Latest Financial News from 
'Money Management'

Boyce Financial Services Pty Ltd as Trustee for
Boyce Financial Services Unit Trust (AFSL 522265).




2020/21 NSW State Budget Released

20 November 2020

On Tuesday 17 November 2020, the NSW Government released the 2020/21 NSW State Budget. As with the Federal Budget, the NSW State Budget was heavily focused on providing a response to the economic impact of COVID-19. Unlike the Federal Budget, there was a greater focus on direct spending on infrastructure projects and exploring duties and tax reform, and less focus on stimulus measures.

Payroll tax cuts

The payroll tax threshold for NSW will be increased to $1.2 million from 1 July 2020. This is a permanent increase to the threshold.

There will also be a temporary two-year reduction in the payroll tax rate from 5.45% to 4.85%. This will apply from 1 July 2020 to 30 June 2022. 

Property tax reform

As part of this Budget the NSW Government has announced that over the coming months it will begin the process of seeking public feedback on proposed property tax reforms. Under these reforms, homeowners will be given the choice to pay stamp duty up front when acquiring residential property or a smaller annual land tax. Further, existing stamp duty concessions for first home buyers will possibly be replaced by a grant of up to $25,000.

For more details of the proposed reforms, including information on how to provide feedback, please refer here.

Vouchers for small and medium size businesses

Small and medium size businesses which do not have a payroll tax liability are to receive a $1,500 digital voucher that can be applied against government fees and charges. It is intended that:

  • The vouchers will be available to small and medium size businesses in NSW which do not pay payroll tax;
  • The vouchers will be capped at $1,500, and can be used towards the costs of any government fees and charges;
  • Will be accessible through the MyService NSW portal and will operate as a rebate, where a claim can be made after fees and charges have been paid;
  • Will be available for use from 1 April 2021 to 30 June 2022.

Read more >

Boyce Financial Services wins Business of the Year 2020!

5 November 2020

We are delighted to have won the 2020 ‘Business of the Year’ as awarded by Lonsdale at their annual awards ceremony.

The awards acknowledges individuals and businesses that deliver exceptional advice, invest in professional development and show a commitment to clients through different financial life stages. Judging criteria for the awards includes detailed assessments of business productivity, compliance audit ratings, professionalism, education and industry participation.

Helen Blackford, CEO of Lonsdale said, “We are delighted for Boyce Financial Services and congratulate them on their outstanding achievement.”

Boyce Financial Services Director Lindsay Garnock admits “it is fantastic to be recognised and awarded by peers, but the real test of the success of the business is in helping to maximise the wealth of clients," the objective that he and his team of advisors are intent on continuing to achieve.

This honour is another string in the bow for BFS having won the 2017 Business on the Year, the 2014 Practice of the Year, as well as the 2011 Associate of the Year’, as awarded by Lonsdale. 

“It’s great to be recognised and it’s a testament to the fantastic BFS team.  We are continually looking at ways to improve & enhance our service offering to clients and have recently welcomed two new full-time Financial Advisers in our Dubbo & Goulburn offices. We couldn’t be more thrilled with the award,” Mr Garnock said.

Stay Cyber Safe - MyGovID Potential Phishing Scam Alert

8 October 2020

Phishing is a method of stealing confidential information by sending fraudulent messages to a victim. It is one of the most prevalent scams reported in Australia.

We’ve become aware that there may be a way for criminals to phish your MyGovID credentials by sending you to a fake website.

Please make sure that whenever you log into MyGovID, the URL starts with as per the below image. Please note the trailing slash as it is very important.

These are sophisticated scams. We urge our customers to be cautious at all times.

If you have clicked on a link or provided your personal information, contact Services Australia on 1800 941 126.

To stay up to date on the latest online threats and how to respond, visit


2020/21 Federal Budget Released

7 October 2020

Last night the Federal Government released the 2020-21 Budget “The Economic Recovery Plan for Australia”.  The Budget was focused on providing a response to the economic impact of the COVID-19 pandemic. Today we look into the Budget to decipher what it means for our clients.


Bringing forward the Personal Income Tax Plan and retaining the middle-income tax offset

  • The Government intends to bring forward the second stage of  their Personal Income Tax Plan by two years to 1 July 2020. This second stage involves three tax changes:
    • The top threshold of the 19 per cent personal income tax bracket will increase from $37,000 to $45,000.
    • The low-income tax offset (LITO) will increase from $445 to $700.
    • The top threshold of the 32.5 per cent personal income tax bracket will increase from $90,000 to $120,000.
    • The Government also intends to retain the low and middle income tax offset (LMITO) for the 2020-21 income year, this was due to be removed at the commencement of the second stage of the Personal Income Tax Plan. The LMITO provides low and middle income taxpayers with a tax benefit of up to $1080. 


Increasing and expanding access to the instant asset write off

The Government has proposed support for businesses with aggregated annual turnover of less than $5 billion by enabling them to deduct the full cost of eligible depreciating assets acquired from 7:30pm AEDT on 6 October 2020 (Budget night) and first used or installed by 30 June 2022. (Please note that we have not received confirmation of what will be eligible an asset).

Small business entities (aggregated turnover of less than $10 million) will also be able to deduct the full balance of their small business depreciation general pool.


Small business entities

Medium business entities

Larger business entities

Other qualifying business entities

Aggregated annual turnover

< $10 million

> $10 million to

< $50 million

> $50 million to

< $500 million

> $500 million to

< $5 billion

First used or installed by

By 30 June 2022

Application to second-hand assets





Read more >

JobKeeper 2.0 update - Alternative tests confirmed

27 September 2020

As outlined in our eAlert last week, the ATO has released information on the extension of JobKeeper and the changes that will come into effect today (28 September 2020). Please refer to our original eAlert here for further information, including key dates.

On the 22 September 2020, Treasurer Josh Frydenberg released the legislative instrument which outlines the alternative tests for decline in turnover for business entities where there is no appropriate relevant comparison period.

The alternative tests can be used to determine whether an entity has satisfied the actual decline in turnover test for the September 2020 quarter or the December 2020 quarter.

If an entity satisfies the basic test, it does not need to satisfy an alternative test. Also, you only need to satisfy one of the alternative tests listed below even if more than one could apply.

Please be aware that while the alternative decline in turnover tests for JobKeeper 2.0 remain relatively the same, there have been some minor changes made.

Circumstances where an alternative test applies:

  • The entity commenced business after the relevant comparison period but not on or after 1 March 2020
  • The entity acquired or disposed of part of its business from the start of the relevant comparison period but before the applicable turnover test period (for multiple acquisitions or disposals the requirement to use the period after the last transaction has been removed)
  • The entity restructured the whole or part of the entity’s business from the start of the relevant comparison period but before the applicable turnover test (for multiple restructures the requirement to use the period after the last transaction has been removed)
  • The entity’s turnover substantially increased by:
    • 50% or more in the 12 months immediately before the applicable turnover test period or before 1 March 2020, or
    • 25% or more in the 6 months immediately before the applicable turnover test period or before 1 March 2020, or
    • 12.5% or more in the 3 months immediately before the applicable turnover test period or before 1 March 2020.
    • The entity was affected by drought or other declared natural disaster during the relevant comparison period in 2019  
    • The entity has a large irregular variance in their turnover for the quarters ending in the 12 months before the applicable turnover test period or 1 March 2020, excluding entities that have cyclical or regular seasonal variance in their turnover, or
    • The entity is a sole trader or small partnership with no employees where sickness, injury or leave have impacted an individual’s ability to work which has affected turnover.

It is important to note that the actual decline in turnover tests only use quarters, the original decline in turnover tests used months or quarters.

For the purposes of the September 2020 actual turnover test, the start of relevant comparison period is 1 July 2019 and the start of the applicable turnover test period is 1 July 2020.

More information on how to apply the alternative tests can be found on the ATO website here or contact your local Boyce Accountant.