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Our 2021 Advent Calendar.
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State and Federal COVID-19 support
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ATO flags focus areas for combating $33.5bn ‘tax gap’
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Business Resources - Grants, Assistance, Resources and more.
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Employee Christmas Parties and Gifts – Any FBT?
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FBT – Christmas Parties and Taxi Fares
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How the best firms are supporting the mental health of their employees
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Asian Economies (1960 - 2020)
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Making the festive season less taxing
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Why more Millennials are turning to SMSFs
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Company directors must register - all you need to know
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Hardship priority processing of tax refunds
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Business valuations: Tips, tricks and traps
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Government moves to scrap SG $450 threshold
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World's most productive countries
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Superannuation changes - Superannuation guarantee (SG)
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Unused Super Contributions
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Main residence exemption myths and misconceptions
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ATO extends COVID-19 relief for SMSFs
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Treasury consults on increase to charities financial reporting threshold
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Greenhouse gas emission by country since 1880
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ATO announces STP Phase 2 blanket deferral
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Reminder: super changes for the 2021 financial year
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Recontributions of COVID-19 early released super
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Working from home during a COVID-19 lockdown: Can you claim a tax deduction for rent?
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Lockdowns and mental health
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Unemployment rate falls to 12-year low
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ATO issues warning to first-time investors
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World's largest armies 1816 - 2020
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Extra 'super' step when hiring new employees
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Pitfalls and proposed changes in the use of R&D tax incentives
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Government expands SME loan scheme eligibility
Article archive
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Quarter 2 of, 2021 archive
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10% Super Guarantee from 1st July 2021
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End of year financial strategies
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Closely held payees: STP options for small employers
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Videos to help understand accounting topics.
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ATO Small Business Newsroom - May / June
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New insolvency rules commence
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ATO sheds light on crypto compliance focus
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Post Federal budget reflections
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Federal Budget 2021 - Overview
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Building a more secure and resilient Australia
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Federal Budget 2021 - Health
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ATO signals crackdown on 4 ineligible work-from-home claims
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Taxpayers urged to keep work-from-home records
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Businesses feeling ‘adverse’ impacts of COVID-safe measures: ABS
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New insolvency rules commence
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ATO promises not to ‘destroy’ businesses as it resumes debt collection
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5 strategies for successful ‘work from home’ policies
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Small businesses: don’t forget your FBT concessions
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ATO chases $172bn in undeclared contractor income
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‘Penalties will resume’: ATO flips the switch on debt recovery
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JobMaker Hiring Credit rules and reporting
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ATO data-matching: JobMaker
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A broad range of Calculators.
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ATO Small Business Newsroom
New insolvency rules commence

 

The measures from 1st January 2021 apply to incorporated companies with liabilities less than $1 million.

 

       

For those businesses that are “unable to survive”, a new simplified “liquidation pathway” will apply for small businesses to allow faster and lower-cost liquidation.

To be eligible to access this new process a company must:

  • have total liabilities which do not exceed $1 million on the day the company enters the process – this excludes employee entitlements;
     
  • appoint a small business restructuring practitioner to oversee the restructuring process, including working with the business to develop a debt restructuring plan and restructuring proposal statement.

This principle has the potential to allow continuation of a longer-term successful business hit by short-term or covid cash flow difficulties.

 

 

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