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Latest News

Mental Health Support for Business Owners

Mental Health Support for Business Owners

With COVID-19 lockdowns and disruptions to trade, the pressure can be intense for Small Business Owners. A free and confidential mental health program developed by Beyond Blue is available to give small business owners the support they need.

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( Posted in: Community )

Victorian Government business boost announced for the extended lockdown

Victorian Government business boost announced for the extended lockdown

While Victoria is expected to remain in lockdown until the start of October, the Victorian Government will be rolling out additional financial support for the state’s small and medium businesses as they continue to grapple with the sustained impacts of lockdown restrictions.

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( Posted in: Tax )

The ATO examines property investors as deduction issues increase

The ATO examines property investors as deduction issues increase

The ATO has issued a warning to property investors this tax time following rental income and deduction errors found in over 70 per cent of tax returns audited last financial year

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( Posted in: Investment Property )

Employers exempt from FBT for retraining employees

Employers exempt from FBT for retraining employees

Employers who deliver training to employees who are to be made redundant will now be exempt from fringe benefits tax after the legislation passed through Parliament.

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( Posted in: Tax )

Work from home expenses under scrutiny & the perils of browsing Facebook

Work from home expenses under scrutiny & the perils of browsing Facebook

If you worked from home during lockdown and spent money on work related items that were not reimbursed by your employer, you might be able to claim some of these expenses as a deduction – but not everything you purchase can be claimed.

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( Posted in: Tax )

Tax exemption for ‘granny flat’ arrangements

Tax exemption for ‘granny flat’ arrangements

To protect older Australians, the Government has moved to formalise ‘granny flat arrangements’ by providing an incentive to protect all parties in the arrangement.

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( Posted in: Investment Property )

The 1 July 2021 superannuation changes

The 1 July 2021 superannuation changes

Changes from 1 July 2021 will impact on how much money you can contribute to superannuation and how much you can have in your retirement phase superannuation account.

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( Posted in: Superannuation )

ATO’s good-faith approach to crypto won’t last much longer

ATO’s good-faith approach to crypto won’t last much longer

The ATO has upheld its good-faith approach to the accounting of cryptocurrencies, however it isn’t likely to last much longer.

For those involved in cryptocurrencies, now is the time to really pay attention to the current taxation rules before the ATO tightens enforcement of undeclared crypto assets.

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( Posted in: Tax )

Winding-up: Simplifying small business insolvency

Winding-up: Simplifying small business insolvency

On 1 January 2021, new laws came into effect that introduce a new, simplified debt restructuring and liquidation framework for small business.

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( Posted in: Tax )

The JobMaker Hiring Credit

The JobMaker Hiring Credit

Here at Paris Financial we strive to pass useful and timely advice onto all our small business clients – that’s why we believe we are the small business tax champions!
The following is our comprehensive summary of the recently introduced JobMaker scheme. If you need any further assistance or have any queries, please contact us.

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( Posted in: Tax )

Refunds for Tax Losses

Refunds for Tax Losses

If your company has made a loss, you may be able to claim a tax refund for tax previously paid on profits.

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( Posted in: Tax )

How to get Aged Care at Home

How to get Aged Care at Home

Older people who are struggling to live at home and take care of themselves often face a dilemma. Many don’t want to move into aged care accommodation, but they recognise the gardening, cleaning, cooking or showering is impossible or becoming more difficult.

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JobKeeper: The Next Phase

JobKeeper: The Next Phase

The first tranche of JobKeeper ended on 27 September 2020. We look at the issues for those seeking to qualify for the second tranche of JobKeeper and for those no longer eligible.

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( Posted in: Tax )

Has COVID-19 devalued your business?

Has COVID-19 devalued your business?

If you are selling your business, merging, acquiring, or inviting in new investors, you need to understand the value of your business. But, to what degree does the pandemic impact on value? Should you discount or hold firm to pre COVID-19 performance on the basis that ‘we’re going to come out of it eventually’?

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( Posted in: Tax )

The Little Disaster – Structure for Success

The Little Disaster – Structure for Success

Having the right structure can be the key difference for financial independence. Regardless of whether you are running your business or selling it, structure is everything. The New Financial Year is a great time to be looking at your business structure. The small business tax laws in Australia are very flexible and give businesses a chance to restructure and get themselves right.

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( Posted in: Tax )

Increased flexibility for Parental Leave Pay for self-employed

Increased flexibility for Parental Leave Pay for self-employed

From 1 July 2020, parents accessing the Government’s parental leave pay (PPL) scheme will have greater flexibility and options.  Targeting the self-employed and small business owners, the changes introduce a new flexible paid parental leave pay period of 30 days. Previously, new parents could apply for PPL for a continuous block of up to 18 weeks.

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( Posted in: Tax )

Company Tax Rate Reduction – 1 July 2020

Company Tax Rate Reduction – 1 July 2020

The company tax rate is set to reduce to 26% for small and medium business from 1 July 2020 despite the current economic environment.

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( Posted in: Tax )

Who inherits your super?

Who inherits your super?

There are only certain people who can inherit your super when you die. There are also two different types of nominations you can make. Here’s what you need to know before making your super beneficiary nomination.

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Business owners now personally liable for GST compliance

Business owners now personally liable for GST compliance

From the start of April 2020, the tax office will be deeming directors as entirely liable for their company’s GST responsibilities.

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( Posted in: Tax )

What types of insurance should a business have?

What types of insurance should a business have?

Insurance often seems like an enormous waste of money… until you need the cover.

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( Posted in: Tax )

How to know if your worker is an employee or a contractor.

How to know if your worker is an employee or a contractor.

Determining whether your worker is an employee or a contractor can often be a challenging task.

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( Posted in: Tax )

What business structure is best for cryptocurrency investors?

What business structure is best for cryptocurrency investors?

After deciding to invest in cryptocurrencies, you will need to make a choice of which structure you would like to invest or do business in.

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( Posted in: Tax )

What Home Loan Features Matter Most?

What Home Loan Features Matter Most?

Buying a home is probably one of life’s most important milestones, so getting the right home loan tailored to your specific needs and circumstances is essential.

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( Posted in: Lending & Finance )

SMEs Must Speak To Both Their Accountant And Broker Before Purchasing Property

SMEs Must Speak To Both Their Accountant And Broker Before Purchasing Property

If the accountant and broker are working separately, neither parties will be informed of important details on their end.

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( Posted in: Investment Property )

How Much Can You Claim On Your 2019 Return?

How Much Can You Claim On Your 2019 Return?

The ATO have sophisticated data matching tools which allow to identify any out-of-the-ordinary or ‘too high’ claims. 

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( Posted in: Tax )