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 [...]
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 [...]
A lot has changed over the past two years. As business owners take stock, many are questioning whether the business structure they established years ago remains appropriate for their needs, particularly in regard to tax benefits and asset protection. As the business environment and your personal situation evolve, it is wise to review your business [...]
For many business owners, the pandemic has brought forward a renewed interest in succession planning. The disruption has certainly given pause for many to consider how much involvement (if any) they intend to maintain in business, particularly if retirement was already on the radar. Whether you are feeling exhausted after the last two years or [...]
As NSW and the rest of the country begins to reopen, business leaders are focusing on the proactive steps they can take now to operate with greater confidence. Here, we reflect on key lessons learned over the past two years, and consider the focus areas that will help deliver efficiencies, growth and success through the [...]
It is not unusual for business owners to have financial blind spots. These can be caused by a lack of confidence in either their own financial knowledge or in the systems they use for gathering financial data. Sometimes it’s a general disinterest in accounts and back of house matters brought about by a lack of [...]
Changes to Australia’s foreign investment review framework took effect on 1 January, with new requirements for foreign investors. The $0 threshold for all foreign investment in Australia has ended, although screening by the Foreign Investment Review Board (FIRB) will continue for investments in sensitive national security land or businesses. Further detail about the reforms is [...]
If retirement is looming large or perhaps you are considering your options after a year of disruption and uncertainty, and may be thinking of selling your business. It’s important to know, that businesses that are well prepared for sale, sell faster and usually at a higher price, than those that are less prepared. […]
For well-advised and prepared businesses, business resilience strategies are in-built. It should always be assumed that at some stage during business life, circumstances will serve up challenges that cause set-backs from which the business will need to recover. Here we outline the business basics that bolster business resilience and enable businesses to bounce back following adversity. [...]
Knowing the difference between an employee and a contractor is an important definition that employers and business owners need to understand. It’s against the law for a business to treat their employees as contractors for the purpose of lowering their labour costs, trying to avoid tax and superannuation obligations or denying their employees of their [...]
