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D’Omkara Knowledge 💰 May Edition

The New Directors ID

Inside this month, we look at the new lifetime Director ID regime and what it will mean to existing and new directors, the impending CGT exemption for granny flat arrangements, and the questions we get on 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 and why.

To protect older Australians, the Government has moved to formalise ‘granny flat arrangements’ by providing an incentive to protect all parties in the arrangement. We look at how the exemption is likely to work and the issues it seeks to resolve.

D’Omkara – Federal Budget 2021

budget-2021

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

It is also a human budget (cynics would say voter focused), with $17.7 billion dedicated to aged care, more money in the pockets of low income earners, the COVID vaccine rollout, $2 billion for mental health, a women’s economic package including a child care subsidy increase and funding to prevent violence, and a Royal Commission into defense 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 biotech 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 5 years to reform aged care
  • $2.3 billion on mental health infrastructure and programs
  • New and extended home ownership programs for first home owners and single parents.

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

If we can assist you to take advantage of any of the Budget measures, or if you have any questions, please let us know by contacting our office at (03) 9579 4450 or email us at team@domkara.com.au.

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D’Omkara Knowledge February 2021

D’Omkara Knowledge February 2021

2021 has definitely been an interesting year for most. Nevertheless, COVID-19 is still at large, greatly affecting businesses, each in their own way different way. This month's newsletter educates our clients on how to sell their business and explores the final phase of JobKeeper and how it could be accessed.

The topics included in this month’s newsletter are:

  • Selling your business
  • Assessing JobKeeper
  • Debt Restructuring
  • Streamlined insolvency

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

Sell your Business

D’Omkara Knowledge – Selling your business

Two key components are at play; structuring the transaction and positioning the business to the market. In order to sell, you need to get an objective assessment of how the business compares in its market, its competitive position, and what, if any, impediments to sale exist.

D’Omkara Knowledge – Accessing JobKeeper & FAQs

If employers have experienced a sufficient downturn (a 30% threshold applies to most entities) in their actual GST turnover in the December 2020 quarter compared to the same period in 2019, they will be eligible for JobKeeper.

Accessing JobKeeper & FAQs
Debt Restructuring

D’Omkara Knowledge – Debt Restructuring

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