy. For businessBusiness investment 1. Increase and extension of the instant asset write-off 2. [...]

The main residence exemption changes – will you pay tax on your home?

CGT and the family home: expats and foreigners excluded from tax exemption. Late last year, legislative changes were made that exclude non-residents from accessing the main residence exemption. The retrospective changes directly impact foreigners and expats whose main residence is in Australia or overseas. We explore the impact. Key points Non-residents for tax purposes excluded [...]

Super Guarantee Amnesty Resurrected

The Government has resurrected the Superannuation Guarantee (SG) amnesty giving employers that have fallen behind with their SG obligations the ability to “self-correct.” This time however, the incentive of the amnesty is strengthened by harsh penalties for those that fail to take action. Originally announced in May 2018 and running between 24 May 2018 until [...]

ATO take ‘gloves off’ on overseas income

ATO take ‘gloves off’ on overseas incomeFive years ago, the Australian Taxation Office (ATO) offered a penalty amnesty on undisclosed foreign income. Five years on, the ATO has again flagged that underreporting of foreign income is an issue but this time the gloves are off. How you are taxed and what you are taxed on [...]

Confusion over personal income tax changes

Confusion over personal income tax changes – what are you really entitled to? The recent income tax cuts that passed through Parliament do not mean everyone automatically gets $1,080 back from the Government as soon as they lodge their income tax return. The Australian Taxation Office (ATO) has been inundated with calls from taxpayers wanting [...]

Super, Insurance and Exit Fees: The 1 July changes

From 1 July 2019, new laws prevent superannuation providers from eroding member balances with unwanted or unnecessary insurance and exit fees. Plus, inactive accounts with low balances will be moved to the ATO to try and unite the unclaimed super with its owner. These changes do not apply to self-managed superannuation funds or small APRA [...]

What you need to know this tax time

Tax time: what you need to know A consistent theme this tax time is overclaiming and under reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its data matching approaches, taxpayers can expect greater scrutiny where their claims are greater than what is expected. We take a look at the key [...]

Instant asset write-off threshold and eligibility

One of main tax related items in the recent Federal Budget related to the expansion of the immediate deduction rules for depreciating assets. The amendments in this area received Royal Assent on 6 April 2019 and are law. There are two major aspects of the changes. Firstly, the legislation increases the immediate deduction threshold for […]

Dean Sammut win’s one of Australia’s top industry awards!

It is with great pleasure we are able to announce that Dean Sammut has won one of Australia’s top industry awards. Presented at a black tie event at the Sofitel Wentworth, Dean was presented with the Rising Star of the Year Award at the 2017 Australian Accounting Awards. The awards were hosted by Accountants Daily, […]

2017-2018 Federal Budget Update

We at MMT Accountants + Advisers are here to help you make smart financial decisions now so you can have a beautiful financial future. One way we do that is through careful tax planning! If you haven’t met with us yet, now is the time to contact us to arrange a tax planning meeting, so […]

Help combat depression and anxiety by buying a ticket

Hair & Beauty Australia are partnering with beyondblue for this luxury prize draw, valued at over $77,000 – all for charity! You could be driving away in your brand new 5-door Hatch Mercedes-Benz A180, or wearing your beautiful new Diamond Tennis Bracelet, and most importantly supporting beyondblue. Three million Australians are currently experiencing anxiety or depression. […]

Pride & Prejudice: Top Four Predictions for 2017

The global economy is picking up and Australia is about to secure the global record for the longest period a country has gone without a recession. But with the focus on the political environment, there is an uneasiness in the market and with uneasiness comes a reticence to take risks. The fortunes of Australians this […]