Federal Budget Summary May 2024
The 2024-25 Federal Budget, presented by Treasurer Dr. Jim Chalmers, described as a responsible and supportive approach, forecasts a second consecutive surplus of $9.3 billion. Here are key highlights for business owners and individuals. For more information, download our May 2024 Federal Budget Summary. For business owners: The $20,000 instant asset write-off for small businesses […]
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. These include: 1: Rental property deductionsThe ATO will take particular interest in rental property owners correctly apportioning loan interest expenses where part of the loan was used for private purposes or the loan was refinanced with some private purpose. Learn more […]
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. For Business $20,000 instant asset write-off for 2023-24 Additional deductions for small business for electrification and energy efficiency FBT exemption for eligible plug-in hybrid EVs ends 1 April 2025 Accelerated deductions and reduced […]
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 […]
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 […]
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. […]
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 […]
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 […]
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 […]
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 […]