ATO has THREE key areas for focus for the 2022-23 tax year
The ATO has announced it has three key focus areas for 2023 tax returns. […]
Federal Budget May 2023
Below are Federal Budget highlights for business owners and individuals. For further details, please click the button below to download our May 2023 Federal Budget Summary document. […]
Federal Budget October 2022
Last night, Federal Treasurer Jim Chalmers handed down his first Labor Government Federal Budget, which primarily delivered on key election commitments in childcare, aged care, university and vocational education places and lowering prescription costs. Below is a quick overview of highlights for business owners and individuals, as well as a link to download our full Federal Budget October 2022 Summary. Businesses will be [...]
Cybersecurity – extra caution advised
Business owners are advised to take extra security precautions in the lead up to the end of financial year, as cybercriminals are increasingly targeting businesses with email scams. Businesses may also face extra steps to receive GST refunds as extra controls are put in place to combat a growing number of GST refund fraud attempts. To prevent people from lodging [...]
Tax deductible super contributions
A reminder that superannuation contributions are only tax deductible in this financial year if they are received in your fund before 30 June. We recommend paying contributions well in advance (we suggest by 17 June, or contact your super fund or clearing house for their advice) to factor in possible processing delays. The base annual concessional contribution cap for the [...]
Super changes from 1 July 2022
The Superannuation Guarantee increases to 10.5% from 1 July and the $450 per month earning threshold will be removed. Businesses are advised to update payroll software to correctly calculate the SG entitlement. Employees previously not eligible for super under the $450 threshold will need to provide their employer with a nominated super fund, which will be stapled for future changes [...]