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 [...]
Finalise your 2021-22 tax planning
Now is the time to finalise and implement your 2021-22 end of financial year tax plan and ensure any last-minute arrangements are accounted for. Here is a quick list of the common matters that will need your attention now to enjoy possible tax saving and business benefits before 30 June. Now is the time to consider these strategies… Reduce Taxable [...]
Federal Budget Summary 2022-23
On Tuesday night, Federal Treasurer Josh Frydenberg handed down the 2022–23 Federal Budget, which puts forward a number of measures aimed at addressing cost of living pressures and boosting investment in innovation and employee skills. Below is a quick overview of highlights for business owners and individuals, as well as a link to download our full 2022-23 Federal Budget Summary. Businesses are set [...]
Single Touch Payroll (STP) Phase 2
Phase 2 of Single Touch Payroll reporting has begun its rollout to employers. 16 new reporting labels and around 100 different codes and reporting options will help shape employee social security, child support and income tax outcomes. STP Phase 2 is aimed at reducing the reporting burden for employers while helping Services Australia to increase the accuracy and timeliness of their social [...]
Tax consequences for Rapid Antigen Tests
The Government has recently announced that they will ensure COVID-19 testing expenses are tax deductible where an employee is required to take a test to attend a place of work. Employers can expect that Fringe Benefits Tax will not apply if they provide COVID-19 tests to their employees for this purpose. While the measure is not yet law, individuals and [...]
Support options for businesses facing difficulty
The NSW Government has introduced a $1 billion COVID rescue package for businesses impacted by the past few months' high COVID case numbers and self-imposed lockdowns. Four new measures have been introduced to support businesses affected by restrictions, including financial assistance for the performing arts sector, payroll lump sums, Rapid Antigen Test rebates and commercial tenant and landlord grants. Find out more [...]