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COVID19 - Business Continues During Stage 4 restrictions
Lowe Lippmann Chartered Accountants
COVID19 - Business continues during Stage 4 restrictions
Lowe Lippmann Chartered Accountants and staff continue to work remotely, despite the business restrictions which come into effect midnight tonight, Wednesday 5th August 2020 forcing the office at 616 St Kilda Road, Melbourne to be closed for six weeks.
All Partners and staff continue to work from home remotely and and are available to assist you.
You can continue to call our office number and your call will be relayed to the person you wish to speak to.
If you want to pay your account, please visit our website and PayOnLine securely.
Adhere to the restrictions and stay safe.
Planning for Superannuation Contributions before 30 June 2024 As the end of the financial year is approaching, we take this opportunity to remind you of the superannuation obligations for each of the following three groups: Self-employed & other taxpayers; Employers with only related-party employees; and Employers with unrelated employees. Each group will be considered below under three separate headings and we recommend you consider the group most relevant to your circumstances.
Commercial and Industrial Property Tax Reform The Victorian Government announced in the 2023-24 State Budget it will be progressively abolishing stamp duty on commercial and industrial property and replacing it with an annual tax, based on unimproved land value, called the Commercial and Industrial Property Tax ( the CIP Tax ). The CIP Tax regime will apply to commercial and industrial property transactions with both a contract and settlement date on or after 1 July 2024 .
During September 2023, the Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 ( the Bill ) was introduced to Parliament and has been thoroughly debated for the last six months. Last week, the Bill passed the Senate with some minor amendments proposed which need to be ratified by the House of Representatives before the Bill receives Royal assent. This Bill contains various small business tax measures, which include: A temporarily increase the instant asset write-off threshold for small and medium businesses from $1,000 to $30,000; Providing small and medium businesses with a bonus 20% deduction of the cost of eligible assets or improvements to existing assets that support electrification or more efficient energy use; and Limiting the amount of non-arm’s length income that arises relating to a general non-arm’s length expense and to narrow the application of these rules. We will discuss each of these small business tax measures in detail below.
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