Using the ATO's small business benchmarks
On 13 March 2024, the ATO updated the small business benchmarks for 2021–22.
The benchmarks are intended to assist small businesses compare their business turnover and expenses to other small businesses in the same industry.
The benchmarks can be accessed through the ATO website and a small business can calculate their benchmark using the ATO app Business performance check tool.
More information about this can be found here.
Mobile device cyber security
LawCover in association with the NSW Law Society has prepared a brochure on protecting your mobile device.
We wish you all the best for Christmas and the New Year.
We will close on Thursday 21 December, 2023 at noon and re-open on Monday 8 January, 2024 at 9.00 am.
NSW shared home equity scheme has commenced
The NSW Government will contribute a proportion of the purchase price of a property in exchange for an equivalent share of the property. If eligible, the Government will contribute up to 40% of the purchase price of a new home; and up to 30% of the purchase price of an existing home. The idea is to make it easier for single parents, older singles, nurses, midwives, paramedics, teachers, early childhood educators and police officers to own a home.
To be eligible, buyers must:-
- have a gross household income of no more than $90,000 for singles and $120,000 for couples
- buy a home with a maximum property price of $950,000 in Sydney and major regional centres or $600,000 in other regional areas
- be at least 18 years of age
- be an Australian or New Zealand citizen, or a permanent Australian resident
- demonstrate their ability to save over time, and have a minimum deposit of 2% of the total property price; and
- occupy the property as their principal place of residence.
Interested buyers can complete a self-assessment (click here).
First home buyer choice
From 11 November 2022 the NSW Government will allow first home buyers purchasing properties for up to $1.5 million the ability to choose to pay an annual property tax instead of stamp duty. The property tax will only be payable by first home buyers who choose it, and will not apply to subsequent purchasers of a property.
(Factsheet & Frequently Asked Questions) (First Home Buyer Choice calculator)
Uber $21m fine & Spedding $1.48m damages award
Uber was fined $21m in the Federal Court recently after admitting to making false or misleading representations and engaging in misleading or deceptive conduct.
(Australian Competition and Consumer Commission v Uber B.V. [2022] FCA 1466)
The police were found to have acted maliciously in pursuing William Spedding in relation to the disappearance of William Tyrrell. Spedding was awarded $1.48 damages including exemplary and aggravated damages.
(Spedding v State of New South Wales [2022] NSWSC 1627)
Grants - Regional Development Australia - Orana
Regional Development Australia - Orana has information about a number of grants available:-
- recover grant for flood-impacted small businesses
- special disaster grants for primary producers
- caravan parks grants
