June 2nd, 2021 | by BTP Admin
Northshore Hamilton will become the homebase of a medical facility that will create needle-free vaccines for COVID-19. The proposed site at the Northshore Hamilton Priority Development Area is expected to bring 139 jobs and $497 million to the Queensland economy, with active production spanning 10 years.
Queensland Premier Annastacia Palaszczuk announced the partnership with Vaxxas, the manufacturer of the High-Density Micro-projection Array Patch (MAP) vaccine. A building from the Economic Development Queensland will be prepared for the medical company before the vaccine manufacture of 300 million patches every year beginning in 2022.
“For every parent worried about the anxiousness that comes with the delivery of a vaccine to a child through a shot, this technology has the potential to eliminate that anxiety,” Treasurer and Infrastructure and Planning Minister Cameron Dick said.
Mr Dick also said that this facility will be significant to the economic recovery of the state from the pandemic as Queensland will attract highly-skilled jobs and advanced technology manufacturers.
Due for completion by Q2, 2022, Vaxxas will be repurposing 4,000 square metres of warehouse within the Northshore Hamilton precinct into a biomedical facility providing offices, labs and cleanrooms.
The advanced technology entails a dry-coated vaccine patch to be applied to the skin. The vaccine deposits into the skin’s immune cells, which will create an efficient immune response. A doctor or a nurse won’t have to administer the patch.
Clinical trials at Australia’s Translational Research Institute in Woolloongabba show that the needle-free vaccines produce six times more antibodies within a short period compared to vaccines administered through the needle.
Vaxxas’ new vaccine has the support of the World Health Organisation, the pharmaceutical company Merck and the Bill and Melinda Gates Foundation.
June 2nd, 2021 | by BTP Admin
Adieu 2021, Welcome 2022!
Before we say goodbye to the 2021 financial year, let’s make sure we do our absolute best to minimise our tax to keep our hard-earned money to ourselves, not the taxman!
As company tax rate has been gradually decreasing, it is crucial to prepare yearly tax plans more than ever to bring forward any allowable deductions. If your accountant doesn’t provide this service, come and see us before it gets too late!
For the 2021 financial year, here are the common strategies that people use to reduce this year’s tax.
Plan your strategy to pay as little tax as possible for the 2021 financial year
1. Top up your super
For the extra amount you contribute to your superfund, it becomes a tax deduction in your return. The money that goes into your super gets taxed at 15% instead of your marginal tax rate.
For example, if you are an individual with a taxable income between $45k to $120k, you are at the marginal tax rate of 34.5% (inc Medicare Levy, exc offsets). It means, every dollar you put in your super, you save 19.5 cents.
This year, you can top up your super up to $25,000.
2. Pay your employee’s June quarter super guarantee charges before 30 June 2021
Superannuation contribution is deductible when it is paid. Pay your June quarterly superannuation before 30 June 2021 to receive the tax deductions this year, not the next year when the tax rate is reduced by 1%.
3. Asset Purchase
Seeking to buy a car or equipment for your business? If so, hurry to get it ready before 30 June 2021. The total amount of motor vehicle (Up to $59,136) or equipment will be fully deductible even if you purchase it with finance.
4. Issue dividend
Are you, your family members, or your trust a shareholder of your company? Have you considered issuing dividends this year? The fully franked dividend has a pre-taxed amount embedded, and you can receive a tax refund (franking credit refunds) by giving dividends.
For example, suppose your non-income earning family member receives a fully franked dividend of $33,300 (taxable income $45,000 & assuming no other income). In that case, they are looking at the tax refund of $6,888 this year (Franking Credit of $11,700 less tax payable $4,812, Inc Medicare Levy & offsets).
The 2021-22 Federal Budget is a balancing act between a better than anticipated deficit ($106 bn), an impending election, and the need to invest in the long term.
Among all changes, here are four things that will apply to most businesses and families.
1. Loss-carry back providing immediate deductions for business investment in capital assets
Companies will be able to carry back losses (if any) from the 2020 and 2021 financial years to offset previously taxed profits in the 2019 and 2020 financial years. Under this measure, tax losses can be applied against taxed profits in a previous year, generating a refundable tax offset in the year in which the loss is made.
The amount carried back can be no more than the earlier taxed profits, limiting the refund by the company’s tax liabilities in the profit years. The tax refund will be available on election by eligible businesses when they lodge their 2020-21, 2021-22, and 2022-23 tax returns.
(Applicable to the companies with an aggregated turnover of less than $5 billion)
2. Extension of the low and middle income tax offset
The Low and Middle Income Tax Offset (LMITO) will be extended for another year. The LMITO provides a reduction in tax of up to $1,080 for individuals with a taxable income of up to $126,000 and will be retained for the 2021-22 year. The tax offset is triggered when a taxpayer lodges their tax return.
$37,000 or less
Between $37,001 and $48,000
$255 plus 7.5 cents for every dollar above $37,000, up to a maximum of $1,080
Between $48,001 and $90,000
Between $90,001 and $126,000
$1,080 minus 3 cents for every dollar of the amount above $90,000
3. Extension of an immediate tax deduction for the purchase of assets
Businesses will be able to continue to fully expense the cost of new depreciable assets in the first year of use. This measure will enable an asset’s cost to continue to be fully deductible up front rather than being claimed over the asset’s life, regardless of the cost of the assets by 30 June 2023.
4. Child care subsidy increase for families with multiple children
From 1 July 2022, the Government will:
- Increase child care subsidies available to families with more than one child aged five and under in child care, and
- Remove the $10,560 cap on the Child Care Subsidy.
For those families with more than one child in child care, the level of subsidy received will increase by 30% to a maximum subsidy of 95% of fees paid for their second and subsequent children (tapered by income and hours of care).
Tax legistration changes from 1 July 2021
From 1 July 2021, here are the top 3 things that you should be aware;-
- Company tax rate change – The company tax rate will change from 26% to 25% in the 2022 financial year
- Super Guarantee Charge – Employee superannuation contribution rate will change from 9.5% to 10% from 1 July 2021
- Concessional contribution cap – Concessional contribution will change from $25,000 to $27,500.
Spark Accountants – About Us
A business accountant as passionate about your business as our own
Working closely with family business owners and small businesses, we help you make informed decisions to maximise your profitability, optimise your cash flow and minimise your tax.
As experienced business accountants based in Brisbane, we take complete care of your books and give you the tools, strategies, and numbers-know-how to ensure your business thrives.
Providing personalised service and advice that is tailored just for your business, we’re right by your side, driving your business to move forward.
Where accounting and business advisory was once a difficult activity for business owners, advances in technology now allow small businesses to better connect with their accountant and benefit from similar services that the big firms provide.
As technology-loving accountants, we partner with Xero, setting up your business on their cloud accounting platform and working with you to streamline your accounting, take your bookwork blues away and help you focus on growing your business.
Samantha Park, CA
Director | Tax & Business Advisory | Spark Accountants
3 Clunies Ross Court, Eight Mile Plains, QLD 4113
PO Box 221, Annerley, QLD 4103, Australia
T: +61 7 3607 3837
M: +61 424 615 214
For more information on Spark Accountants please visit sparkaccountants.com.au
March 5th, 2021 | by BTP Admin
On Friday 5th March, Local State MP for Mount Ommaney, MP Jess Pugh, Local Oxley Federal MP Hon Milton Dick, and Shadow Minister Hon Ed Husic, Minister for Industry and Innovation, visited the BTP Westlink Green Precinct to help celebrate BTP tenant, iiSolutions after they successfully received funding from Ignite Ideas, a fund proudly supported by the Advance Queensland initiative.
The Members of Parliament were treated to morning tea, while iiSolutions presented their initiative to the room, that earnt them Tier 1 funding worth $100,000.
The initiative was developed to help Queensland based start-ups and small to medium businesses commercialise innovative products, processes and services and empower them to grow and compete in a global market, creating new jobs in multiple industries.
Mick Joslin, Managing Consultant and Director of iiSolutions says, “We’re very excited and proud to be selected for an Ignite Ideas, Advance Queensland Grant. This grant allows us to commercialise and promote our innovative Outside Plant (OSP) Software which helps Smart Cities and other industries, such as Digital Hospitals, Innovative Universities and Railway Companies, map their external assets and fibre optic networks”.
For iiSolutions, the grant will assist with the legal registration of the software’s intellectual property and the development of marketing initiatives and sales focused activities for the OSP product to domestic and international customers. It will also enable iiSolutions to grow this sector of their business and in turn, create more Queensland jobs.
For more information on iiSolutions please visit https://iisolutions.com.au/outside-plant-osp/.
December 3rd, 2020 | by BTP Admin
The Suites by Graystone has the opportunity to work and build relationships with incredible businesses and their teams and working with TeleMedC is no different. We sat down with CEO, Founder and Chair of the Board, Para Segaram to tell us more about TeleMedC as they are paving the way for accessible retinal imaging with Artificial Intelligence software.
What is TeleMedC currently working on?
We are currently working on portable, retinal image grading technologies that will be delivered at low-cost to pharmacies, community clinics and primary care providers in the world market. This technology automates and speeds up the diagnosis and detection of many chronic eye diseases including Diabetic Retinopathy and Glaucoma.
What Is Diabetic Retinopathy?
Diabetes affects over 1.7 million Australians and one third show signs of Diabetic Retinopathy. Diabetic Retinopathy is a condition where blood vessels in the back of the eye begin to bleed. As the condition worsens the leakage damages the patient’s eyesight. For diabetics, it is the world’s leading cause of vision loss or even blindness.
How does the device work?
Our portable scanning device, the EyeScan R2 is a fundus imaging camera, a non-invasive device that takes photos of the back of the eye. Due to its relative small size and low price in comparison to much larger, more expensive cameras that can only be found at eye specialists’ clinics and/or hospitals, it allows Family/GP clinics, pharmacies, etc. to have an easy to use camera to screen Diabetic Retinopathy and other eye diseases in a fast, efficient and very accurate way. Our AI Diabetic software has been TGA certified in Australia, CE marked in Europe and HSA certified in Singapore.
How will this technology help in future?
Our screening/grading system will greatly help vast numbers of people to be screened whom, otherwise would not check their eyes. It is/will be extremely useful in the prevention of Diabetic Retinopathy, a precursor of Diabetes. These eye screenings are very accurate (97%), very fast (within 2 minutes) and very affordable.
Our combined system of the EyeScan2 + our integrated AI technology can be placed in any family clinic or pharmacy where people can be screened without the need to go to an eye specialist. It is the first step towards a predictive and preventive eye care. It is significantly less expensive and less time consuming than a visit to an eye doctor: it is fast, reliable and affordable.
Our system not only detects the disease as it grades the disease as mild, moderate or severe alerting the patient to see an eye specialist if necessary. A referral can be given at the time if performed during a GP visit. This allows patients to be screened as part of an overall health check and work with the GP in the best way to manage the disease. Further to this, by making screenings affordable and available in many locations allows a vast number of people, who would not otherwise be screened. It decreases the overall burden on hospitals allowing the eye specialists/surgeons to focus on the most needed cases and eye surgeries, reducing the overall costs of healthcare.
Having our system in place as a basic tool in predicting and preventing eye disease allows large populations to have access to affordable and easy eye screenings that if not timely detected can lead to unnecessary blindness.
For more information on TeleMedC please visit https://www.telemedc.com/.