Providing customised tax and accounting solutions to businesses and individuals.
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We see our role as a long term partner managing your financial future.
Capitol Group comprises two specialist financial divisions - Capitol Group Advisers and Capitol Group Wealth.
At Capitol Group we adopt a comprehensive approach to the management of your financial affairs to achieve successful solutions that help you build, manage and protect your wealth. We provide high quality services and customised advice, including:
We all understand that budgets are an exercise in predicting the future. Given what has happened in 2020, gazing into the crystal ball and extracting something reliable is fraught with difficulty.
Extensions to the tax rate thresholds will give millions of taxpayers on lower incomes a much-needed boost after a very challenging year. The temporary full expensing of capital assets sets a new mark. Yet this benefit will be limited to those businesses that are back operating at a good capacity and do have enough capital to buy these assets. The willingness of banks to lend for this purpose will be critical.
Many businesses will seek to use the temporary loss carry-back measures that allow companies with turnover of up to $5 billion to offset losses against previous profits on which tax has been paid. Meanwhile, increasing the small business entity threshold from $10 million to $50 million is a significant and unexpected measure that will be beneficial to about 20,000 businesses. Click the pdf to download a full summary.
Legislation has been put in place to extend the JobKeeper scheme beyond its original sunset date, although the rates of payment and certain other details have been altered. The scheme is now to run until March next year, with one version lasting until 3 January and another version in place from then until 28 March.
The government has initiated two new data matching programs. One will look specifically at comparing information held by the ATO in relation to JobKeeper payments reported to Services Australia’s “customers” in relation to social security payments. The other involves comparing information held by the ATO in relation to Single Touch Payroll and Services Australia’s databases.
A bill has been introduced into Parliament that partially implements a measure to allow an increase in the maximum number of allowable members in self-managed superannuation funds and small APRA funds from four to six.
From 1 July 2019, the government adopted new rules that aim to prevent the unnecessary erosion of people’s retirement savings through inappropriate insurance arrangements. As such, super providers, excluding SMSFs and small APRA funds, are unable to provide insurance by default when an account has been inactive for more than 16 months, that is if the account has not received any contributions or rollovers for 16 months or longer. Read more
The COVID-19 pandemic has placed property owners and tenants in unfamiliar territory, with many tenants currently paying reduced rent or ceased paying. While rental income may be reduced, owners will continue to incur normal expenses on their rental property and will still be able to claim these expenses in their tax return as long as the reduced rent charged is determined at arms’ length. We explain
The extension of the instant asset write-off from $30,000 to $150,000 until 31 December 2020 provides an opportunity to look at its application to motor vehicles. As with all assets that are eligible for the instant asset write-off, the vehicle must be first acquired between 2 April 2019 and 31 December 2020 and must be “used or installed ready for use” from 12 March 2020 to 31 December 2020. Read more
Have you been forced to work from home over the COVID-19 period? Get the facts on what can and can’t be claimed, and how to calculate these. Or you have concerns about any consequent CGT issues when later selling a property from which people have been coerced to work from during this time.
We answer your questions
For individuals affected by the adverse economic effects of COVID-19, the government has temporarily allowed eligible individuals to access their superannuation early and tax-free - from 24 September 2020 to 31 December 2020. We explain
Iit has been emphasised that JobKeeper payments are assessable income. However some concerns had been raised as to JobKeeper payment status in regard to being statutory income or ordinary income, and whether it is ordinary income derived in the ordinary course of carrying on a business.
2020-21 Lodgment Rates and Thresholds Guide Download
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