What We Think You Should Know

2021 - 2022 Financial Year Period

'Don't Rock The Boat Budget'

From 1 November 2021, Australian Company Directors are required by law to verify their identity with the Australian Business Registry Service (ABRS) and obtain a Director ID.

Closing Your Business Checklist When you're facing the possibility of closing your business permanently, it can be a very emotional and overwhelming time. There are many things to consider when winding up your business, such as GST, Capital Gains Tax, Division 7a loans, Employee and Contractor Obligations, plus more. We understand this can seem like a daunting task ahead, which is why we've put together a checklist to help you through the process. Download our Closing your business checklist.pdf here. For further information or advice on how to wind up and close your business, contact our office today! Phone: 02 6566 2200 Email: admin@wrightsca.com.au Website: wrightsca.com.au

Recently, we have noticed more activity around the enforcement of employers' superannuation obligations by the ATO.

Is it tax deductible? Everyone wants to pay less tax, right? To do that you need to know what you can claim… and what you can't. It's not about cheating the system, or creative accounting. It's all about claiming what you're entitled to. That's why we've developed the "Is it Tax Deductible?" checklist designed for the individual taxpayer. CLICK HERE TO DOWNLOAD YOUR CHECKLIST If you'd like more information on any of the above items, please feel free to contact us today.

The NSW Government are providing financial assistance, support measures and tax relief to help businesses and people across the state impacted by the current COVID-19 restrictions. Currently, there are three business support grants available. These include: COVID-19 Business Grants Jobsaver Payment 2021 COVID-19 Micro Business Grant COVID-19 Business Grants. This is a one-off payment to help businesses with cashflow support for the first 3 weeks of lockdown. It is available to all business with turnover greater than $75,000, and who have experienced a 30% plus decline in revenue. Depending on your decline in turnover, you can expect to receive $7,500 to $15,000. Please visit: https://www.service.nsw.gov.au/transaction/2021-covid-19-business-grant Jobsaver Payment. This is a fortnightly payment to help maintain employee headcount (as at 13 July) and provide cashflow support to businesses. It is available to all business with turnover between $75,000 - $250 million, and who have experienced a 30% plus decline in revenue. What you can expect to receive varies greatly depending on several factors. Please visit: https://www.service.nsw.gov.au/transaction/jobsaver-payment 2021 Covid 19 Micro Business Grant – This is a fortnightly payment for businesses with a turnover between $30,000 and $75,000. Eligible businesses can receive $1,500 per fortnight. Please visit: https://www.service.nsw.gov.au/transaction/2021-covid-19-micro-business-grant Please note that each of these packages has different eligibility criteria, 'decline in turnover tests', and slightly different dates where the decline in turnover can be experienced. These details are subject to change, which is why we're advising you to visit the sites directly, for the most up to date information. To apply for any of these grants, please follow the relevant links above. The applications need to be made through your Services NSW account. Whilst the website says that accountants can apply on your behalf, there are a number of road blocks to allowing us to do so. To avoid any delays in your application, we're advising all clients to create their Services NSW accounts and submit the application themselves. However, there are still ways we can help you. Once you have reviewed the grant options and determined which criteria you believe you qualify for, please get in touch. BUSINESS TAX RELIEF Other measures to support NSW businesses during this time, include: Payroll tax deferrals Payroll tax deduction Gaming Machine tax deferrals INDIVIDUALS & HOUSEHOLDS Help is available for people who have lost their job or cannot pay their rent, and for homeowners struggling with their mortgage repayments. There are several forms of support, including Services Australia: COVID-19 Disaster Payment. Please visit this page to review all the support options available to you: LANDLORDS & TENANTS Eligible tenants will be protected from eviction if they have been financially impacted by COVID-19. Concessions will be available to landlords who pass on rent reductions to their tenants. Please visit this page to review the information. As we learn more information from the NSW and Federal Governments, we will do our best to keep you informed about the updates and what they mean to you. If you are struggling to make sense of what support is available to you and your organisation, then do reach out to us for help. Stay safe, The Wrights Chartered Accountants Team

THE BALANCING ACT BUDGET 2021-22 The 2021-22 Federal Budget is a balancing act between a better than anticipated deficit ($106 bn), an impending election, and the need to invest in the long term. The key initiatives we believe are relevant to you, our clients, include: The low and middle income tax offset will be extended to the 2022 tax year – provides an offset up to $1,080 for individuals earning up to $126,000, which is in place for the current year; The temporary full expensing of assets purchased has been extended to 30 June 2023, meaning that eligible businesses can continue to claim a full deduction in the year of purchase for eligible assets. We have a full guide available to you which breaks down the budget. You can access it for free here. If we can assist you to take advantage of any of the Budget measures, or to risk protect your position, please contact us.