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Author: Siva sadasivam

D’Omkara Knowledge 💰 May Edition

Posted on by Siva sadasivam

Inside this month, we look at the new lifetime Director ID regime and what it will mean for existing and new directors, the impending CGT exemption for granny flat arrangements, and the questions we receive about SMSF expenses and investments that are not at arm’s length.

Directors will be required to register for a unique identification number that they will keep for life, much like a tax file number, under a rewrite of Australia’s business registers. We explore how the regime works and why it has been introduced.

To protect older Australians, the Government has moved to formalise “granny flat arrangements” by providing an incentive designed to protect everyone involved. We examine how the exemption is likely to work and the issues it seeks to resolve.

D’Omkara – Federal Budget 2021

Posted on by Siva sadasivam

The 2021-22 Federal Budget is a balancing act between a better-than-anticipated deficit of $106 billion, an impending election, and the need to invest for the long term.

It is also a human budget, although cynics might say voter-focused, with $17.7 billion dedicated to aged care, more money in the pockets of low-income earners, the COVID-19 vaccine rollout, $2 billion for mental health, a women’s economic package including an increased child care subsidy and funding to prevent violence, and a Royal Commission into Defence and Veteran Suicide.

Key initiatives include:

  • Extension of temporary full expensing and loss carry-back, providing immediate deductions for business investment in capital assets.
  • Introduction of a “patent box” offering tax concessions on income derived from medical and biotechnology patents.
  • Tax and investment incentives for the digital economy.
  • Extension of the low and middle income tax offset.
  • Child care subsidy increase for families with multiple children.
  • $17.7 billion over five years to reform aged care.
  • $2.3 billion for mental health infrastructure and programs.
  • New and extended home ownership programs for first-home buyers and single parents.

We have partnered with Knowledge Shop to bring you a comprehensive guide to the 2021-22 Federal Budget and its biggest winners.

If we can assist you in taking advantage of any of the Budget measures, or if you have any questions, please contact our office on (03) 9579 4450 or email us at team@domkara.com.au.

Download the 2021-22 Federal Budget Guide

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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