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2021-2022 WA State Budget: At a glance

Western Australia’s Premier and Treasurer, Hon Mark McGowan MLA handed down the 2021-22 Western Australia State Budget on Thursday, 9 September 2021. In his speech, the Treasurer stated that Western Australia’s net operating surplus was stronger than expected, at a record $5.6 billion.

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Supporting corporate well-being in a lock-down world

In a lock-down world, how do you connect with your team, become physically active, and remain mentally healthy? Find out how  the team at Moore Australia’s Sydney office have been looking for new ways to remain connected and support mental and physical wellbeing.

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Changes to employee superannuation fund choice rules

Superannuation fund rules will change from 1 November 2021.  Under the new rules, employers will have to refer to the ATO to check an employees stapled fund before making payments into their default fund.

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Proposed changes to the tax residency provisions for individuals explained

Recently, the Government announced that it would “modernise” the individual tax residency provisions in the 2021-22 Federal Budget. Whilst we are yet to see any draft legislation in relation to this, the Government did mention that the rules will be based on the recommendations made by the Board of Taxation.

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QLD COVID-19 Business Support Grant: Sole Traders

The Queensland government, in conjunction with the Federal government, has announced an upcoming support package for non-employing sole traders.  This expands on the support previously advised for eligible small and medium businesses and large tourism and hospitality businesses.

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Families to Benefit from SMSF Changes

Previously families with more than four family members were limited from having the entire family in the one Self-Managed Superannuation Fund (SMSF). However, this has now changed, from 1 July 2021, the maximum number of members has now increased from four to six members.

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Virtual AGM Rule Extension

Red tape relief that allows companies to hold their Annual General Meetings virtually has been extended until 31 March 2022

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APPLICATIONS OPEN: QLD COVID-19 Business Support Grant

Applications for the 2021 COVID-19 Business support grants are opened at 12noon (midday) Monday 16 August 2021.   Previously, the Queensland Government announced financial support for small and medium businesses impacted by the lockdown order which commenced at 4pm on Saturday 31 July 2021 for 11 local government areas (LGA’s) around Brisbane and has been extended to the Cairns and Yarrabah LGA’s

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Property and Taxes - managed investment trusts

Managed Investment Trusts are registered schemes established and managed by sophisticated Trustees holding an Australian Financial Services License. They enable investors to pool capital to collectively acquire large scale commercial, retail and industrial properties. Operations are typically limited to passive investment income (leasing). Entities are typically set up as up as unit trusts which provides investors with clearly defined rights to income and capital, yet retaining access to Capital Gains Tax (CGT) concessions.  

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Victorian Business Support Package

On 28 July 2021 the Victorian Government announced a $400 million support package, jointly funded by the Commonwealth Government. The package is designed to provide support to Victorian small and medium businesses experiencing financial hardship from the recent lockdown.   On 6 August 2021 the Victorian Government announced additional payments for previous recipients of the Business Costs Assistance Program Round Two and Round Two July Extension.   Further support was announced on 12 August 2021.  

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Grant Alert: NSW Research and Development Fund

Eligible businesses may access up to $1 million in funding under Investment New South Wales’ new Research and Development Fund in the government’s bid to stimulate the development of innovative products that directly address the impacts of COVID-19.

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Grant Alert: COVID-19 TechVouchers

The New South Wales government's COVID-19 TechVoucher program provides support funding for technology-rich startups, scaleups, or small-medium enterprises to collaborate with Publicly Funded Research Organisations (PFRO) to accelerate the commercialisation of innovative R&D products and services that address ongoing disruptions.