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. […]
The ATO has announced it has three key focus areas for 2023 tax returns. […]
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. […]
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 [...]
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. [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
