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 […]