This is the category for small business tips/articles
The Fair Work Commission has announced its annual wage review decision for 2023. The decision will affect the minimum wages of millions of workers across Australia. Here are some of the key points you need to know: The National Minimum Wage will increase from $21.38 per hour to $23.22 per hour. This is the largest […]
A tax break for millions of Australians will expire this year. The treasurer has confirmed that the tax offset, otherwise known as the Low and Middle Income Earner Tax Offset (LMITO), will not be extended beyond 30 June 2022 and will end in line with the former government’s decision to wind down the relief measure. The […]
Small Business Superannuation Clearing House (SBSCH) – Key Dates As we approach the end of the year, the ATO Small Business Superannuation Clearing House (SBSCH) will close from the 23rd December 2022 and re open 3 January 2023. Key dates you need to be aware of are as follows: 5:30 pm AEDT on 14 December […]
Your guide to tax time 2022 The Australian Taxation Office has published a new small business tax time toolkit for 2022 to help you throughout the year and during tax times. This toolkit includes links to useful information, tools, calculators, learning resources and other support and services. The guide to tax time 2022 is where […]
If you pay contractors mainly for their labour, they are employees for superannuation guarantee (SG) purposes. You may need to pay super to a fund for them. It doesn’t matter if the contractor has an Australian Business Number (ABN). For instance, you should make super contributions for contractors if you pay them: under a verbal […]
Super Changes – As the new financial year approaches, there are changes to who is eligible for super and how much you need to pay. From 1 July 2022, employees can be eligible for super guarantee (SG), regardless of how much they earn. This is because the $450 per month eligibility threshold for when SG is […]
From November 2021, company directors in Australia will need to begin applying for a director identification (ID) number. This is a unique identifier given by the Australian Business Registry Services (ABRS) A director ID is a unique identifier that a director will apply for once and keep forever – which will help prevent the use […]
Finding The Right Partner For Business Is As Serious As A Marriage – And Just As Complicated Making decisions as the owner of a business can be a world of difficult choices, but none so much as deciding that your business requires a partner. It’s a critical, strategic decision for the business that you won’t […]
When Does A CGT Concession Or Exemption Apply To Your Small Business? Small businesses are facing a set of challenges once again that can make fulfilling tax obligations seem like a daunting task. However, as a small business, capital gains tax concessions on assets used to conduct your business may be of interest to you. […]
2021 Lockdown-impacted Business Support Grant Your business may be eligible for financial support through the 2021 COVID-19 Business Support Grants. $5,000 grants will be made available to small and medium businesses across Queensland affected by the COVID-19 lockdown that commenced on Saturday 31 July 2021 and lockdowns in other states. The Queensland Government recognises the short interval between […]
