Preparing A Business For EOFY
As the end of the financial year (EOFY) approaches, it’s time to get your business records in order and ensure everything is ready for tax time. EOFY can feel overwhelming, but with a bit of preparation and guidance, you can wrap things up smoothly and even find opportunities to strengthen your financial position for […]
Changes to Australian Workplace Laws
The Australian Government has passed the Fair Work Legislation Amendment (Secure Jobs, Better Pay) Act 2022 that changes a number of existing rules and introduces a range of new workplace laws. The Fair Work Act has been amended to change a number of existing rules and include a range of new laws. Many of these […]
Super Fund Fees – Are Yours High, Medium Or Low?
No matter the kind of super fund you opt for, or how it has been performing, you will be subject to super fees. Understanding how these fees work and the difference they can make to your nest egg is vital. When it comes to super fund fees, there are two factors you need to get […]
Working from home deduction changes for 2022–23
The record keeping requirements and methods for calculating working from home deductions has changed for the 2022–23 income year onwards. Following consultation with the tax profession, the proposed changes to the working from home fixed rate method have been finalised, and PCG 2023/1 is now available. From the 2022–23 income year, the methods available to calculate working from […]
Privacy Act changes bring tougher penalties for data breaches
As part of a wider review of the Privacy Act 1988 (Cth), the recently passed Privacy Legislation Amendment (Enforcement and Other Measures) Act 2022 (‘the Amendment Act’), brings increased penalties for serious or repeated privacy breaches and allows for broader regulatory powers for the Office of the Australian Information Commissioner (‘OAIC’) to resolve breaches. Recent […]
Have You Made Your Business’s New Year Resolution?
Coming out of the holiday period is usually a slow time for businesses but there’s never been a better time to get on top of things. A new year brings business owners great motivation and opportunities to bring their businesses to greater heights. Whether you want to get on top of your business’ finances, relationships, […]
Uncomplicating The Tax Treatment Of Life Insurance
Have you recently purchased life insurance? The type of cover, deductibility of premiums and treatment of claims make life insurance a complex topic for tax. It’s a topic that individuals and businesses alike seek assistance from accountants. The deductibility of premiums and treatment of claims payouts can be a complex, nuanced topic. The opportunities and […]
How Does Superannuation & Contracting Work?
Contractors who run their own business and sell their services to others have different obligations to their super than what employees in a business may usually have. A contractor (also known as an independent contractor, a subcontractor, or a subbie) who is paid wholly or principally for their labour is considered to be an employee […]
Key Points From The 2022 October Federal Budget
On 25 October 2022, Treasurer Jim Chalmers handed down an updated 2022/2023 Federal Budget. The key points to be aware of are the following: The stage 3 individual tax cuts remain unchanged. The low and medium income tax offset will not be extended into the 2023 tax year. The 2018/2019 Federal Budget proposal for SMSF’s […]
Understanding The Importance Of Phase 2 Of The Singe Touch Payroll Regime
After the early stages of one-touch payroll, businesses have steadily adopted the system, making it much easier for employers to submit payroll information. It has also made it easier to gather important information to the Australian Tax Office (ATO). In 2018, the system became mandatory for large companies, and in 2019, the STP system became […]