For Business Clients: Small Business Fees and Charges Rebate

Business clients, don’t we all love a series of small wins? If you answered yes, then we have some great news for you.

If you are a sole trader, a small business owner, or a not-for-profit organisation in NSW, you may be eligible for a ‘small business fees and charges rebate’ of $1,500.

This rebate helps businesses recover from the impacts of COVID-19 and encourages growth by reducing the cost of running a business. Eligible businesses or not-for-profits only need to apply for the rebate once but can submit multiple claims until the full value of $1,500 is reached. Online applications are available from Service NSW.

While an extensive list of applicable licence fees and charges is not provided, this rebate is eligible for any state government fees and charges, except those specifically excluded. Remember, this is just for state government charges, not to be confused with the federal government charges.

Excluded fees and charges include fines and penalties, NSW or Commonwealth taxes, rent on government premises, and fees and charges designed to discourage or induce behaviour changes (such as parking space levies or clean-up notices).

For the full list of exclusions, please see the scheme guidelines here.

Included are trade licences, food authority licences, council rates, and business registered motor vehicle registrations.

Read the full update here – Client Alert Sept 2021 – NSW Small Business Fees and Charges Rebate

How can we help?

If you have any questions or would like further assistance regarding this update, please feel free to call us on 02 9415 1511.

Overview of Commercial Leasing Changes

On 14 July 2021, the NSW Government enacted the Retail and Other Commercial Leases (COVID-19) Regulation 2021 (the Regulation). Amendments passed on 13 August 2021 provide even greater protections to impacted tenants by reinstating the National Cabinet’s Commercial Leasing Code of Conduct.

The Regulation ensures that the economic impact of COVID-19 is shared by property owners and tenants. The protections in the Regulation, combined with the land tax concessions and the newly established Commercial Landlord Hardship Fund, will help limit the long-term economic damage of COVID-19 and maximise the number of businesses that can resume normal operation when public health orders are lifted.

For More – Commercial leases and COVID-19 FAQs | Small Business Commissioner (nsw.gov.au)

Template letters for tenants and landlords for negotiation purposes:

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SMSF Residency Rules Relaxed

SMSFs will see residency requirements relaxed, with changes set to be seen in the central management and control test along with the active member test scrapped. Read More – SMSF Residency Rules Relaxed

For Business Clients: Lodging Your TPAR – Deadline 28 August (ATO)

If your business makes payments to contractors or subcontractors, you may need to lodge a Taxable payments annual report (TPAR) by 28 August.

TPAR is an industry-specific report for businesses that are required to report the total payments they have made to contractors or subcontractors for services. The ATO uses this information to data match the annual income declared by contractors, helping to improve compliance.

Read the full update here – For Business Clients – TPAR Deadline 28 August (ATO)

If you have any questions or would like further assistance with your TPAR lodgement, please contact your advisor at PrimeAdvisory or call us on 02 9415 1511.

Lifestyle Assets – ATO’s Focal Point

Latest: The ATO has extended its lifestyle assets data-matching program for the 2020-21 financial year to 2022-23 to acquire insurance policy information for certain asset classes.

The ATO will acquire the data from 25 insurance providers, with the expectation of identifying approximately 300,000 individuals each year.

Insurers will be required to provide the ATO with detailed policy information where the value of assets is equal to or exceeds the following thresholds:

• Marine vessels $100,000
• Motor vehicles $65,000
• Thoroughbred horses $65,000
• Fine art $100,000 per item
• Aircraft $150,000

Read More – Lifestyle Assets – ATO’s Focal Point 2021

You may be interested in – Changes to Minimum Pension Drawdown Rates 2021