From the 1st of February 2023, full-time, part-time and casual employees of non-small business employers* became eligible to access up to 10 days of paid family and domestic violence leave per year. The 10 days apply to all employees and are not pro-rated for part-time or casual employees, however, part-time and casual employees will only be paid for the hours they…
Thinking about buying a new car? Just in time for Christmas, the Federal Government has passed the Treasury Laws Amendment (Electric Car Discount) Act 2022, making no- and low-emission vehicles exempt from Fringe Benefits Tax (FBT) and a 5% import tariff. Ordinarily, Fringe Benefits Tax of 47% applies to cars provided through work for private use…
Did you know that it is a Death Benefit Nomination lodged with your superannuation or pension fund – and not a will – that can determine who receives your superannuation balance in the event of your death? It’s true, and since not all Death Benefit Nominations are the same we thought we would outline the differences…
If you became a company Director (or Secretary!) on or before the 31st of October 2021, you must apply for your Director ID by the 30th of November 2022. Failing to do so may result in ASIC charging you a significant penalty. More information, including a video showing you how to apply for your ID, is available here…
If you became a company Director on or before the 31st of October 2021, you must apply for your Director ID by the 30th of November 2022. Failing to do so may result in ASIC charging you a significant penalty. More information, including a video showing you how to apply for your ID, is available here on the…
With the end of the financial year fewer than two weeks away, NOW is the time to consider the ways you can manage your 2022 tax position. Imagine what you could do with money saved on tax: Reduce your home loan balance; Pay off debt; Top up your super fund; Go on a holiday; Make additional…
The ATO will be undertaking some scheduled maintenance on the Small Business Superannuation Clearing House between 11:30pm AEST on Saturday the 25th of June 2022 and 7:00am on Sunday the 26th of June 2022. If you’re looking to claim a tax deduction for superannuation payments made before the end of this financial year (Thursday the…
The WA Government-funded COVID-19 Business Relief Grants program has been expanded to offer more financial support than advertised previously. We recommend every WA business owner takes a look at the grant’s eligibility criteria and considers whether or not their business can apply. As always, if you need any help, please just let us know. The deadline to apply is 4:00pm AWST…
28th of April 2022: Superannuation Guarantee payments for the period 1st of January 2022 to the 31st of March 2022 must be made by this date otherwise Superannuation Guarantee Charges will apply and you’ll lose the opportunity to claim the expense as a tax deduction. 16th of May 2022: Any outstanding 30th June 2021 Income…
Before we get into today’s main topic – Budget 2022/23 – we wanted to note with you all that earlier this month we were in a Zoom call with over 5,500 other accountants and taxation specialists across Australia, working through some of the curlier aspects of the ATO’s recently proposed changes to family trust distributions.…