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Update Tuesday 28 April

Update to JobKeeper rules To ensure the integrity and the efficient operation of the JobKeeper Payment scheme, the Government is clarifying the operation of some rules: Employees employed through a special purpose entity, rather than an operating entity Charities and the treatment of government revenue Religious practitioners 'One in, all in' principles Full-time students aged 16 and 17 years old International aid organisations Universities The Australian Taxation Office (ATO) are developing information and guidance and will update their website as soon as possible. For more information, see the media release issued by the Treasurer, the Hon Josh Frydenberg MP, on 24 April 2020. Extension of

Update Friday 24 April 2020

There’s no doubt that ANZAC Day 2020 will be different to how we traditionally commemorate. While we cannot gather at services and marches, we can be together in spirit. By standing at the end of your driveway, in your living room, or on your balcony at 6am on ANZAC Day, we can be united in the ANZAC spirit to remember all those who served and sacrificed. How to Hold Your ANZAC Day Service at Home RSL Queensland have provided a digital recording of the Dawn Service. At 6am on ANZAC Day, you can visit the web page and play the service. The ABC will also be broadcasting a Dawn Service at 5:30am You will be able to live stream this service via the RSL NSW Facebook page. Th

Update Thursday 23 April

The Tax Office has now released further guidance on the basic decline in the Turnover Test based on GST turnover. According to the ATO, an entity will need to follow (5) five steps to satisfy the test, namely: Identify the turnover test period. Identify the relevant comparison period. Work out the relevant GST turnover. Determine which shortfall percentage applies. Determine if GST turnover has fallen by the specified shortfall percentage. You can satisfy the fall in turnover test in two ways: The basic test The alternative test Generally businesses will use the basic test, which is based on GST turnover. Where appropriate turnover comparison periods are not available (for example, where you

Update Friday 17 April 2020

The NSW Government is providing financial support to ease the pressures on small business as a result of COVID-19. If your small business or non-profit organisation has experienced a significant decline in revenue as a result of COVID-19, you may be eligible for the small business support grant of up to $10,000. This grant supports the ongoing operations of small businesses highly impacted from the COVID-19 pandemic following the NSW Public Health Order of 31 March 2020. Funds may only be used for unavoidable business expenses that are not supported by other government funding. These expenses include, but are not limited to: utilities council rates telecommunication charges insurance payment

Update Thursday, 16 April 2020

On 8 April 2020, the Federal Government passed a package of Bills through both Houses of Parliament (which received Royal Assent on 9 April 2020) to give effect to (amongst other things) the JobKeeper Scheme. Subsequent to this, a Legislative Instrument was released by the Treasurer containing the detailed rules of the JobKeeper Payment. Refer to the; Coronavirus Economic Response Package Payments and Benefits) Act 2020 Coronavirus Economic Response Package Omnibus (Measures No. 2) Act 2020 Coronavirus Economic Response Package (Payments and Benefits) Rules 2020 (being the Legislative Instrument released by the Treasurer). Following is a broad summary of the 10 key aspects of the JobKeeper P

Update Tuesday 14 April 2020

The $440 million land tax relief package is expected to be evenly divided between the commercial and retail sector, with landlords to be offered the concession if they pass the savings on to tenants through a rent reduction. Landlords will be able to apply for a concession of up to 25 per cent of their land tax liability on relevant properties for the calendar year, but it must be passed on to tenants suffering from the economic impacts of COVID-19. A further land tax deferral for any outstanding amounts for a three-month period will also be offered to landlords who claim the land tax concession. Eligibility For commercial landlords, any land tax relief must be passed on to business tenants

Update Wednesday 8 April 2020

The Federal Government has announced a rent relief package for commercial tenants affected by COVID-19. The package is a key part of the government’s hibernation strategy. Under the scheme, landlords will be instructed to reduce their commercial tenant's rent in proportion to the tenants lost revenue due to the impact of COVID-19. A mandatory code will apply to tenancies including retail, office and industrial: where the tenant or landlord is eligible for the JobKeeper program where businesses have a turnover of $50 million or less. The code will be rolled out and implemented in each state and territory and also stipulates: landlords must not terminate the lease or draw into a tenant’s secur

Update Tuesday 7 April 2020

It is fair to say that over the past week investment market volatility has reduced in most of the major share markets. This is not to say that markets have normalised or that the risks have gone away. To the contrary, we believe that there is every likelihood that we could see another leg down in share markets if things deteriorate much further in the USA. However, we do believe that the huge injection of capital from central banks has helped to stabilise markets in the short term. The following article by Alex Harris - Senior Research Analyst at IOOF looks at the comparison between the GFC vs Coronavirus to see if there are any similarities. “Comparing the GFC and the Coronavirus Crisi

Update Friday 3 April 2020

We are continuing our adherence to the NSW Government guidelines on businesses that are currently considered essential. As of today's date, we are able to remain open. Whilst we are maintaining strict hygiene and social distancing rules, for the health and safety of our clients, staff and the broader community we are asking for the following: Please make contact via telephone or email and one of our team will advise you of the next step. We are presently not able to accept any walk-ins. There is a drop-off/pick up system for clients who need to deliver or collect documents. The front door of the office will remain locked and we kindly request that our clients contact the office by phone o

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