HFB will keep you up-to-date as information unfolds…

ATO’s Tax Time Targets

With tax season almost upon us the Australian Taxation Office (ATO) has revealed its four areas of focus this tax season. They are:  Record-keeping Work-related expenses Rental property income and deductions, and Capital gains from crypto assets, property, and shares....

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What to expect from the new Government

Anthony Albanese has been sworn in as Australia’s 31st Prime Minister and a Government formed.    Let’s take a look at what we know so far about the policies of the new Government in an environment with plenty of problems and no easy fixes. The Government has stated...

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ATO refocus on debt collection

The ATO has not pursued many business tax debts during the pandemic, and has allowed tax refunds to flow through even if the business had a tax debt. That position has now changed and the ATO has resumed debt collection and offsetting tax debts against refunds.   If...

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QBCC Self-assessed Reporting Requirements

Annual reporting for QBCC self-assessed licence categories 1 and 2 was due on 31 March.  All contractor-type licensees must submit to QBCC annual reporting, to demonstrate on-going compliance with the minimum financial requirements.   You are required to lodge your...

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What changes on 1 July 2022? SUPERANNUATION

Work-test repeal – enabling those under 75 to contribute to super  Currently, a work test applies to superannuation contributions made by people aged 67 or over. In general, the work test requires that you are gainfully employed for at least 40 hours over a 30 day...

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What changes on 1 July 2022? FOR YOU

Home loan guarantee scheme extended   The Home Guarantee Scheme guarantees part of an eligible buyer’s home loan, enabling people to buy a home with a smaller deposit and without the need for lenders mortgage insurance. An additional 25,000 guarantees will be...

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What changes on 1 July 2022? BUSINESS

Superannuation Guarantee increase to 10.5%  The Superannuation Guarantee (SG) rate will rise from 10% to 10.5% on 1 July 2022 and will continue to increase by 0.5% each year until it reaches 12% on 1 July 2025.  If you have employees, what this will mean depends on...

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ATO ramps up heat on directors

The ATO recently sent letters to directors who are potentially in breach of their obligations to ensure that the company they represent has met its PAYG withholding, superannuation guarantee charge, or GST obligations.  These letters are a warning shot and should not...

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Business Basics Grants Program

State Govt Business Basics Grant – small $5k grant but might come in handy for the new franchise business.  The QLD Government will open the above grant applications on Tuesday 17th May 2022.  If you qualify and wish to apply, you will only have a short period to...

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“Just as we have acted decisively to protect the health of the Australian people, based on the best evidence and medical advice, our support package responds to the economic challenges presented by this pandemic in a timely, proportionate and targeted way,” the Prime Minister said.

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