Wow, that was a big one wasn’t it? The pandemic impacted us all to various extents. An introvert’s dream (self-isolation is just our way of life), and an extrovert’s nightmare. For us business owners, it was tough, for a whole variety of reasons.

For us at Peak, the COVID tax incentives were a great move by the Federal Government, but it put enormous pressure on our team at a time in which we had lodgement deadlines looming. I must thank for Peak family for the huge effort they put in to get us through this incredible business phase. There were some huge hours and more than enough weekends. But we lived up to our values, and that is “relationships”. We had to make sure our clients were looked after, and we made sure we guided them through the daily updates and changes that we were hit with. My Peak family are getting tired now, and certainly need a break, but I am so proud of them and the effort everyone put in. Before we wrap up the year, I wanted to take you through some tax planning tips and year-end tidy ups.

This year’s budget was a last chance attempt to sway voters in this pre-election budget that was handed down on 2 April by Treasurer Josh Frydenberg. The biggest winners for this budget will be for individuals earning up to $126,000 and businesses with a turnover of up to $50 million who are to benefit over the coming years. Here is a rundown of what you need to know and how this may affect you and your business.