Brealey Quill Kenny Blogs

Beware of Malware and Ransomware

A number of our clients have had their computer systems affected by malware or ransomware. In these instances they have clicked on links or opened attachments which install malicious software. Scammers have then blocked our clients from accessing their files until they have paid a ransom. To reduce the likelihood of this happening in your...
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Reduced Corporate Tax Rate for Small Businesses

For small business entities operating in a company structure, the reduced corporate tax rate of 28.5% will apply for the 2015-16 financial year. To be eligible for this, the company must be carrying on a business and have an aggregated turnover of less than $2 million in the 2014-15 or 2015-16 financial year. The corporate...
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The New Small Business Restructure Rollover- Opportunities and Threats

The new Small Business Restructure Rollover (SBRR) applies from 1 July 2016 and its objective is to provide greater flexibility for small business owners to restructure their businesses and the ownership of their business assets without having to deal with the tax and CGT implications of the movement of assets. Moving business assets from an...
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Cars and tax

From 1 July 2016 the following car threshold amounts apply. Income tax There’s an upper limit on the cost you use to work out the depreciation for the business use of your car or station wagon (including four-wheel drives). You use the car limit that applies to the year you first use or lease the...
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Is it a scam?

Story: You get a phone call. The caller says they’re from the ATO. They want you to pay a debt (which you know nothing about), or are asking for your personal details. But it doesn’t seem quite right. Maybe the caller: is aggressive threatens that if you don’t pay you will be arrested and sent...
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TFN declaration forms can now be downloaded

You no longer need to order the form and wait for it to be mailed to you. Just download it or even better ask your new employee to download the form and fill it in on the screen. Once it’s filled in print it off, get your employees signature then send the original copy to...
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Employee or contractor myths – written agreements

Stating in a written agreement that your worker is a contractor doesn’t mean they are, nor does it protect you from potential penalties for getting it wrong. This is a myth. The fact is, if your worker is legally an employee, having a written agreement will not: override the employment relationship or make the worker...
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Do you earn extra money from sharing goods and services?

Running a business can be tough, so you may be doing other things outside your business to supplement your income, such as participating in the sharing economy. What is the sharing economy? The sharing economy connects buyers and sellers, usually through an app or a website. Sometimes sellers may bid against other sellers to win...
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Looking for a way to reduce Payroll Tax?

For each eligible employee who undertakes a Traineeship, your business could potentially exclude that employee’s wage from WA Payroll Tax (5.5%). Example: For an employee earning $50,000, and based on the Payroll Tax of 5.5%, your business could save $2,750 in Payroll Tax for each year while the trainee completes the Traineeship. In order to qualify for exemptions,...
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Hiring new Staff?

Last year government agencies teamed up with small business owners to work out how they could give employers more clarity about their responsibilities when hiring staff. The Taking on an employee small business fix-it squad has developed a simple checklist that guides employers through the federal and state laws. The checklist includes access to: a tool...
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Brealey Quill Kenny discuss Protecting your Super PackageChanges to Superannuation Legislation On 1 July 2019, The Federal Government’s Protecting Your Super Package Act comes into effect. This package is designed to protect Australian’s retirement savings from being depleted by unnecessary fees and insurance...
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