Why Am I Paying Medicare Levy Excess

We recently got asked this question by a client who wanted to understand Private Health Insurance (PHI) and the Medicare Levy. Let us take it back to basics. Medicare levy Most Australians pay the Medicare levy of 2% of their taxable income as part of their tax to help fund some of Australia’s public health…

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Government Stimulus Plan In Response To COVID 19 Including Tax Measures

On 12 March 2020, the Australian Government announced its economic response to the coronavirus (COVID-19). The ATO also released a series of administrative concessions for taxpayers. The Federal Government has announced a further $66 billion package not listed here. Tax incentives for business investment Instant asset write- off Depreciation Rebate Subsidies Increased threshold from $30,000 to $150,000 Accelerated depreciation to…

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Your Business Survival Checklist for Covid 19, Coronavirus

We live in unprecedented times physically, socially and as businesses: financially and economically. We are phasing an unknown enemy: COVID-19 and how your business will adapt and emerge at the end of this turmoil is tied up to your response, leadership and planning in the time you have NOW. Below are some of the strategies…

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Do you import goods worth A$1,000 or less?

Do you import goods worth A$1,000 or less?   From 1 July 2018 overseas businesses that meet the GST registration threshold of A$75,000 will need to charge GST on goods that are: less than A$1,000 (low value) imported into Australia not GST-free (such as most basic food, alcohol, tobacco, or tobacco products). How will this…

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THE AUSTRALIAN DOLLAR JUST FELL TO ITS LOWEST LEVEL IN 2018

Selling the Australian dollar one indicator that expresses a view the world is a riskier place today than it was yesterday. Judging by the heavy selling over the past few months this is currently the case. In mid-June 2018 the Australian dollar was trading at around its lowest level in more than a year, falling…

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