EOFY 2023 – Individuals
Read about our 2023 EOY tax tips for individuals here.
EOFY 2023 – Tax Planning
Read about our 2023 EOY tax planning tips here.
2023 Victorian State Budget
Victoria’s state budget was handed down recently, and it will come as no surprise that it contains tax increases, spending cuts, and job losses – all signs of a poorly managed business (or Government department in this case). We go through the important bits here.
2023 Federal Budget
For the first time in 15 years, a surplus will be delivered by the Federal Government – thanks to a windfall in tax revenue from the mining and commodity sector. We go through all the relevant tax changes here.
STP v2 & Increased ATO Audits
If you employ staff, you need to ensure that you are complying with “version 2” of Single Touch Payroll (STP v2). This will involve updating the settings in your payroll software. With the ATO now getting huge amounts of payroll data – we expect there will be a large increase in audit activity around superannuation payments – so the payment of your employees superannuation by the due date should be your highest priority to avoid penalties.
ATO Crackdown on Contractors and Superannuation
If you engage contractors, DO NOT IGNORE THIS POST. The ATO are keen to ensure all contractors that should be getting paid superannuation, are getting superannuation, and you may be up for claims going back to 1992.
If you engage contractors, you should at the very least do a review of your current contractors and see if you are liable for super on those.