1 July 2000 was the day the Goods and Services Tax (GST) was introduced to all Australians. This presented confusion to consumers, business owners and accountants alike with an endless list of GST dos and don’ts. In a nutshell, GST is a tax we pay via the items that we buy. As a simple example, […]
Goods and Services Tax (GST) Explained Read More »
Single Touch Payroll Phase 2 is on its way and this article covers off everything you need to know and what you need to do to get your business up and running. STP Phase 2 expands on the mandatory reporting requirements to the ATO, providing specific additional employee details to the ATO and other government
How to update to STP Phase 2 Read More »
The new financial year has arrived. Let’s take a quick look at some of the important dates and updates from 1 July 2022. 1 July 2022 Changes to Superannuation The Superannuation Guarantee rate is increasing to 10.5%. This rate applies for any payments that fall on or after 1 July, even if it was earnt
Important dates and updates from 1 July 2022 Read More »
Two important changes to superannuation will apply from 1 July 2022. As a business owner, it is important that you understand what these are, what they mean for your business and what actions you need to take. Super Guarantee rate will increase from 10% to 10.5% As a business owner, you usually need to pay
Two important changes to superannuation from 1 July 2022 Read More »
With the end of financial year only a month away, it is time to get your tax affairs in order and be aware of what opportunities may be available to maximise your tax deductions for the 2021-22 financial year. In this article, we highlight some of our top tax tips for businesses and individuals to
Top tax tips for businesses and individuals to prepare for your 2022 tax return Read More »
With the introduction this month of the compulsory Director ID Number (DIN), it is timely to take a closer look at what is illegal phoenixing, a practice that the DIN aims to target. Illegal phoenixing involves company directors transferring assets of an existing company to a new company, leaving the old company with the existing
What is illegal phoenixing? Read More »
If your business has employees, then paying superannuation on time is undoubtedly a topic you know much about. The government’s superannuation guarantee requires employers to pay a superannuation contribution equal to 10% (2021/2022) of an employee’s ordinary time earnings if an employee is paid $450 or more before tax in a month. If you use
The importance of paying superannuation on time Read More »
From 1 November 2021, there will be a key change to employer obligations for employee superannuation when setting up a new employee’s super fund. If a new employee doesn’t specify a super fund, there will be an extra step to ensure they comply with government requirements. What is the change? If a new employee does not specify
Super stapling: Key change to employer obligations for employee superannuation Read More »
If you’re like many small business owners, you’re probably astounded by how the world has changed in a very short time. While we can all hope that the pandemic is a once-in-our-lifetime scenario, the truth is there is a lot in life and business that is uncertain, and there are many important business lessons to
Three important business lessons to be learned from COVID-19 Read More »
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