This is the category for general tips/articles
How much Super do you need to retire? The amount of super you’ll need when you retire depends on: your big costs in retirement, and the lifestyle you want Most people can now expect to live well into their eighties. This means that if you stop working at 65, you’ll need retirement income for 20 […]
Small employers with only closely held payees have until 1-July-21 to start Single Touch Payroll (STP) reporting. You can start earlier if your business is ready. You or your agent has either advised us that you only have closely held payees or you currently receive a lodgment concession for the pay as you go (PAYG) […]
2020-2021 Budget showing that Australians have experienced a year like no other. The COVID-19 pandemic has had a profound impact on Australia’s health system, community and economy, as it has all around the world. The Government has acted quickly and decisively to address the consequences of COVID-19. As a result, Australia has achieved some of […]
Tax Cuts – Change to withholding amounts for employees have been announced by the Australian Government. Personal income tax cuts introduced to apply from 1 July 2020. Updated tax tables are now available for you to reflect the tax cuts in employee’s take-home pay. You must make sure you are withholding the correct amount from […]
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 […]
Understanding Your HECS-HELP Debt What is a HECS Debt? A HECS debt has two components – it is both a loan and a student discount. For example, if you are an eligible student, the Australian Government (through the HECS-HELP scheme) will pay your course fees for you. The Australian government pays the amount of the […]
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 […]
