皮特马丁会计师事务所 Pitt Martin Group 是一家提供税务，会计，生意咨询, 自管养老金及审计等综合性服务的经澳洲会计师公会认证的注册会计师事务所。我们每年会花上几百个小时去研究新的税法，以保证我们的客户可以最大化合理避税。我们的中文联系方式是 Robert Liu +61292213345 或邮件 robert@pittmartingroup.com.au。皮特马丁会计师事务所Pitt Martin Group坐落在交通便利的悉尼市市中心，是一家拥有可以说中文合伙人的会计师事务所。我们的荣誉包括2018年CPA新州首席优秀奖，2019年澳洲知名媒体《每日会计师》年度最佳会计师奖，2020年澳洲知名媒体《每日会计师》年度最佳咨询师奖及澳大利亚小生意年度冠军入围奖, 2022年澳洲知名媒体《每日会计师》年度最佳新人入围奖。
皮特马丁会计师事务所 Pitt Martin Group资质包括超过十五年的从业经验，澳大利亚注册会计师协会（CPA）执业认证会员，澳大利亚税务注册代理，新州和维州律师协会信托账户 (Trust Account) 认证审计师，澳大利亚证券及投资委员会注册代理，XERO， QUICKBOOKS, MYOB等会计软件授权单位及认证顾问。
Experienced Tax Accountant and Business Advisor with a demonstrated history of working in the accounting industry. Skilled in Tax, Accounting, Business Advisory and SMSF. Strong entrepreneurship professional with qualification Master of Professional Accounting, CPA Public Practice, Registered Tax Agent, Registered ASIC Agent, NSW Law Society External Examiner, Trust Account Auditor and Diploma of Finanical Planning. Specialised in SME, tax planning and international tax, he helped client save ample money and create wealth.
皮特马丁会计师事务所 Pitt Martin Group 是一家提供税务，会计，生意咨询, 自管养老金及审计等综合性服务的经澳洲会计师公会认证的注册会计师事务所。我们每年会花上几百个小时去研究新的税法，以保证我们的客户可以最大化合理避税。我们的中文联系方式是 Robert Liu +61292213345 或邮件 robert@pittmartingroup.com.au。皮特马丁会计师事务所Pitt Martin Group坐落在交通便利的悉尼市市中心，是一家拥有可以说中文合伙人的会计师事务所。我们的荣誉包括2018年CPA新州首席优秀奖，2019年澳洲知名媒体《每日会计师》年度最佳会计师奖，2020年澳洲知名媒体《每日会计师》年度最佳咨询师奖及澳大利亚小生意年度冠军入围奖, 2022年澳洲知名媒体《每日会计师》年度最佳新人入围奖。
皮特马丁会计师事务所 Pitt Martin Group资质包括超过十五年的从业经验，澳大利亚注册会计师协会（CPA）执业认证会员，澳大利亚税务注册代理，新州和维州律师协会信托账户 (Trust Account) 认证审计师，澳大利亚证券及投资委员会注册代理，XERO， QUICKBOOKS, MYOB, RECON等会计软件授权单位及认证顾问。
Experienced Tax Accountant and Business Advisor with a demonstrated history of working in the accounting industry. Skilled in Tax, Accounting, Business Advisory and SMSF. Strong entrepreneurship professional with qualification Master of Professional Accounting, CPA Public Practice, Registered Tax Agent, Registered ASIC Agent, NSW Law Society External Examiner, Trust Account Auditor and Diploma of Finanical Planning. Specialised in SME, tax planning and international tax, he helped client save ample money and create wealth.
New rules have been set out by the Australian Taxation Office (ATO) for Australians who are the directors of companies and now have less than two weeks to take action to avoid a big fine of $13,000.
The Australian directors of companies covered by the Corporations Act now need to have a director identification number (director ID). Meanwhile the ATO has said that a grace period will apply for those who apply for the director ID before December 14.
According to the policy-executing body, the Australian Business Registration Service (ABRS), 1.8 million company directors have already applied for a director ID. However, about 700,000 directors still yet applied.
The Director ID is a unique 15-digital number aimed to deter illegal schemes such as phoenix activity.
Who needs to apply?
The rules apply to all directors in Australia in the structure of companies, self-managed superannuation fund with corporate trustee, charities and not-for-profit entities. If you are operating your business as a sole trader or partnership, you do not need to apply for this identification number.
You can apply online through the ABRS website. Once completed, you will be issued with a Director ID instantly.
How to apply
Prior to applying for a Director ID online, you will need a myGovID with minimum a standard strength of identity.
You will need your myGovID to apply for a Director ID online by logging into the ABRS website.
If you are unable to register a myGovID with standard strength or above of identity, how you apply will be up to where you reside. If you currently reside in Australia and are unable to apply online, please call the ABRS to apply for a director ID. If you currently reside outside of Australia and are unable to apply online, you can use the Director Identification Number paper application form (NAT 75433, PDF 651KB) to apply. However, in the meanwhile, you must provide a certified copy of your identification documents.
If you are not sure whether you need to apply, you can find out by checking the ABRS website or by contacting us.
The ABRS states that you need to apply for a director ID in your own name and verify your identity so generally speaking, we as tax agents cannot make the application on your behalf.
Should you please have any question in regards to above, please feel free to contact our friendly team in Pitt Martin Tax at 0292213345 our info@pittmartingroup.com.au.
The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.
Experienced Tax Accountant and Business Advisor with a demonstrated history of working in the accounting industry. Skilled in Tax, Accounting, Business Advisory and SMSF. Strong entrepreneurship professional with qualification Master of Professional Accounting, CPA Public Practice, Registered Tax Agent, Registered ASIC Agent, NSW Law Society External Examiner, Trust Account Auditor and Diploma of Finanical Planning. Specialised in SME, tax planning and international tax, he helped client save ample money and create wealth.
皮特马丁会计师事务所 Pitt Martin Group 是一家提供税务，会计，生意咨询, 自管养老金及审计等综合性服务的经澳洲会计师公会认证的注册会计师事务所。我们每年会花上几百个小时去研究新的税法，以保证我们的客户可以最大化合理避税。我们的中文联系方式是 Robert Liu +61292213345 或邮件 robert@pittmartingroup.com.au。皮特马丁会计师事务所Pitt Martin Group坐落在交通便利的悉尼市市中心，是一家拥有可以说中文合伙人的会计师事务所。我们的荣誉包括2018年CPA新州首席优秀奖，2019年澳洲知名媒体《每日会计师》年度最佳会计师奖，2020年澳洲知名媒体《每日会计师》年度最佳咨询师奖及澳大利亚小生意年度冠军入围奖, 2022年澳洲知名媒体《每日会计师》年度最佳新人入围奖。
皮特马丁会计师事务所 Pitt Martin Group资质包括超过十五年的从业经验，澳大利亚注册会计师协会（CPA）执业认证会员，澳大利亚税务注册代理，新州和维州律师协会信托账户 (Trust Account) 认证审计师，澳大利亚证券及投资委员会注册代理，XERO， QUICKBOOKS, MYOB, RECON等会计软件授权单位及认证顾问。
Experienced Tax Accountant and Business Advisor with a demonstrated history of working in the accounting industry. Skilled in Tax, Accounting, Business Advisory and SMSF. Strong entrepreneurship professional with qualification Master of Professional Accounting, CPA Public Practice, Registered Tax Agent, Registered ASIC Agent, NSW Law Society External Examiner, Trust Account Auditor and Diploma of Finanical Planning. Specialised in SME, tax planning and international tax, he helped client save ample money and create wealth.
We take insight here of the mainly tax changes in the Federal Budget 2022-23 2.0 announced in October 2022, in relates to the topics of Individual & Families, Superannuation & Investors, Business & Employers, and Government & Regulators.
Individual & Families
Child Care Subsidy lifted
From
2022-23
For families earning less than $80,000, the maximum Child Care Subsidy (CCS) rate increases from 85% to 90%, but the rates will reduce by 1% for each additional $5,000 in income and reaches 0% CCS when families earning up to $530,000.
The current higher CCS rates will be maintained for families who have more than one child in childcare who is 5 years old or younger, but the higher CCS rate will cease after the older child’s last session of care, or when the child reaches age of 6.
From 2022-23, families with First Nations children will receive a base entitlement of 36 hours per fortnight of subsidized early childhood education and care, independent of income level or activity hour.
The change in CCS comes with a renewed emphasis on industry compliance, requiring providers to report CCS related revenue and profits publicly. On top of that, managing CCS from 2022-23 onwards will require electronic payment of early childhood education and care gap fees, to prevent from fraudulent claims for cares not received.
Paid parental leave changes
From
1 July 2023 1 July 2024
From 1 July 2023, the Paid Parental Leave Scheme will be reformed to provide higher flexibility for families. Either parent is able to claim the payment and both birth and non-birth parents can receive the payment when they are eligible. Parents are also able to claim payment simultaneously so both of them can take leave at the same time
A new family income test of $350,000 is introduced to the eligibility criteria. The family income test is applicable when parents do not meet the individual income test.
From 1 July 2024, two additional weeks a year will be added under the new parental leave scheme until it reaches 26 weeks from 1 July 2026.
Both parents can share the leave entitlement under the ‘use it or lose it’ basis, emphasizing on sharing equal responsibilities for caring. Sole parent will access the full 26 weeks of the paid parental leave.
Encourage pensioners back to work
From
2022-23
The government is encouraging age and veteran pensioners to work and earn more before their pension is reduced by providing a one-time credit of $4,000 to their Work Bonus income bank.
This change will increase the amount pensioners can earn before their pension is reduced, from $7,800 to $11,800.
The Work Bonus allows eligible pensioners to earn more before it affects their pension rate, the current rule of which first $300 income per fortnight is not assessed and not applicable to pension income test. In addition to the pension income test free area, the Work Bonus will operate. the Work Bonus is not used in a fortnight, it accumulates in an income bank with standard maximum of $7,800. It allows pensioners to work on casual basis to not be disadvantaged compared to those who receive regular fortnight income.
Reform to aged care
The government is providing $2.5bn over 4 years to improve the quality of aged care in residential aged care facilities. from 1 July 2023, all residential aged care facilities will require a registered nurse onsite 24 hour per day, 7 days a week. From 1 October 2024, all residents in residential aged care facilities will have their care minutes increased to 215 minutes per resident per day.
The aged care form will set a cap limit on the charges the approved home care providers may charge on care recipients, and the removal of exit fees.
Extra support for floods and natural disasters
The government is providing $51.5m to support communities impacted by natural disasters through the Australian Government Disaster Recovery Payments (AGDRP), Disaster Recovery Allowance (DRA) and other payments made under the Disaster Recovery Funding Arrangements.
Increase the income limit on Seniors Health Card
A highly income test limits will be applied for the access of the Commonwealth Senior Health Card (CSHC), CSHC provides benefits in subsidised pharmaceuticals and other medical benefits to self-funded retiree who have reached aged pension age.
The income test incorporates adjusted taxable income and deeming on account-based pensions unless grandfathered under the pre-1 July 2015 rules. Note that CSHC is not asset tested.
Current ($ per annum)
New ($ per annum)
Single
$61,284
$90,000
Couples combined
$98,054
$144,000
Legislation enabling the increase is before Parliament.
Social security deeming rates will be freeze at their current level for further two years until 30 June 2024.
Disposal of sale of main residence extended with income support asset test
The government will:
Assets test exemption for principal home sale proceeds will be extended from 12 month to 24 months for income support recipients.
The income test will apply the lower deeming rate (0.25%) to principal home sale proceeds when calculating deemed income for 24 months after sale of the principal home.
Until the income support recipient gets another main residence or the 24-month period is expired, the exemptions can apply. The extension Bill is now in front of Parliament.
Raise to veterans total and permanent incapacity payments
From
2022-23
The Special Rate of Disability Compensation Payment, Temporary Special Rate Payment, and the Special Rate Disability Pension for veterans will be raised by $1,000 every year.
Household solar community batteries
From
2022-23
Across the country, the Australian Government will support $224.3m fund over 4 years (from 2022-2023) to deploy 400 batteries in community.
A related solar initiative will also receive an additional $102m, in commitment to establish a Community Solar Banks program for deployment of community-scale solar and clean energy technologies. It is aimed to target regional communities, social housing, apartments, rental accommodation, and households that are usually unable to use rooftop solar.
Superannuation & Investors
Change to taxation of listed companies buy-backs off-market share
From
7:30pm AEDT, 25 October 2022
From 25 October 2022 7:30pm AEDT, the tax treatment of off-market share buybacks by listed public companies will be aligned with the treatment of on-market buybacks. This change expects to deliver $550m in savings.
An on-market buy-back is like a listed company buys its shares back through the stock exchange platform. All others are treated as off-market buy-backs.
According to current legislation, a company conduct an off-market buy-backs will consider what portion of proceeds are taxed as dividend and what portion of proceeds are taxed under CGT rules. Dividend can potentially include franking credits.
For listed company conducting an on-market buy-back, the full transactions are taxed under CGT regime and therefore franking credits cannot be applied to the shareholders.
It is a potential tax advantage when ff-market buy-backs is offered to low-taxed shareholders eg. superannuation funds. The government is concerned with tax treatment inappropriate exploitations between on and off-market buy-backss.
Only listed public companies are mentioned in this Budget. Therefore, it is presumably interpretated that for private companies and public companies that are not listed, the current tax treatment of off-market buy-backs will be unchanged.
Although this announcement hasn’t been legislated, with the immediate effective time of Budget night, any new off-market share buy-backs will be affected instantly.
Eligibility of ‘Downsizer’ extended to 55
From
First quarter after Royal Assent
The government is now reducing the age requirement for individuals making ‘downsizing contribution’ from 60 to 55 years of age.
Currently, eligible ‘downsizers’ aged 60 or older can make ‘downsizing contribution’ up to $300,000 per person ($600,000 for couple) to their super fund when they dispose their home.
If you have owned your principal residence in Australia for the past ten or more years and now you are selling, you can contribute the downsizer proceeding into your superannuation. The contributions are exempted from the age test, work test, and your total superannuation balance; not exempt from your transfer balance cap though.
The expanding age legislation eligibility for downsizer contributions is now in front of Parliament.
Postponed relaxation of the requirements of SMSF residency
Earlier this year’s Budget, for Self-Managed Super Fund (SMSF) and small APRA Regulated Funds (ARFs), the residence rules will be relaxed by extending the central control and management test safe harbour from two to five years for SMSFs. The active member test for both fund types are also removed.
This measure was supposed to be started from 1 July 2022. But in this Budget, the Government will not start the measure until the income year commencing on or after the date when Royal Assent enables the legislation.
Removed the requirement of 3-year SMSF audit
The 3-year SMSF audit requirement announced back in 2018-19, applies to SMSFs with history of good record-keeping and compliance, only need to have their fund audited every three years, will be removed.
The measure will not be proceeding announced in this Budget.
Digital currency not a foreign currency
Digital currencies such as Bitcoin will continue to be excluded from the Australian income tax treatment of foreign currency. However, digital currencies issued by, or under authority of a government agency, will be continually taxed under foreign currency.
Business & Employers
Scrapped intangible assets self-assessment
The previously announced measure that due to commence from 1 July 2023, taxpayers will be able to self-assess the effective life of certain intangible assets has been scrapped. So the requirement to use the effective life currently prescribed by statute continues.
The measure was for assets acquired from 1 July 2023 such as patents, registered designs, copyrights and in-house software.
Significant increase in penalties for the breaches of competition and consumer law
From
2022-23 financial year
From 2022-23, corporations breaching competition and consumer laws will be penalized more heavily, fine will jump from a maximum of $10m to $50m per breach or 10% of annual turnover to 30% of turnover (whichever is greater) for the period the breach took place.
Energy efficiency funding for SMEs
From
2022-23 financial year
From 2022-23, the government will provide $62.6m over 3 years to support small and medium enterprises (SMEs) in funding energy efficient equipment upgrades. The funding aims to support studies, planning, equipment and facilities upgrade that leads to better energy efficiency, reduce emissions or improve management of power demand. No further details are currently available.
Deferred requirements for ridesharing reporting
Back to the 2019-20 Mid Year Economic and Fiscal Outlook (MYEFO), for data matching purposes, sharing economy online platforms were required to report participating sellers ‘ identification and income information to the ATO. These measures have now been deferred from:
1 July 2022 to 1 July 2023 for transactions in relation to the supply of ride sourcing and short-term accommodation, and
1 July 2023 to 1 July 2024 for all other reportable transactions (including but not limited to asset sharing, food delivery and tasking-based services).
Earnings based test introduced to thin capitalisation rules
From
1 July 2023
The government is making amendment to the thin capitalisation rules which affects the amount that can be claimed as debt deduction, such as interests. A new earnings-based tests is introduced to replace the current safe harbour and worldwide gearing tests, that limit debt deductions to more in-line with entity’s profits.
Applying to global entities running in Australia and any inward or outward investor, aligning with the existing regime of thin capitalisation, the measures will:
Cap a debt-related deductions to 30 per cent of profits of an entity (EBITDA is used as the metrics of profit). The current safe harbour test will be replaced by this new earnings-based test.
Deductions rejected under the EBITDA test of entity-level is allowed (interest expense amounts over the 3% EBITDA ratio) to be carried forward and claimed in a future income year (up to 15 years).
An entity in a group is allowed to claim debt-related deductions up to the level of the global group’s net interest expense as a share of earnings (that could be over the 30% EBITDA ratio). The global gearing ratio will be replaced by this new earnings-based group ratio.
An arm’s length debt test will be kept as a substitute test that will only apply to the external (third party) debt of a entity, which doesn’t allow deductions for related party debt.
Existing thin capitalisation rules still apply to financial entities.
The current thin capitalisation rules limit debt deductions up to the three different tests whichever is bigger:
A safe harbour (debt to asset ratio) test;
An arm’s length debt test; and
A worldwide gearing (debt to equity ratio) test.
Declaration of companies’ subsidiaries
From
1 July 2023
New reporting from 1 July 2023 will request:
Australian public companies (listed and unlisted) to reveal information about the number of subsidiaries and their tax residency;
Bidders for contracts for Australian Government valued greater than $200,000 to reveal their country of tax residency (supply their ultimate head entity’s country of tax residence); and
Significant global entities, to prepare to release publicly for certain tax information on a country by country (CbC) basis and a taxation approach statement.
Global entities disallowed deductions for intangible assets
From
Payment made on or after 1 July 2023
Significant global entities with at least $1bn global revenue will be disallowed to claim a tax deduction on a direct or indirect payments made to related low or no tax jurisdictions parties in regards to the usage of intangible assets, such as royalties paid for the trademarks and other intellectual property items usage.
A low or no tax jurisdiction is one with:
A tax rate of less than 15%, or
A tax preferential patent box regime without significant substance.
The measure will be commented on or after 1 July 2023 for such type payment.
This measure could impact on Australian subsidiaries of a foreign head entity whose global revenue of the consolidated group is $1bn or more for accounting purposes.
Government & Regulators
ATO focused area
Individual income tax deductions and false declaring
Additional $80.3m will be handed down to ATO to smash the non-compliance behaviour including:
False deductions for overclaiming; and
Short report of income
This measure will be expected to raise tax revenue by $674.4m and direct payment by $80.3m over 4 years preriod.
Shadow economy and tax fraud in business
The ATO’s Shadow Economy Program has been extended for another 3 years from 1 July 2023, which aims to crackdown the ‘shadow economy’, such as underpaid salary, credit card fraud, cash payment, etc. The extended program is estimated to raise tax revenue by $2.1bn and direct payment by $685.2m over the 4 years from 1 July 2022.
The Tax Avoidance Taskforce on multinational business
The ATO’s Tax Avoidance Taskforce will be allocated extra $200m over 4 years from 1 July 2022 focusing on multinational organisations and large public and private entities. This taskforce is expected to raise additional $2.8bn tax revenue and $1.1bn payments for the next 4 year.
$3.6bn external labour, advertising, travel and legal expenses cut
The Government will be committed to save $3.6bn by cutting the expense on external labour, advertising, travel and legal.
Electric vehicle and hydrogen refuelling
Boosting the Nation Fund, the Government will provide:
$146.1m over 5 years from 2023-24, enabling the Australian Renewable Energy Agency to co-invest in projects for emissions reduction from road transport sector across Australia
$89.5m over 6 years from 2022-23, enabling the Hydrogen Highways initiative to fund the establishing of hydrogen refuelling stations on Australia’s busiest freight routes, partnering with states and territories, including $5.5m to LINE Hydrogen Pty Ltd for its George Town green hydrogen heavy transport project
$39.8m over 5 years from 2022-23, enabling a National Electric Vehicle Charging Network to deliver 117 fast charging stations on Australia’s highways, partnering with the NRMA.
Increase foreign investment review board fees
The Government has raised foreign investment fees and along with that, financial penalties will be raised for breaches for those in relates to residential land. All applicants applicable to the foreign investment framework will have their fees doubled from 29 July 2022 and in the meantime, the maximum financial penalties for breaches related to residential land will also double from 1 January 2023.
Should you please have any question in regards to above, please feel free to contact our friendly team in Pitt Martin Tax at 0292213345 our info@pittmartingroup.com.au.
The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.
Experienced Tax Accountant and Business Advisor with a demonstrated history of working in the accounting industry. Skilled in Tax, Accounting, Business Advisory and SMSF. Strong entrepreneurship professional with qualification Master of Professional Accounting, CPA Public Practice, Registered Tax Agent, Registered ASIC Agent, NSW Law Society External Examiner, Trust Account Auditor and Diploma of Finanical Planning. Specialised in SME, tax planning and international tax, he helped client save ample money and create wealth.
The NSW Government has announced a $1bn support package for the NSW small businesses affected by the Omicron outbreak.
The NSW Treasurer Matt Kean, acknowledging the difficulties that NSW small business are facing due to the recent Omicron outbreak, has announced a small businesses support package over January and February 2022.
The NSW Treasurer said about the support package,
“household balance sheets are strong at the moment, when we get out of this wave, we expect a snap back and the economy will bounce back better on the other side of this.”
Small Business Support Package
Eligible businesses and not-for-profit organisations will receive 20% of weekly payroll as a lump sum for the month of February, with a minimum payment of $750 per week up to a maximum payment of $5,000 per week.
Eligible non-employing businesses will receive $500 per week (paid as a lump sum of $2,000).
Eligibility
To access the package, businesses or not-for-profit organisation must:
Have an aggregated annual turnover between $75,000 and $50 million (inclusive) for the year ended 30 June 2021 or the year ended 30 June 2020; and
Experienced a decline in turnover of 40% or more due to Public Health Orders or the impact of COVID-19 during the month of January 2022 compared to January 2021 or January 2020; and
Experienced a decline in turnover of 40% or more from 1 to 14 February 2022 compared to the same fortnight in either 2021 or 2020 (you must use the same comparison year utilised in the decline in turnover test for January); and
Maintain their employee headcount as of 30 January 2022.
The support package is for the month of February 2022 only. Applications for support are expected to be opened mid-February.
Fees and charges rebate increased and expanded to RAT tests
The NSW government has increased small business fees and charges rebate from $2,000 to $3,000. In the meantime, eligible employing small businesses will be able to use the rebate against the cost of rapid antigen tests (RATs) (up to 50%) which is purchased by the business to protect staff and clients. The rebate for RAT tests won’t be available until “March” and is unlikely to cover RAT tests purchased prior to the funding coming online to prevent additional pressures on the RAT test supply chain.
The rebate is not a cash payment; rather it will be a digital credit that businesses can draw down on to offset the cost of eligible NSW and local government fees and charges.
The small business fees and charges rebates can also be used to pay other fees and charges like:
For small and medium food and beverage businesses wanting to create or expand their outdoor dining area, there is an existing $5,000 small business Alfresco Restart rebate available there. Applications for this rebate are open until the end of April 2022 or when the allocation is finished.
Eligibility
The fees and charges rebate is available to sole traders, small business, and not-for profits that have:
Total Australian wages below the NSW Government 2020-21 payroll tax threshold ($1.2 million)
An Australian Business Number (ABN) registered in NSW and/or have business premises physically located and operating in NSW.
Businesses already registered will receive an automatic top up of $1,000 and newly registering businesses will receive a rebate of $3,000. Each ABN can only has one rebate.
Commercial landlord relief extended
The protections under the Retail and Other Commercial Leases (COVID-19) Regulation 2021 for eligible and affected tenants will be extended for another two months, until 13 March 2022. This regulation protects the tenant from certain actions by landlords (such as lock out or eviction) unless the landlord has first renegotiated rent with eligible tenants and attempted mediation.
Grants of up to $3000 per month (GST inclusive) are available for eligible landlords who have provided rental waivers to affected tenants.
Rent waived must comprise at least half of any rental reduction provided. The remaining portion may be a rental deferral. The grant does not apply to rent deferrals.
Grants will be paid as a lump sum amount for the rent waived.
NSW Performing Arts Package extended
The existing NSW Performing Arts COVID Support Package has been extended from 14 February 2022 to 30 April 2022.
Eligibility
To be eligible for funding, you must be one of the following:
An eligible venue (list published by Create NSW)
A producer of an eligible performance scheduled to perform at one of the eligible venues
A promoter of an eligible performance scheduled to perform at one of the eligible venues.
Should you please have any question in regards to above, please feel free to contact our friendly team in Pitt Martin Tax at 0292213345 our info@pittmartingroup.com.au.
The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.
Experienced Tax Accountant and Business Advisor with a demonstrated history of working in the accounting industry. Skilled in Tax, Accounting, Business Advisory and SMSF. Strong entrepreneurship professional with qualification Master of Professional Accounting, CPA Public Practice, Registered Tax Agent, Registered ASIC Agent, NSW Law Society External Examiner, Trust Account Auditor and Diploma of Finanical Planning. Specialised in SME, tax planning and international tax, he helped client save ample money and create wealth.
皮特马丁会计师事务所 Pitt Martin 是一家提供税务，会计，生意咨询, 自管养老金及审计等综合性服务的经澳洲会计师公会认证的注册会计师事务所。我们每年会花上几百个小时去研究新的税法，以保证我们的客户可以最大化合理避税。皮特马丁会计师事务所Pitt Martin 坐落在交通便利的悉尼市市中心，是一家拥有可以说中文合伙人的会计师事务所。
皮特马丁会计师事务所 Pitt Martin 资质包括超过十五年的从业经验，澳大利亚注册会计师协会（CPA）执业认证会员，澳大利亚税务注册代理，新州和维州律师协会信托账户 (Trust Account) 认证审计师，澳大利亚证券及投资委员会注册代理，澳大利亚税务研究院认证会员，自管养老金资深认证咨询师（SMSF Specialist）, XERO，QUICKBOOKS，MYOB，RECON等会计软件授权单位及认证顾问。
Experienced Tax Accountant and Business Advisor with a demonstrated history of working in the accounting industry. Skilled in Tax, Accounting, Business Advisory and SMSF. Strong entrepreneurship professional with qualification Master of Professional Accounting, CPA Public Practice, Registered Tax Agent, Registered ASIC Agent, NSW Law Society External Examiner, Trust Account Auditor and Diploma of Finanical Planning. Specialised in SME, tax planning and international tax, he helped client save ample money and create wealth.
皮特马丁会计师事务所 Pitt Martin 是一家提供税务，会计，生意咨询, 自管养老金及审计等综合性服务的经澳洲会计师公会认证的注册会计师事务所。我们每年会花上几百个小时去研究新的税法，以保证我们的客户可以最大化合理避税。皮特马丁会计师事务所Pitt Martin 坐落在交通便利的悉尼市市中心，是一家拥有可以说中文合伙人的会计师事务所。
皮特马丁会计师事务所 Pitt Martin 资质包括超过十五年的从业经验，澳大利亚注册会计师协会（CPA）执业认证会员，澳大利亚税务注册代理，新州和维州律师协会信托账户 (Trust Account) 认证审计师，澳大利亚证券及投资委员会注册代理，澳大利亚税务研究院认证会员，自管养老金资深认证咨询师（SMSF Specialist）, XERO，QUICKBOOKS，MYOB，RECON等会计软件授权单位及认证顾问。
Experienced Tax Accountant and Business Advisor with a demonstrated history of working in the accounting industry. Skilled in Tax, Accounting, Business Advisory and SMSF. Strong entrepreneurship professional with qualification Master of Professional Accounting, CPA Public Practice, Registered Tax Agent, Registered ASIC Agent, NSW Law Society External Examiner, Trust Account Auditor and Diploma of Finanical Planning. Specialised in SME, tax planning and international tax, he helped client save ample money and create wealth.
皮特马丁会计师事务所 Pitt Martin 是一家提供税务，会计，生意咨询, 自管养老金及审计等综合性服务的经澳洲会计师公会认证的注册会计师事务所。我们每年会花上几百个小时去研究新的税法，以保证我们的客户可以最大化合理避税。皮特马丁会计师事务所Pitt Martin 坐落在交通便利的悉尼市市中心，是一家拥有可以说中文合伙人的会计师事务所。
皮特马丁会计师事务所 Pitt Martin 资质包括超过十五年的从业经验，澳大利亚注册会计师协会（CPA）执业认证会员，澳大利亚税务注册代理，新州和维州律师协会信托账户 (Trust Account) 认证审计师，澳大利亚证券及投资委员会注册代理，澳大利亚税务研究院认证会员，自管养老金资深认证咨询师（SMSF Specialist）, XERO，QUICKBOOKS，MYOB，RECON等会计软件授权单位及认证顾问。
Experienced Tax Accountant and Business Advisor with a demonstrated history of working in the accounting industry. Skilled in Tax, Accounting, Business Advisory and SMSF. Strong entrepreneurship professional with qualification Master of Professional Accounting, CPA Public Practice, Registered Tax Agent, Registered ASIC Agent, NSW Law Society External Examiner, Trust Account Auditor and Diploma of Finanical Planning. Specialised in SME, tax planning and international tax, he helped client save ample money and create wealth.
* $7,500 for a decline of 30% or more * $10,500 for a decline of 50% or more * $15,000 for a decline of 70% or more.
26
Jun 2021 – 17 Jul 2021
* have an active Australian Business Number (ABN) * demonstrate your business was operating in NSW as at 1 June 2021 * have had total annual Australian wages of $10 million or less as at 1 July 2020 * have had an aggregated annual turnover between $75,000 and $50 million (inclusive) for the year ended 30 June 2020 * demonstrate your business has experienced a decline in turnover of 30% or more due to Public Health Order over a minimum 2-week period from 26 June 2021 to 17 July 2021 compared to the same period in 2019 or the same period in 2020 or the 2 weeks immediately prior to any restrictions, 12 June to 25 June 2021; * have business costs for which there is no other government support available * maintain your employee headcount as at 13 July 2021. See the guidelines for definitions.
If your business is on the highly impacted industries list, you’ll be required to: * declare that you meet the eligibility criteria * have business costs for which there is no other government support available * provide details of your qualified accountant, registered tax agent or registered BAS agent * submit an Australian income tax return, Notice of Assessment or other documentation demonstrating the business had an aggregated annual turnover between $75,000 and $50 million (inclusive) for the year ended 30 June 2020 * lodge other supporting documents as required to demonstrate you meet the eligibility criteria.
If you’re eligible for the $15,000 grant, to receive the full amount, you must submit evidence that you experienced the relevant decline in turnover in the specified period. See the guidelines for more information.
If your business is not on the highly impacted industries list, you must: * declare that you meet the eligibility criteria * have business costs for which there is no other government support available * submit evidence that you experienced the relevant decline in turnover in the specified period * submit an Australian income tax return, Notice of Assessment or other documentation demonstrating the business had an aggregated annual turnover between $75,000 and $50 million (inclusive) for the year ended 30 June 2020 * lodge other supporting documents as required to demonstrate you meet the eligibility criteria.
To show evidence of this decline in turnover, you’ll need to submit a letter from a qualified accountant, registered tax agent or registered BAS agent, using the template provided.
The payment will be equivalent to 40% of the weekly payroll for work performed in NSW: * minimum payment will be $1,500 per week * maximum payment will be $100,000 per week.
Weekly payroll should generally be determined by referring to the most recent Business Activity Statement (BAS) provided to the Australian Taxation Office (ATO) before 26 June 2021 for the 2020-21 financial year.
If you’re a non-employing business, such as a sole trader, you may be eligible to receive a payment of $1,000 per week.
18
Jul 2021 onwards
* they have an Australian Business Number (ABN) and were operating in New South Wales on 1 June 2021; * they had a national aggregated annual turnover of between $75,000 and $250 million (inclusive) for the year ended 30 June 2020; * they experienced a decline in turnover of 30% or more due to the Public Health Order over a minimum 2-week period within the Greater Sydney lockdown (commenced 26 June), compared to the same period in 2019 or the same period in 2020 or the 2 weeks immediately prior to any restrictions, 12 June to 25 June 2021; * for employing businesses, they maintain their employee headcount on 13 July 2021 while they continue to receive JobSaver payments (businesses that do not maintain the declared headcount must notify Service NSW); and * for non-employing businesses, the business receiving payments must be the primary income source for the associated person. Individuals with more than one non-employing business may only claim payments for one business.
Certain entities, such as those earning passive income (rents, interest, or dividends), government agencies, local governments, banks, and universities are not eligible for JobSaver. See the full list of ineligible businesses in the guidelines.
Non-employing businesses are not eligible for the JobSaver payment if anyone associated with the business or who derives income from it, has received a Commonwealth COVID-19 Disaster Payment since 18 July 2021.
* declare that you meet the eligibility criteria * declare your employee headcount at 13 July 2021 * if you have employees, declare that you will maintain your employee headcount on 13 July 2021 for the period for which you will receive JobSaver payments. Service NSW must be notified if the headcount declines over the payment period * if you do not have employees, declare that the business is the primary income source for the owner of the business * submit an Australian income tax return, Notice of Assessment or other documentation demonstrating the business had a national aggregated annual turnover between $75,000 and $250 million (inclusive) for the year ended 30 June 2020 * provide details of your qualified accountant, registered tax agent or registered BAS agent * provide evidence of weekly payroll * lodge other supporting documents as required to demonstrate you meet the eligibility criteria.
If your business is not on the highly impacted industries list, in addition to the evidence requirements outlined above, you’ll need to: * submit a letter from a qualified accountant, registered tax agent or registered BAS agent, using the template provided, to demonstrate that you experienced a decline in turnover over a minimum 2-week period within the Greater Sydney lockdown (commenced 26 June) compared to the same period in 2019.
Once deemed eligible, businesses will receive automatic fortnightly payments. Businesses will not need to re-apply but must notify Service NSW if they are not maintaining the number of employees they had on 13 July 2021. Reductions in employee headcount resulting from circumstances outside the control of the employer (such as voluntary resignations, death of an employee) will not be taken as a reduction in employee headcount on 13 July.
Payments will be made in arrears with the first payment backdated to 18 July.
2021
COVID-19 micro-business grant
Fortnightly payment of $1,500
26
Jun 2021
onwards
* have an active Australian Business Number (ABN) registered in, or demonstrate your business was primarily operating in, NSW as at 1 June 2021 * have had aggregated annual turnover between $30,000 and $75,000 for the year ended 30 June 2020 * have experienced a decline in turnover of 30% or more due to the public health orders over a minimum 2-week period within the Greater Sydney lockdown (commenced 26 June 2021 and due to end 30 July 2021), compared to the same period in 2019 * have business costs for which no other government support is available * have not applied for either the 2021 COVID-19 business grant or the JobSaver payment * maintain your employee headcount as at 13 July 2021 while receiving payments from this grant, if you’re an employing business * have this business as your primary income source, if you’re a non-employing business such as a sole trader.
Certain entities, including those primarily earning passive income (such as rents, interest or dividends) or those with an ABN registered after 1 June 2021, are not eligible for this grant. See the full list of ineligible businesses in Attachment A of the guidelines.
Non-employing businesses are not eligible to apply for this grant if anyone associated with the business or who derives income from it has received the Commonwealth COVID-19 disaster payment.
For employing businesses, your employees can receive Commonwealth COVID-19 disaster payments if you receive this grant.
Businesses that received the $1,500 small business fees and charges rebate can apply for this grant.
* declare that you meet the eligibility criteria * submit evidence of: your business’ decline in turnover of 30% or more over a minimum 2-week period within the Greater Sydney lockdown； an aggregated annual turnover between $30,000 and $75,000 for the year ended 30 June 2020. * lodge other supporting documents, as required, to demonstrate you meet the eligibility criteria.
Where required, evidence must be in the form of a: * letter from a qualified accountant, registered tax agent or registered BAS agent using the template provided, or * business bank account statement, or * business activity statement (BAS), or * Australian income tax return or Notice of Assessment.
When you submit your application, you’ll receive a confirmation email with your application reference number. If you do not receive this email within 5 minutes after completing your application, please check your junk mail folder, and then call 13 77 88 if you’re still unable to locate the email.
After your application is received, it will be reviewed by Service NSW. They’ll contact you if they need additional information to support your application. If your application is approved, they’ll transfer funds to your specified bank account within 5 business days from the approval date.
Payroll
tax concessions
* 25% reduction in 2021-22 payroll tax where there is a 30% decline in turnover. * The due date for lodgement and payment of the 2021 annual reconciliation has been extended to 7 October 2021 * customers have the option of deferring their payments for the July and August 2021 return periods until 7 October 2021. * deferred payments will also be eligible for an interest-free payment plan of up to 12 months.
2021-2022
For 25% reduction in 2021-22 payroll tax * A revenue decline of 30%. * For businesses with Australian wages up to $10 million.
Other concessions apply to all business with payroll tax roll.
The 25% reduction policy will be available when it comes to the in 2021-22 payroll tax reconciliation.
Other policies will be advised by the end of September 2021
The land tax reduction will be the lesser of: * the amount of rent reduction you provided to an eligible tenant for any period between 1 July 2021 and 31 December 2021, or * 100 per cent of the land tax attributable to the parcel of land leased to that tenant.
1 Jul 2021 – 31 Dec 2021
To be eligible for relief on your 2021 land tax, you’ll need to: * be leasing property on your parcel of land to: 1, a commercial tenant who has: an annual turnover of up to $50 million, and is eligible for the: Micro-business COVID-19 Support Grant or 2021 COVID-19 NSW Business Grant and/or JobSaver scheme, or 2, a residential tenant who has lost 25% or more of household income due to COVID-19. * have reduced the rent of the affected tenant for any period between 1 July 2021 and 31 December 2021 * have provided the rent reduction without any requirement for it to be paid back at a later date * have a 2021 land tax liability attributable to the parcel of land where the rent reduction has been given.
Note: You can still apply for this period of land tax relief, even if you applied for any of the previous relief periods, provided you meet all the eligibility requirements.
* details of all eligible tenants, including ABN/ACN for commercial tenants * evidence of: 1, your rental reduction for the 1 July to 31 December 2021 period. This can include: copies of tenancy agreements proving rental reduction; rental ledgers; a letter from your property manager. 2, your commercial (if applicable) tenants’ eligibility to be approved for the: Micro-business COVID-19 Support Grant or 2021 COVID-19 NSW Business Grant and/or JobSaver scheme. 3, your residential tenants’ financial distress due to COVID-19 (if applicable). This can include one of the following: a statement from your tenant(s) explaining how they have been impacted by COVID-19; copies of written communication between you and the tenant(s); a letter from the property manager.
Note: You must have your tenants’ permission to share their information with Revenue NSW.
Experienced Tax Accountant and Business Advisor with a demonstrated history of working in the accounting industry. Skilled in Tax, Accounting, Business Advisory and SMSF. Strong entrepreneurship professional with qualification Master of Professional Accounting, CPA Public Practice, Registered Tax Agent, Registered ASIC Agent, NSW Law Society External Examiner, Trust Account Auditor and Diploma of Finanical Planning. Specialised in SME, tax planning and international tax, he helped client save ample money and create wealth.
