Start your year-end payroll, tax and employee leave planning now for peace of mind
Whether your business is gearing up for a rush or planning a shutdown as we come to the end of the year, the key is early planning for payroll, tax, super and staffing arrangements. Now’s a good time to map your pay cycles, check ATO obligations and line up...
Heading overseas? Centrelink and the ATO might need to know.
If you're planning an overseas holiday and currently receive Centrelink or other government payments, a little prep will help you enjoy your trip without payment surprises or tax headaches. Government payments Different government payments have their own rules about...
What’s the difference between the Medicare levy and the Medicare levy surcharge?
Many people getting their tax notice of assessment wonder why they see amounts for the Medicare levy and Medicare levy surcharge. Let’s break these down to help you understand who pays them and how private health insurance can affect your tax return. Medicare levy The...
Vouchers and GST in your business: what to report, when to report and how to stay compliant
As a business owner you're probably familiar with Australia’s goods and services tax (GST) and its implications on your operations. However, when it comes to vouchers, the GST rules can be a bit more complex. If your business sells or buys vouchers, it's essential to...
Sharing your super with your spouse: A new way to split your super balances
Sharing your super. Are you aware that you or your spouse may be able to split your collective superannuation balances evenly between you to increase the lower balance fairly? Here’s how! Thanks to the Tackling the Gender Super Gap Bill recently introduced into...
Are you eligible for an automatic franking credits refund?
If you're an investor receiving dividends from Australian companies, you might be entitled to a refund of franking credits – and the good news is that you might not even need to apply for it. If you don't need to lodge a tax return the ATO may automatically refund...
$20,000 Instant Asset Write-Off due for extension to 30 June 2026
Are you a small business owner planning to invest in new equipment or technology? The good news is that the government is planning to extend the $20,000 instant asset write-off by a further 12 months until 30 June 2026. This measure was announced by the Treasurer as...
Get your employees’ super right for the new financial year
It’s a new financial year. Make sure your employees’ pay and superannuation contributions are processed right, with a number of changes and rate adjustments coming into effect from 1 July 2024. As the new financial year begins, employers need to keep an eye on various...
Get ready for tax time 2024
As the ATO gears up for tax time 2024, it has flagged three primary areas where taxpayers frequently make mistakes. It has emphasised the importance of getting tax returns right the first time to avoid unnecessary complications from having to amend tax returns and...
Federal Budget 2024: Business Measures
Treasurer Jim Chalmers has handed down the 2024-25 Federal Budget with various tax-related measures concerning SMEs. On Tuesday 14 May 2024, Treasurer Jim Chalmers handed down the 2024-25 Federal Budget, his 3rd Budget. The major SME business tax-related measures...