business accounting

Arabon Accountants national minimum wage increase

Fair Work Commission announces 5.2% national minimum wage increase

The national minimum wage will increase to $812.60 per week, or $21.38 per hour, after a decision by the Fair Work Commission exceeds the government’s suggested 5.1% increase. The Commission decided to increase modern award minimum wages by 4.6% subject to a minimum increase for adult award classifications of $40 per week (full-time). The increase …

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Arabon Accountants changes to superannuation

Two important changes to superannuation from 1 July 2022

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 …

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Arabon Accountants top tips for tax time 2022

Top tax tips for businesses and individuals to prepare for your 2022 tax return

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 …

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Arabon Accountants director penalty notice

Director Penalty Notices: what are they and what happens if you receive one?

While the ATO put most overdue tax collection on hold during the COVID-19 pandemic, it has recently recommenced some debt collection activity. This includes the issuing of Director Penalty Notices (DPN).  This article explores Director Penalty Notices and what happens if you receive one. Directors become personally liable for a penalty equal to the value …

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Arabon Accountants pay superannuation on time

The importance of paying superannuation on time

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 …

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Arabon Accountants change to employee super

Super stapling: Key change to employer obligations for employee superannuation

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 …

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Arabon Accountants three important business lessons

Three important business lessons to be learned from COVID-19

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 …

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Arabon Accountants tax changes 1 July 2021

Tax changes and updates from 1 July 2021

The new financial year has arrived and so has several updates to the tax system and new policies impacting superannuation, healthcare, wages and tax rates.  Here’s what you need to know post 1 July 2021. Superannuation payments to increase Working Australians will receive a 0.5% boost to their superannuation fund.  Legislation requires superannuation contributions to …

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Trust Distribution Minutes and Dividend Statements: what you need to know before June 30

It’s almost 30 June.  Have you done your trust distribution minute and/or intend to pay your beneficiaries a dividend?  If you have a discretionary trust, then 30 June is an important date for you. The purpose of a trust is to separate the legal and beneficial ownership of assets. The legal ownership of the asset …

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