RSS

Stay Cyber Safe - MyGovID Potential Phishing Scam Alert

8 October 2020

Phishing is a method of stealing confidential information by sending fraudulent messages to a victim. It is one of the most prevalent scams reported in Australia.

We’ve become aware that there may be a way for criminals to phish your MyGovID credentials by sending you to a fake website.

Please make sure that whenever you log into MyGovID, the URL starts with https://mygovid.gov.au/ as per the below image. Please note the trailing slash as it is very important.

These are sophisticated scams. We urge our customers to be cautious at all times.

If you have clicked on a link or provided your personal information, contact Services Australia on 1800 941 126.

To stay up to date on the latest online threats and how to respond, visit cyber.gov.au.

image

2020/21 Federal Budget Released

7 October 2020

Last night the Federal Government released the 2020-21 Budget “The Economic Recovery Plan for Australia”.  The Budget was focused on providing a response to the economic impact of the COVID-19 pandemic. Today we look into the Budget to decipher what it means for our clients.

Individuals

Bringing forward the Personal Income Tax Plan and retaining the middle-income tax offset

  • The Government intends to bring forward the second stage of  their Personal Income Tax Plan by two years to 1 July 2020. This second stage involves three tax changes:
    • The top threshold of the 19 per cent personal income tax bracket will increase from $37,000 to $45,000.
    • The low-income tax offset (LITO) will increase from $445 to $700.
    • The top threshold of the 32.5 per cent personal income tax bracket will increase from $90,000 to $120,000.
    • The Government also intends to retain the low and middle income tax offset (LMITO) for the 2020-21 income year, this was due to be removed at the commencement of the second stage of the Personal Income Tax Plan. The LMITO provides low and middle income taxpayers with a tax benefit of up to $1080. 

Business

Increasing and expanding access to the instant asset write off

The Government has proposed support for businesses with aggregated annual turnover of less than $5 billion by enabling them to deduct the full cost of eligible depreciating assets acquired from 7:30pm AEDT on 6 October 2020 (Budget night) and first used or installed by 30 June 2022. (Please note that we have not received confirmation of what will be eligible an asset).

Small business entities (aggregated turnover of less than $10 million) will also be able to deduct the full balance of their small business depreciation general pool.

Read more >