Australian residents pay income tax on all forms of income, after a tax-free threshold of $18,200. Tax is calculated at four different rates according to how much income you earn each year, and the tax rate increases the more you make. The highest tax bracket applies to those with a taxable income of more than […]
What does that mean for me? Fuel tax credit rates increased on 1 February 2022 in line with fuel excise indexation, so don’t forget to use the new rates when you calculate your claims on your next BAS. To see a summary of the new rates click here. If you are claiming less than $10,000 […]
Don’t let the relaxed summer vibe make you forget your obligations! We can help you plan for your business lodgement and payment deadlines in the first months of 2022. Talk to us about getting organised for your upcoming due dates. Don’t let the relaxed summer holiday feeling distract you from your business lodgment responsibilities! Lodgment […]
It’s probably been a while since you made New Year’s resolutions. For many businesses, the challenges of the last couple of years have been enough to keep us busy, so we are not in a hurry to add more objectives to the list. But the new year is a new beginning and we hope it […]
It’s always a good idea to think about your retirement. Many people in Australia use a Super Fund to manage their retirement savings. But some people opt to do something a little different, and set up a self-managed super fund (SMSF). What is an SMSF? At a basic level, setting up an SMSF means creating […]
All employers have to report payments made to employees and closely held payees to the ATO using Single Touch Payroll reporting from July 2021. Single Touch Payroll (STP) Phase 2 was initially planned for 1 July 2021 to align with the mandatory reporting for all employers, but it has been postponed to 1 January 2022. […]
Are your staff asking to cash out annual leave? There are some important rules to remember before paying out annual leave. Firstly, you must review the employee’s modern award to check that cashing out leave is explicitly allowed. Most awards do allow for excess annual leave to be paid out, and we give you the […]
Christmas is a great time to acknowledge and reward your employees and other associates by celebrating and giving gifts. But don’t get caught out by entertainment rules! Claiming entertainment and gifts as business expenses is not always straight-forward, as there are implications for GST, income tax and fringe benefits tax (FBT). Is it Entertainment? Entertainment […]
Projecting your cashflow pipeline forwards during a crisis is vital. To be able to navigate the future path of your cashflow, you need to start forecasting – so you can map out your financial position over the coming months and can take the appropriate action to safeguard your cash position. Plus, when you have access […]
A capital gain (or loss) occurs when an asset is sold. The difference between the purchase price and the sale price is the gain or loss. Capital gains tax (CGT) applies to money you have made from selling an eligible asset. Capital gains tax events occur when an asset is sold, or other triggers arise, […]