Government to Extend LMI Tax Offset
April 27, 2021
Workers to keep $1,080 tax rebate for another year.
The AFR has reported that the govenment plans to extend the Low and Middle Income Tax Offset (LMITO) when the federal budget is handed down in two weeks time.
The LMITO provides a tax rebate of up to $1,080 for singles and $2,160 for dual-income couples depending on their income. It was initially introduced as a temporary measure, implemented as part of the Morrison Government’s Stage 1 tax cuts.
However with the economic pressure of COVID-19, the government will extend the offset in an effort to create tax refunds and stimulate spending. The budget cost of the extended rebate is around $7 billion.
The Australian Taxation Office (ATO) has unveiled its compliance focus areas for the 2025 tax year, highlighting the importance of accurate claims and thorough record-keeping, particularly for small businesses and individuals.
The ATO recently published some ‘wild claims’ that business owners had tried to make for business expenses. But what CAN you claim and what CAN’T you claim? We have the answers.
Many business owners are reviewing their priorities and their work-life balance. Gallup reported that 39% of the owners they surveyed worked over 60 hours a week. How can you reclaim time and balance in your business?
Accountants don't just look after the financial side of your business. With our expertise behind your business development, we can help you turn your strategic ideas into real success stories.
We’re trading in uncertain times. But now’s the perfect moment to look at optimising your business. We’ve highlighted six key areas where you can improve your business efficiency.
#optimisation #strategy #businesstips
Are you using data insights to drive your operational efficiency? We’ve got the lowdown on five ways that data-based decision-making takes your business to new levels of productivity.
Putting data at the heart of your growth strategy is a no-brainer. We’ve broken down five ways that data-based decision-making helps you grab the best opportunities and grow at pace.
Analysing your customer data is a no-brainer in our data-driven times. We’ve shared five ways that data can help your sales, marketing and social media activity.
Data-based decision-making helps you take informed action and keep your cash in a positive position. We’ve signposted five key ways that data can improve your cashflow.
The 2025 Federal Budget was handed down on 25 March. Here's what it says.
