A quick reminder that starting tomorrow, Saturday the 1st of July 2023, the Superannuation Guarantee (SG) rate will increase to 11%, up from 10.5% currently. The Superannuation Guarantee is a vital component of every employee’s retirement savings, and this increase reflects the ongoing commitment to boosting Australians’ financial security in their post-work years. The new…
As you would all be aware, the Federal and WA governments handed down their latest budgets last week. As such, we’ve brought together a list of the tax measures we expect will affect you. Individuals Businesses Jody’s up for an award! It’s with great pleasure that we announce Jody is an AccountantsDaily 2023 Australian Accounting…
A reminder that if you have employees (including yourself as a company director/ secretary, if applicable) and you provide motor vehicles, car parking, entertainment including food and drinks, employee discounts, loans, phone and/or internet access, or the reimbursement of private expenses, then you are likely to be providing a fringe benefit and will need to…
In May 2022, Accountants Daily reported that the ATO was issuing 30 to 40 Director Penalty Notices (DPNs) a day, and warned that the Tax Office was just warming up. Since most small to medium-sized companies rely on their tax advisors to keep them informed of developments that may impact them, we wanted to outline the forms DPNs…
With the end of the financial year fewer than two weeks away, NOW is the time to consider the ways you can manage your 2022 tax position. Imagine what you could do with money saved on tax: Reduce your home loan balance; Pay off debt; Top up your super fund; Go on a holiday; Make additional…
The WA Government-funded COVID-19 Business Relief Grants program has been expanded to offer more financial support than advertised previously. We recommend every WA business owner takes a look at the grant’s eligibility criteria and considers whether or not their business can apply. As always, if you need any help, please just let us know. The deadline to apply is 4:00pm AWST…
28th of April 2022: Superannuation Guarantee payments for the period 1st of January 2022 to the 31st of March 2022 must be made by this date otherwise Superannuation Guarantee Charges will apply and you’ll lose the opportunity to claim the expense as a tax deduction. 16th of May 2022: Any outstanding 30th June 2021 Income…
Before we get into today’s main topic – Budget 2022/23 – we wanted to note with you all that earlier this month we were in a Zoom call with over 5,500 other accountants and taxation specialists across Australia, working through some of the curlier aspects of the ATO’s recently proposed changes to family trust distributions.…
Earlier this month, the bill to remove the $450 monthly income threshold for the payment of Superannuation Guarantee (SG) was finally passed in Parliament, with the change to take effect from the 1st of July 2022. Employers will subsequently be required to pay 10% SG for every dollar an employee earns, regardless of whether or not…
Continue reading Super changes for low income, older Australians
The Getting the Show Back on the Road+ program (GTSBOTR+) was introduced mid-way through 2021 with the aim to reduce the financial risks associated with running ticketed events in Western Australia during a COVID-19 impacted period. Essentially, it’s a State Government initiative designed to encourage the (safe) continuation of publicly ticketed events through sharing the risk of gross ticket sales…