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Superannuation is Due for the September 2023 quarter

This is just a reminder, for anyone that has employees, that the Superannuation for the September 2023 quarter is due! It is a legal requirement to pay super for eligible employees, so please read the information below on requirements and due dates. Please see due dates for superannuation below: If you are processing superannuation…

Working From Home – how to log your hours for the 2024 Year

The Australian Taxation Office have changed the way taxpayers claim deductions for costs incurred when working from home. Taxpayers can choose one of two methods to claim working from home deductions. The methods are: Actual Cost Method Fixed Rate Method While the “Actual Cost Method” hasn’t changed from previous years, the “Fixed Rate…

Small Business ATO Boost

The Australian Taxation Office has offered two new boosts this year for small businesses. The boosts are Small Business Technology Investment Boost & Small Business Skills and Training Boost. We have gathered some information below about these boosts, so feel free to have a read to determine if they apply to your business. Small…

Contribution Strategies prior to 30 June 2023

Trust Income Distributions 30 June 2023 is approaching fast! If you conduct your business or investments through a discretionary trust, you must make sure that you have a signed income distribution resolution for your trust prior to the stroke of midnight on 30 June. If you don’t, the resolution is ineffective for tax purposes with…

What You Need to Know About 2023 Fringe Benefits Tax

Fringe benefits tax (FBT) is tax paid by employers on certain benefits provided to their employees, or to their employees’ family or other associates. If you are an employer and have employees, you may need to lodge a Fringe Benefits Tax (FBT) return. The Fringe benefits tax year ends on 31 March 2023. …

Changes to working from home deductions 2022-23

Today we wanted to touch base on the Working From Home deductions you can claim on your tax return, as there have been some changes for the 2022-23 income year from 1 March 2023. There are two methods available to calculate working from home deductions – Fixed Rate & Actual Cost. While the…

Director ID requirements for all Directors of Companies

Are you a Director of a company? If so, then you are required to complete a Director ID by 30 November 2022! This is compulsory and needs to be completed by 30th of November 2022! ASIC have advised that hefty penalties will be applied if your Director ID is not completed in time. A Director…

Working from home business expenses including setting up your home office

Claiming “Working from Home” Expenses at Tax Time (2021-22)

Lately, we have been asked many questions relating to COVID-19 and how it will impact claimable deductions in the 2021-2022 Tax Year. The reality is that there are going to be some significant changes. Especially given many of you have incurred additional working from home expenses, that you wouldn’t typically experience in your normal working…

2022/23 Federal Budget & What It Means For You!

This week, the Australian Government have released the 2022/23 Federal Budget. Today, we would like to break it down for you so you can get a better understanding of what it means for you & your business. Increase to low and middle income tax offset (LMITO) Announced is a once-off $420 cost of living tax…

Single Touch Payroll Phase 2 employer reporting

Single Touch Payroll (STP) phase 2 is now the way an employer reports their employees superannuation and tax information to the ATO when you run your payroll. The information that will be submitted to the ATO includes gross pay, paid leave, allowances, PAYG withholding & super liability information. You’ll no longer have to send the…