Running Multiple Businesses Under One Company- Possible or Not?

If you are wondering whether you can trade multiple businesses under one company name, we are here to guide you through. The answer is yes, you can trade under multiple business names and in multiple ways. Overview of Corporate Personality Do you know what corporate personality is? It refers to a company that is considered […]

Changes to COVID-19 Notification & Reporting at Workplace

As per the new guidelines issued by WorkSafe Victoria, employers and self-employed persons no longer need to notify WorkSafe in case a worker with COVID-19 attends their workplace before testing positive for the virus. The Occupational Health and Safety Revocation Regulations 2022 for COVID-19 Incident Notification has revoked regulations that require WorkSafe to be notified […]

Australian Tax Office is Modernising Business Registers

The ATO and Australian Government has announced the implementation of the Modernising Business Registers (MBR) program as part of its Digital Business Plan. The main objective behind this advancement is to: establish the new Australian Business Registry Services (ABRS) streamline how you register, view and maintain business information with govt. What Includes MBR Program? The […]

Tax Obligations For Rewarding Staff Getting Covid-19 Vax

Did you rewarded your staff for getting themselves vaccinated against COVID-19? If yes, it’s time to know about the tax and super obligations related to it. Employers usually gave incentives or rewards to their employers, including: cash payments paid leaves for getting vaccinated transportation to and from the vaccination site non-cash gifts, such as vouchers […]

Grants & Programs- COVIDSafe Deep Cleaning Rebate

Did you have a coronavirus suspected or infected employee at your business that led you to hire deep cleaning services? If yes, The COVIDSafe Deep Cleaning Rebate is for you. It is available for both small and medium-sized businesses to assist them in covering the costs involved in hiring professional cleaning services to decontaminate or […]

Grants & Programs- Jobs Victoria Fund Introduced

If you are a business ready to employ people who have been affected both economically and financially due to the pandemic effects, The Jobs Victoria Fund is designed to financially support you. It is basically a fund package for employers hiring new staff or increasing the working hours for the existing employees.  The Jobs Victoria […]

New Guidance On Allocation Of Professional Firm Profits Released

The Australian Taxation Office recently released its compliance approach for new guidance on the allocation of profits or income of professional firms. This finalised practical guideline applies from 1 July 2022. It sets out the approach followed by the ATO to the allocation of profits or income from professional firms in the assessable income of […]

Know About Claiming Loss Carry Back For Early Balancers

Are you an early balancer looking to claim your loss carry back? It is a form of refundable tax offset that eligible entities can get by choosing a carry back losses when there were income tax liabilities. Corporate entities can claim this: after the end of their 2020–21 and 2021–22 income years in their 2020–21 […]

All You Need To Know About Cancelling Your GST Registration

Getting your GST registration cancelled is a must if you are planning to sell or close your business. It is also necessary to get it cancelled if you are restructuring your business as instructed by the Australian Taxation Office. You must cancel your GST registration within 21 days of: selling or closing your business changing […]

R&D Tax Offset Guidance Finalised By The ATO

Australian Taxation Office recently released its finalised ruling on the application of the ‘at risk’ rule and determination on notional deductions for R&D activities. Through this release, ATO has clarified its guidance on the type of expenses that can and can’t be claimed as part of the R&D Tax Incentive. This R&D Tax Incentive provides […]