By Sharon Aguiar, Senior Accountant, Walshs The NSW and Victorian Office of State Revenue (OSR) have been actively engaging in payroll tax audits for medical and dental practices. The NSW OSR has conducted at least 20 audits in the last 18 months. The problem Broadly speaking, the NSW and Victorian OSRs have held the view
By Kirby Jamieson, Personal Risk Manager and Advisor, Walshs If you could not work for an extended period because you were sick or injured, how would you maintain your current financial needs and future lifestyle? Income protection insurance replaces a percentage of your income in the event you’re unable to work because of injury, accident
By Michael Walsh, CEO, Walshs Job losses have been extensive during the COVID-19 pandemic and the JobMaker Hiring Credit will give businesses incentives to take on additional employees aged between 16 and 35 years old. The Federal Government estimates the initiative will support 450,000 jobs. Like JobKeeper, the JobMaker Hiring Credit is a wage subsidy paid
By Michael Walsh, CEO, Walshs COVID-19 has had a profound impact on individuals and businesses and the flow-on effects will likely be felt for some time. The Federal Budget 2020 includes a range of benefits and incentives, which hopefully will assist Australia to have a speedy recovery from our current economic position. Updates for individuals:
By Michael Walsh The Federal Government has extended the JobKeeper Scheme for eligible businesses and self-employed workers for a further six months to March 2021 (previously due to expire 27 September, 2020). Businesses will need to reassess their eligibility for the JobKeeper 2.0 Scheme, and those eligible will receive a reduced rate of payments for their employees based
By Peter Hodgson of Walsh’s Financial Planning The 2019/20 financial year began with strong momentum across most financial markets. However, as the year progressed, unemployment drifted higher and, coupled with benign inflationary pressures, many countries began to lower interest rates further in response. As the financial year headed towards March, COVID-19 rapidly spread across the
By Michael Walsh, CEO of Walshs Practice If you operate a Self-Managed Superannuation Fund (SMSF), you should be aware that there are compliance obligations you must meet and that non-compliant funds may be subject to ATO sanctions or penalties. An SMSF trustee who does not meet compliance requirements might be forced to undertake an education
By Michael Walsh, CEO of Walshs Practice If you’re an employer who has failed to make Superannuation Guarantee (SG) payments to your workers, you have until September 7 to apply for an amnesty. The amnesty is a one-off opportunity for employers to correct any payment mistakes and we are urging them to take advantage of
By Michael Walsh, CEO Walshs The Federal Treasurer has announced a significant deficit of $85.8 billion for 2019-2020 and an estimated $184.5 billion deficit for 2020-2021, so Australians (especially businesses) are facing some challenging headwinds over the next few years. We are here to assist with cashflow forecasting and budgeting, applying for loans and grants, managing tax
By Michael Walsh, CEO of Walshs The Federal Government has unveiled plans to extend its JobKeeper Payment by six months. The payment was originally due to expire on 27 September, 2020, but the Government has announced it will be extended by a further six months to March 2021, for eligible businesses and self-employed (called business
