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The Prime Minster today announced the $2.5bn JobTrainer package to retrain, upskill and open new job opportunities. The ABS labour force statistics were also released today revealing the unemployment rate has risen to 7.4% in June but with the participation rate increasing by 1.3%. Senator Michaelia Cash stated that “the Government remains acutely aware that […]

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 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 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. [...]

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 [...]

The Government has resurrected its plan to remove access to the main residence exemption for non-residents – a move that will impact on expats and foreign residents. Back in the 2017-18 Federal Budget, the Government announced that it would remove the ability for non-resident taxpayers to claim the main residence exemption. The unpopular measures were [...]

Australia embraces Black Friday and Cyber Monday The Black Friday and Cyber Monday sale concepts have well and truly arrived in Australia with retailers embracing this latest retail event to stimulate what has been an economically lack lustre year. Why ‘Black Friday’? For many Australians, Black Friday is just confusing – shouldn’t Black Friday’ be [...]

You might have seen the recent spate of media freedom advertisements as part of the Your Right to Know campaign. The prime-time advertising states that the Australian Tax Office (ATO) can take money from your account without you knowing. The question is, do you really know what powers the ATO have. The ATO is one of the [...]

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 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 – 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 [...]

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 [...]

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 [...]

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 […]

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, […]

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 […]

Dean Sammut has been shortlisted for the prestigious Australian Accounting Awards, partnered by Thomson Reuters. Dean is in the running to take out one of Australia’s top industry awards and has been shortlisted as a finalist to win the Rising Star of the Year at the 2017 Australian Accounting Awards, hosted by Accountants Daily, Australia’s […]

We love hearing the success stories of our clients and with the passion and drive of the Glenn Simpson Landscapes team, it is no wonder they are doing so well. Glenn Simpson Landscapes won the “COMMERCIAL & CIVIL CONSTRUCTION UP TO $3 MILLION” Silver Award at the LNA 2016 LANDSCAPE EXCELLENCE AWARDS for the Alice […]

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. […]