Practice Update and Victorian Lockdown 4.0

For the second time this year, Victoria has gone into a circuit breaker lockdown.

But this time there is no Federal government assistance, such as JobKeeper, to compensate businesses and employees for their loss of earnings.

However, the State government has announced another Business Support Fund for certain industries, particularly hospitality, non-essential retail trade and events. Please contact the practice to assess your eligibility.

If you are a client, our fees are complimentary in relation to advice concerning the Victorian compensation scheme.

Tax time 2021

Tax relief is an important element in surviving the ongoing health crisis and we are now taking bookings for the 2021 season.

Please contact Marianne for individual tax return bookings and enquiries
mariannec@artsaccountants.com.au (mailto:mariannec@artsaccountants.com.au)

Our team

Don – Senior Accountant; business taxation specialist
don@artsaccountants.com.au (mailto:don@artsaccountants.com.au) (mailto:don@artsaccountants.com.au)

Lachlan – Tax accountant; music, radio and film and TV specialist
lachlan@artsaccountants.com.au

Kim – Practice manager; ATO liaison, super, EMDG and grants specialist
kim@artsaccountants.com.au (mailto:kim@artsaccountants.com.au)

George – Tax accountant; SMSF and trust specialist
george@artsaccountants.com.au (mailto:george@artsaccountants.com.au)

Jane – Junior accountant; client bookkeeping and accounts, preparation, STP specialist (Hobart office)
jane@artsaccountants.com.au (mailto:jane@artsaccountants.com.au)

Nic – Practice bookkeeper; accounts receivable
admin@artsaccountants.com.au (mailto:admin@artsaccountants.com.au)

Michael – Principal and fine art valuer
michael@artsaccountants.com.au (mailto:michael@artsaccountants.com.au)

Federal Budget 2021

The Treasurer, Josh Frydenberg, delivered the Federal Budget on Tuesday, 11 May.

In no particular order, the most important announcements from this year’s Federal Budget were:

– Low-middle income tax offset maintained for 2021/22
– Instant asset write-off extended to 2022/23
– Introduction of loss carry back scheme for companies
– Tax residency redefined
– Compulsory super threshold of $450 a month abolished
– Employee share schemes taxing points altered

An analysis of the Federal Budget and its impact on the creative industries will be the subject of our next newsletter.

Export Marketing Development Grant (EMDG) Slashed

The first tranche payment for the 2020/21 grant has been decreased from $100,000 to $30,000. The export performance test will also apply to these applications.

Together, these measures will impact very heavily on exporters at a time when cash flow is a crucial issue. Businesses may have to wait almost a year to receive 80% of their grant entitlement.

Considering the number of firms applying for EMDG should be markedly down from a year ago due to COVID-19, there should be no reason for the Federal government to be withholding funds from vulnerable businesses.

To lobby for a change, please email:

· Hon Dan Tehan MP, Minister for Trade, Tourism and Investment
dan.tehan.mp@aph.gov.au (mailto:dan.tehan.mp@aph.gov.au)

· Hon Scott Morrison, Prime Minister scott.morrisson.mp@aph.gov.au (mailto:scott.morrisson.mp@aph.gov.au)

· David Van, Victorian Senator Senator.Van@aph.gov.au (mailto:Senator.Van@aph.gov.au)

With thanks to Michelle Matheson from Exportise.

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Featured Image: Harold David On the Bird Walk Sensation, 2021 Mixed media on canvas 91 cm by 152 cm

Harold’s exhibition This and the Edge of the World will run from June 5 – 30