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Month: February 2021

D’Omkara Knowledge February 2021

Posted on by Siva sadasivam

2021 has certainly been an interesting year. Nevertheless, COVID-19 remains widespread and continues to affect businesses, each in a different way. This month’s newsletter explains how to sell a business and explores the final phase of JobKeeper and how eligible businesses could access it.

The topics included in this month’s newsletter are:

  • Selling your business
  • Accessing JobKeeper
  • Debt restructuring
  • Streamlined insolvency

Contact our office on (03) 9579 4450 or email us at team@domkara.com.au if you have any questions.

D’Omkara Knowledge: Selling Your Business

Two key components are at play: structuring the transaction and positioning the business in the market. To prepare for a sale, you need an objective assessment of how the business compares within its market, its competitive position and any impediments to the sale.

D’Omkara Knowledge: Accessing JobKeeper and FAQs

If employers experienced a sufficient downturn in their actual GST turnover during the December 2020 quarter compared with the same period in 2019, they may have been eligible for JobKeeper. A 30% decline threshold applied to most entities.

D’Omkara Knowledge: Debt Restructuring

On 1 January 2021, new laws came into effect introducing a simplified debt restructuring and liquidation framework for small businesses.

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D’Omkara Knowledge November 2020

Posted on by vishvega

Dear Valued Clients and Partners,

No doubt, 2020 has been a challenging year for many. However, in the recent Federal Budget, the Government announced several incentives designed to continue helping Australian businesses and individuals get back on their feet.

The topics included in this month’s newsletter are:

  • JobMaker hiring credits
  • Tax deductions for investing in your business
  • Refunds for tax losses
  • JobKeeper clawbacks
  • Updated tax tables and 2020–21 personal income tax cuts
  • Early release of superannuation

Contact our office on (03) 9579 4450 or email us at team@domkara.com.au if you have any questions.

D’Omkara Knowledge: Extended December JobKeeper Deadline

The ATO extended the JobKeeper monthly business declaration deadline for December until 28 January 2021, from the original deadline of 14 January 2021.

This applied to the JobKeeper fortnights ending on 6 December 2020 and 20 December 2020.

The deadline for meeting the minimum wage condition for the JobKeeper fortnight ending on 3 January 2021 was extended to Monday, 4 January 2021.

D’Omkara Knowledge: Extended December JobKeeper Deadline

The ATO extended the JobKeeper monthly business declaration deadline for December until 28 January 2021, from the original deadline of 14 January 2021.

This applied to the JobKeeper fortnights ending on 6 December 2020 and 20 December 2020.

The deadline for meeting the minimum wage condition for the JobKeeper fortnight ending on 3 January 2021 was extended to Monday, 4 January 2021.

D’Omkara Knowledge: Refunds for Tax Losses

If your company has made a loss, you may be able to claim a tax refund for tax previously paid on profits.

D’Omkara Knowledge: Tax Deductions for Investing in Your Business

Stimulating investment was high on the Government’s agenda. To encourage spending, the 2020–21 Budget introduced a measure allowing businesses with turnover below $5 billion to immediately deduct the cost of new depreciable assets and improvements to existing assets in the first year of use.

D’Omkara Knowledge: JobKeeper Clawbacks

If your company has made a loss, you may be able to claim a tax refund for tax previously paid on profits.

D’Omkara Knowledge: Updated Tax Tables, 2020–21 Personal Income Tax Cuts and Superannuation Early Release

Stimulating investment was high on the Government’s agenda. To encourage spending, the 2020–21 Budget introduced a measure allowing businesses with turnover below $5 billion to immediately deduct the cost of new depreciable assets and improvements to existing assets in the first year of use.

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D’Omkara Knowledge December 2020

Posted on by vishvega

What a year it has been! As Christmas draws near, it also signals the fresh start that 2021 can bring. In this month’s edition of D’Omkara Knowledge, we provide a summary of the key information you need to end the year in the best possible position:

  • Extended December JobKeeper deadlines
  • Last chance to access the COVID-19 early release of superannuation
  • 2021 risks and opportunities

Contact our office on (03) 9579 4450 or email us at team@domkara.com.au if you have any questions.

Extended December JobKeeper Deadline

The ATO extended the JobKeeper monthly business declaration deadline for December until 28 January 2021, from the original deadline of 14 January 2021.

This applied to the JobKeeper fortnights ending on 6 December 2020 and 20 December 2020.

The deadline for meeting the minimum wage condition for the JobKeeper fortnight ending on 3 January 2021 was extended to Monday, 4 January 2021.

Last Chance to Access the COVID-19 Early Release of Superannuation

31 December 2020 was the final day to apply for early access to superannuation under the COVID-19 early release measures. The ATO advised that anyone wanting to access their superannuation before Christmas needed to complete their application by 11 December 2020.

Eligibility criteria can be found in the newsletter available through the “Read More” button below.

2021 Risks and Opportunities

Opportunities

Employers and job building

  1. HomeBuilder and the housing industry
  2. Extended rules for writing off assets, including benefits for Australian subsidiaries of global companies
Risks
  1. COVID-19 rules and regulations
  2. Australia’s relationship with China
  3. Cash flow pressures
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