The amount employers pay and employees may additionally contribute to superannuation balances changes on July 1, 2022. Now is a good time to talk with your team, check their agreements and prepare your payroll systems. Recap Generally, superannuation contributions must be paid for: an employee aged 18 or over who earns $450 or more [...]
The G20 asked the OECD to develop the Crypto-Asset Reporting Framework (CARF) for the automatic exchange of information on crypto-assets with the intention to preserve international tax transparency initiatives. A public consultation process is underway, with policy-makers asked to consider the possible adoption of the new framework and its related design components. Key Points [...]
It’s getting closer to the time that FBT returns need to be lodged, so it’s important to understand that there may be a change to the FBT liability of your business when it comes to one employee benefit. FBT applies to parking provided by employers to their employees where there is alternative parking available [...]
One of the benefits of establishing or opting for a SMSF is the control given over where the money is invested. It also comes with specific administrative responsibilities to keep you and your fund compliant and protected. A SMSF undoubtedly requires an ‘attention to detail’ approach. It is important to create and follow an [...]
While it is a great outcome to keep as much of your money in your super as is possible, you do need to be conscious that at some point, the remaining balance may be passed onto the next generation, potentially as a part of their inheritance, with a tax liability. When this money does [...]
The ATO has released draft guidance on family trust distributions, where they perceive a tax benefit arises under a ‘reimbursement arrangement’. Essentially, the documentation sets out ATO’s ‘preliminary but considered’ views where they perceive a tax benefit arises under a ‘reimbursement arrangement’. If the guidance becomes the new approach, it will greatly impact how [...]
Hiring an independent contractor may seem like a simpler method than hiring a full-time or part-time employee for a business. Or is it? This is because there is a general assumption that, if hiring an independent contractor, they will not be responsible for PAYG withholding, superannuation guarantee payments, payroll tax and workers' compensation obligations. [...]
While some people enjoy the thrill of the start-up business or creating their own from scratch, others may decide that buying a business is the right avenue for them. Choosing the right business to buy however is one of the most important decisions you might make in your life. Is it in the industry [...]
Have you been thinking about hiring an apprentice for your business? Looking to upskill your employees? Thinking about the ways that you could improve your business’s capabilities? The recent Federal Budget 2022-23 announcements committed support to mitigate the long-standing impacts of the pandemic on businesses and their workforces. If skill shortages, a lack of [...]
Small businesses will be able to deduct an additional 20 per cent of the cost incurred on business expenses and depreciating assets that support their digital adoption. If you have most recently made investments in digital adoption or plan to before end of 22/23 FY, you may be eligible. Key Takeaways Eligible expenditures may [...]