This is the category for small business tips/articles
Superannuation payment rules for employers explains the requirement for you to pay Superannuation benefits to your employees and the rules around the payments. Do I need to pay superannuation? Generally, an employer must pay super for an employee if: The employee is 18 years or over, and You pay them $450 or more (before tax) […]
As the festive season fast approaches it is time to start thinking about Staff Christmas Parties and Gifts. For most business owners, it also means it’s time to start thinking about saying thanks to your employees for another year of hard work. But it’s important to be aware of the tax implications of any gifts and […]
Understanding Fringe benefits tax (FBT) Fringe benefits tax (FBT) is a ‘payment’ to an employee, but in a different form to salary or wages. For FBT purposes, an employee includes a: current, future or past employee director of a company beneficiary of a trust who works in the business. Examples of fringe benefits include: allowing […]
End of repayment holidays, what to expect if you’re one of the many Australians that has taken up loan payment deferrals for their homes or businesses. Beware as the repayment holiday for most financial institutions is due to end in September. According to APRA data, 11% of housing loans were deferred and 17% of small […]
New rules for the extension of the JobKeeper Payment (JobKeeper 2.0) Job Keeper changes – a detailed overview to give you the up to date information and changes. On 21 July 2020, the Government announced that the JobKeeper Payment (‘JKP’) would be extended by a further six months to 28 March 2021 on a scaled-back […]
Luxury Car limit for Depreciation is something to consider when you purchase your next vehicle. There is a limit on the cost you can use to work out the Luxury Car limit for Depreciation of cars and station wagons, including four-wheel drives. The maximum value you can use for calculating your claim is the car […]
CHANGES TO JOB KEEPER LAWS JobKeeper 2.0, Sick Leave Decision Reversed, Protect yourself from Casual Double Dipping Claims All Employers The current rules enabling an employer who has qualified under the JobKeeper Scheme to request that an employee take some of their annual leave will cease to operate from 28 September 2020. Employers that qualify […]
Working from home — the new normal Do home office expense claims affect the main residence exemption? Due to the COVID-19 public health crisis, many taxpayers commenced working from home for the first time during 2020. Deductions for ‘home office expenses’ may be available under s. 8-1 and Div 40 of the ITAA 1997 (general deductions and depreciation respectively). […]
Your Post-Covid Business Repair Kit With June 30 behind us and the economy slowly re-opening, most business owners are thinking about the challenge of repairing and rebuilding their finances after the COVID-19 lockdown. Your Post-Covid Business Repair Kit below will give some general information and tips on how to rebuild your business finances. Over the […]
5 Money management tips for Sole Traders No matter what line of work you’re in, if you’re a sole trader then managing your money is key to your success. Here are some tips on how to up your game. When you’re self-employed or doing contract work as a freelancer, the flow of income is rarely […]
