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The Second $66.1 bn Stimulus Package: What You Need To Know

The Government yesterday released a second, far reaching $66.1 bn stimulus package that boosts income support payments, introduces targeted changes to the superannuation rules, provides cash flow support of up to $100,000 for small business..

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Government Assistance Announcement: The implications for your business

 

Prime Minister Scott Morrison recently announced a suite of measures aimed at stimulating the economy, following the World Health Organisation's declaration of the Coronavirus COVID-19 as a pandemic.

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WLM's Response to Coronavirus COVID 19

The Coronavirus pandemic and the measures to slow its transmission are evolving rapidly. First priority is the safety and wellbeing of our employees, clients and the broader community. The following is a summary of WLM’s operating procedures..

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Coronavirus: State Government Tax Relief for SMEs

The New South Wales, Queensland and Western Australian State Governments have recently introduced a limited range of tax relief measures. The packages are intended to assist small-to-medium-sized businesses during the current period of economic..

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Director Loans for Business Owners: The advantages, traps and pitfalls of Division 7A Loans

When you first start a business, often the only person prepared to lend to you is yourself. It is, therefore tempting to loan money from the business to fund your personal expenses.  Any loan from a private company to a shareholder of that..

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How to overcome business partner conflict over equitable profit sharing

Business partner conflicts are commonplace. The critical thing is how they are managed to a satisfactory resolution.

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The ATO is on the lookout for ‘lifestyle’ assets

The ATO is data matching with information from 30 insurers to support the profiling of selected taxpayers. They are targeting lifestyle assets that have not been disclosed in tax returns over the last five years.

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Increased scrutiny by the ATO to substantiate expense claims

In November 2019, a judgement was made in favour of the ATO by the Administrative Appeals Tribunal of Australia in the case of Reid and the Commissioner of Taxation. It reinforced the importance of ensuring that expense claims are substantiated..

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Main residence exemption abolished for non-residents and other tax issues to be aware of when moving overseas

On 12 December 2019, a law change means non-residents can no longer claim the Capital Gains Tax (CGT) main residence exemption unless, when a CGT event happens to their residential property in Australia, you were a foreign resident for tax..

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Thinking of developing a property? Before you start, understand the unexpected costs and how to avoid them.

If you have a small property development project in mind, there are some essential factors to consider before purchasing that dream block. A range of taxes, duties and other unexpected costs can quickly add up.

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