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Directors can apply now for their new Director ID

Director identification number (“Director ID”) is a new requirement for all company directors, designed to help combat illegal activity by making it easier to trace directors’ relationships with companies. After 30 November 2022, fines of over $1.1million may apply for non-compliance.

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Apply for a $1500 grant to pay for financial or business guidance

The Tasmanian Government recently announced a new support grant from $750 to $1,500 per annum to pay for financial or business guidance services. Businesses with annual turnover of at least $25,000 and no more than 19 full time equivalent (FTE) employees are eligible.

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From 1 November 2021, New employees will keep their default super fund

The new ‘stapling’ rules mean employees will keep their same super account (if they have one) when they change jobs, unless they choose their preferred super fund.

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Apply before 8 October for the Supercharged Business Support Package

This week the Tasmanian Government announced a supercharged expansion of support grants.

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Applications are now open for the Business Hardship – Border Closure Critical Support Grant

Support grants of between $2,000 and $10,000 are available to Tasmanian businesses that have suffered a significant reduction in turnover as a direct result of lockdowns and border closures in other states.

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Super Guarantee Increase

From 1 July 2021 the superannuation guarantee (SG) is set to increase to 10% from the current rate of 9.5%.

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Federal Budget - October 2020

On 6 October 2020, the Treasurer presented the Federal Budget which had been deferred in May due to the COVID-19 pandemic. As expected, the Budget included numerous measures directed at helping the economy get back on its feet. We summarise the most important announcements below.

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Applications for a limited number of Small Business Grants now open until 24 August

Applications are now open for a limited number of Tasmanian Government's new $5,000 Small Business Sustainability and Recovery Grants which will be available to assist small businesses impacted by border closures and public health restrictions. These will be awarded through a competitive merit-based assessment to eligible businesses. We have summar...

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$150,000 instant asset write-off threshold to be extended to 31 December 2020

On 9 June 2020, the Treasurer announced that the $150,000 threshold for the instant asset write-off (IAWO), which was made available to businesses with turnovers of up to $500m on 12 March 2020 and was due to expire on 30 June 2020, will be extended for another 6 months to 31 December 2020.

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“Downsizer” super contributions for those who are 65 and older

Many Australian retirees find that they want a smaller home, or a home more suited to their empty-nest requirements. For some, selling the family home can be a great way to release built-up equity to pay for retirement living expenses or in-home support that will allow them to stay at home longer. Older Australians are the beneficiaries of the fed...

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