Uncategorized

  Superannuation Guarantee Payments 2022 – What Your Employees Need To Know Superannuation payments need to be made to your employees, otherwise, stringent penalties can be implemented that could be financially more devastating to your business than simply paying their super. Eligible employees must be paid their minimum superannuation of 10.5% of their ordinary time […]

Superannuation Changes to Affect Pensioners (And What You May Still Need to Consider from Last Year’s Budget) The Federal Budget was released Tuesday 29th March 2022, announcing key changes to taxation and business. For superannuation, the minimum pension drawdown amount was in the spotlight. The reduction in the minimum pension drawdown amount for superannuation pension […]

ATO Warns Against GST Fraud Attempts Registering for an ABN and applying for GST refunds when you don’t own a business or are not eligible is fraud. The Australian Taxation Office (ATO) has identified a significant number of GST refund fraud attempts, totalling an estimated $850 million to around 40,000 individuals. This fraud predominantly involves […]

Paid Parental Leave Scheme Update for Federal Budget Announcements 2022-2023 If you have employees who are expecting to expand on their family (whether they are adopting or looking to become pregnant), the Federal Budget 2022-23 announced a change to paid parental leave that could impact you and your employees. Single parents and fathers are now […]

Your Work-Related Tax Deduction Checklist for This Year’s Tax Return Made Easy The end of the financial year is coming up (30 June), and you may be looking for ways in which you could make tax savings in this year’s tax return. This could be through tax deductions, expenses that you could make now for […]

End Of FBT Year Is Approaching – Do You Know What Benefits You’re Giving Your Employees?  As a part of employees’ employment contracts, do they receive benefits such as a car parking space, gym membership, or even a car to drive? These are known as fringe benefits, which is a ‘payment’ to an employee that […]

Business Activity Statements    How to Take the Sting Out of The Quarterly Payment Starting a new year for your business shouldn’t be shrouded in the darkness that can be a looming BAS. But how can you be certain that your business is prepared? A business activity statement (BAS) is a government form that all […]

    Cash Flow Checks for Businesses Are Best Done As Soon As Possible After the stress of the holiday period and related cashflow issues, there are more times throughout the year that these issues can become a recurring problem that you must get on top of. Small businesses with cash flow problems put themselves […]

Common Mistakes Often Made by SMSF Trustees That You Can Avoid Being involved in an SMSF puts certain responsibilities in trustees’ hands, and where you overlook key details or find you’re reported to the ATO for failing to fulfill responsibilities you risk incurring financial, civil, or criminal penalties. As SMSFs often involve multiple members, the […]