The federal government's JobMaker Hiring Credit stimulus package is to be available to eligible employers over 12 months from 7 October, 2020. Employers can receive up to $10,400 per new employee that has been hired to fill a new position. The key point to remember is that the position must be new, and is not applicable if the employer hires a new employee to fill an existing position in the business. Eligible employees aged 16-29 years will receive $200 per week. Eligible emplo...

Last year the life insurance regulator (APRA) determined that income insurance policies in Australia were not sustainable and changes were required. The primary change was to eliminate all Agreed Value policies. Agreed Value policies insured the income at the time the policy was established, and any subsequent claim was based on that income, not income at the time of claim.  Indemnity Value policies pay a claim based on the income at the time of claim.
Agreed Value policies were p...

The two most common examples of when you cannot claim the GST you have paid are: 1.  The entity from which you are purchasing the goods or services is not registered for GST; and
2.  The personal-use portion of any goods or services purchased by your business. Be aware: even if the entity from which you purchase the goods or services provide you with a tax invoice and an ABN, they may have cancelled the GST registration in which case you cannot claim the GST that you paid to ...

APRA Intervenes in the Australian Income Insurance market to stop Agreed Value policies being offered to clients. Prior to 1 April 2020, insurance companies in Australia offered Agreed Value and Indemnity Income Insurance contracts.  Agreed Value contracts enabled the insured to take out an Income Insurance policy with the Insured Benefit based on their income at the time.  This meant the insured generally did not have to prove their income at the time of claim, which was useful...

One of the biggest hurdles for first home buyers is being able to save the deposit BUT also being able to afford the mortgage insurance. Now the government has provided a solution for that problem. From 1 January 2020 the federal government is introducing their First Home Loan Deposit Scheme to help first home buyers purchase their first home. Effectively the government will guarantee to the mortgage provider up to 15% of the property purchase price. Previously this guarantee would have b...