Attention turned to vaccinations and reopening economies in the second quarter of 2021, by the end of the quarter over 3 billion vaccine doses had been administered globally. There are now strong indicators of a robust and lengthy economic expansion ahead. Around the world there are now businesses desperate to hire new employees, millions of consumers with money burning holes in their pockets, and ongoing fiscal and monetary support from governments and central banks.

One question that often comes to mind when a new financial year ticks over and you’re busily “getting your tax stuff ready” is how long do I need to keep receipts for? For most the answer is simple however there may be some surprises, particularly for those taxpayers and business owners who own property and assets. The countdown to disposing of records may not be as simple as counting back the years.

As the 2021 financial year has come to a close and the calendar resets, not only is it a great time to stop for a break, but it’s also a fantastic time for business owners to review their record keeping practices. Things to consider are the types of tools available to help business and to give the ultimate reward: time and efficiency.

“Good and getting better!” Those are the first words he says every time he visits our office. The question he’s asked that prompts such positivity? “How have you been?” He’s a long-term client, now into his mid 50’s whose optimism never fails to impress us. You might be wondering why is this man so positive? There could be plenty of reasons. Some people may call him an optimist.

Do you have a Self-Managed Super Fund (SMSF)? There are some time sensitive things that you should consider in the lead up to the end of this financial year. Forward planning is always important, as is seeking advice from your accountant or financial advisor.

As we head towards the finish line of the 2021 financial year, businesses are in for a number of significant and material changes from 1st July 2021 that will require some forward planning and update of systems. We have provided a summary of the key measures that will need to be considered by all businesses to ensure compliance.

Has it been some time since you last sat down and thought about your estate planning? Do you know exactly where your assets will go and how they will be distributed to your estate beneficiaries? Do you know whether your estate will have to pay tax and where the money for this will come from?

As we head towards the finish line for the 2021 financial year, it is a good time to consider the new measures coming on from 1st July 2021 and how they may affect many businesses. Early consideration provides a business owner to consider any changes or updates they need to engage in prior to 30th June 2021.

This week we have some information for you on renewing your ATO Business Portal Authorisation and some important information on Depreciation and Immediate Deductions. We are currently operating under the business taxation rules where most taxpayers are able to claim an immediate deduction for the purchase of depreciable assets until 30th June 2022, but as with all tax matters, there are “some twists and turns” so please check with our office before you buy.

Last year in the first quarter of 2020, things became very hairy. As the markets started tumbling, we had no idea where they might go, or how heavy the falls would be. As it turns out, the falls were very heavy, but very brief. At the time, we wrote a lot of words and communicated with you on a regular basis. The idea is always to keep you in your seat with a long-term view that aligns with your goals and plan.

Over the last few weeks we’ve had confirmation of the changes to superannuation contribution caps. The release of the November 2020 Average Weekly Earnings data means we now know for sure that the concessional contributions cap will increase from $25,000 to $27,500 from 1 July 2021. This is a welcome change for many people, as the last time we saw concessional contribution caps above $25,000 was back in 2016/17.

Most of us are raised with the belief that more effort will bring its own rewards. In this instance, not having to do something twice becomes the reward. The message? Hard work is encouraged, laziness is discouraged, and laziness also becomes a penalty. There’s nothing wrong with believing this, except it’s not always universal. Occasionally the hard work mentality will encounter a vocation where a lack of action and hard work becomes beneficial.

Contracting has emerged as an alternative to the traditional employment relationship. However telling the difference between an employee and an independent contractor can be complex. There is no single rule that determines the question rather consideration is given to multi-factor tests.

For Many businesses, Jobkeeper has provided the financial support needed to navigate the turbulent world during Covid. As the Jobkeeper scheme comes to an end it is important to consider the assessability of the payments and how they may affect or impact your tax planning measures heading towards 30th June.