Are you ready for July 1 changes to Super?

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 [...]

2022-05-12T17:21:46+10:00May 12th, 2022|Payroll|

SMSF MATTERS: An equal investment of money and effort

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 [...]

2022-05-12T15:44:56+10:00May 5th, 2022|SMSF|

TAX MATTERS: A re-address of family trust distributions

The ATO has released draft guidance on family trust distributions, where they perceive a tax benefit arises under a ‘reimbursement arrangement’.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 [...]

2022-05-12T15:50:29+10:00May 5th, 2022|Tax Insights|

Have you hired an employee or a contractor?

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. [...]

2022-05-12T15:53:05+10:00May 4th, 2022|Business Update|

SME MATTERS: A boost for tackling skills shortages

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 [...]

2022-05-12T15:56:57+10:00May 4th, 2022|Business Update|
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