Self-Managed Super Fund: What you Need to Know.
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 […]
Superannuation Eligibility Change: How will it Impact You?
In addition to planning for the expected statutory super rate rise to 10.5%, some employers need to prepare for a significant changes regarding superannuation eligibility from July 2022. Removal of the $450 Monthly Earnings Threshold The $450 per month superannuation eligibility threshold has been removed for most workers. This means employers will need to pay […]
Superannuation Guarantee Rate Rises to 10.5%
The superannuation guarantee statutory rate has remained at 9.5% since July 2014. However, plans have been in place for some years now to incrementally increase the rate to 12%. In July 2022, the rate will rise to 10.5%. From then on, the rate will increase by 0.5% each year until July 2025. At that time […]
Offering Salary Incentives to Staff
Are you thinking about offering incentives to staff in the form of salary packages? Sometimes the terms ‘salary sacrifice’ and ‘salary packaging’ are used interchangeably, but there are differences between the two. A salary sacrifice is when the employee chooses to forgo an amount of future earnings before tax for other benefits paid by the […]
Supplier ABNs: Do You Check Them?
Are you in the habit of checking your suppliers’ Australian Business Numbers (ABNs)? When you make business purchases, you should receive a valid tax invoice from the supplier. The invoice should prove that your purchase is a business expense. The ABN holds certain information, including contact details, business structure and GST registration. Many business owners […]
High inflation: What does it mean for your business?
High inflation has hit businesses and households hard in these past few years. Across the world, inflation is running high, thanks to factors like pandemic disruptions, monetary stimulus, and supply-chain issues. You’ll see the effects of inflation at the supermarket and the fuel pump – and in your business. Eroding your buying power Inflation increases […]
New Family Trust Tax Rules – Will it Impact You?
If your trust pays adult-child beneficiaries, then you’ll need to know how the new ATO tax guidance rules could alter your beneficiary arrangements. The proposed changes won’t affect every small business operating through a trust arrangement. But it’s important to check that existing provisions meet the new requirements. The ATO has released several related documents as a […]
Looking After Your Well-being and Resilience
When you’re busy with work, it can be easy to overlook your own well-being and resilience to retain mental health. Stress can seriously affect your ability to function. You can’t consistently make good decisions and lead your team if you’re under a weight of pressure or struggling with poor mental or physical health. So let’s […]
Your ABN: Is it Still Active?
Is your ABN still active? The ATO has brought in an automated cancellation notification service for potentially inactive Australian Business Numbers (ABNs). Suppose you haven’t had any business activity or are behind in getting your activity statements lodged. In that case, the ATO will review your ABN. Then they will send a message asking you […]
FBT Return – To Lodge or not to Lodge?
What is Fringe Benefit Tax (FBT)? Fringe benefits tax (FBT) is completely separate from income tax. It is paid on certain benefits provided to employees or their associates (generally family members), including directors or beneficiaries of a trust, working in the business. Examples of fringe benefits include: Similarly to any other tax returns, you as a business […]