EOY 2021 – Important Changes & Tax Tips for Individuals
Individuals always go through the most amount of changes when it comes to tax Law and associated rules. Many of these are subtle (such as minor changes to rates and thresholds), and some that are really important to know get lost in the “noise”. This article will highlight some of the important recent changes, but […]
“Wage Theft” Is Now A Crime
Action Points Employers should review their payroll to ensure: The correct award is being applied to staff; The correct classification within the award is being applied to staff; The minimum pay rates are being met; All entitlements and being paid and provided; and Your payroll software is setup to handle this. Key Links We highly […]
Financial Support During Vic Lockdown v4
Action Points Both the Federal Government and the Victorian Government have released details of their support packages for businesses and employees effected by the recent lockdown. To access support, you need to manually apply – find out more here. Key Links We highly recommend you have a read of: https://business.vic.gov.au/grants-and-programs https://business.vic.gov.au/grants-and-programs/circuit-breaker-business-support-package https://www.pm.gov.au/media/temporary-australian-government-assistance-workers MORE DETAILS TO […]
Important SMSF Changes for 2021/22
In the past 12 to 18 months, there have been some important changes to the rules surrounding self managed superannuation funds that you should be aware of, namely: Changes to rules about who can audit your super fund An increase to various superannuation caps An increase to the minimum pension amounts Non arms length expenses […]
Federal Budget 2021
BUDGET SUMMARY The Government has been clear: the way out of our budget crisis is to create jobs and grow the economy, and the Government has used this to include a focus on women – no doubt politically driven to restore confidence after recent issues. There is no doubt our budget needs repair, and focusing […]
Single Touch Payroll is Mandatory (even if you are your only employee)
Action Points All wages must be reported via Single Touch Payroll from 1 July 2021 – and this includes payments to owners. If you do not have payroll software, now is the time to get it organised. If you draw money out of your business, and have not spoken to your accountant about STP, then […]