The Treasurer handed down the 2022-23 federal budget on Tuesday 29 March 2022. In our view, the budget contained no major changes to the tax system. A significant portion of the budget content on the Federal Government Budget website is dedicated to recapping previous budget measures and funding announcements that have already been legislated. Below […]
Single Touch Payroll (STP) works by sending tax and super information from your STP-enabled payroll or accounting solution to the ATO as you run your payroll. In the 2019–20 Budget, the Australian Government announced that STP would be expanded to include additional information. The expansion of STP, also known as STP Phase 2 (STP2), will […]
Director IDs The Australian government has introduced a new requirement for directors of companies registered with the Australian Securities and Investments Commission (ASIC) to obtain a director identification number (director ID). A director ID is a unique identifier that individuals will keep forever. The introduction of director IDs will help the relevant government agencies to: […]
Super Guarantee – Employee Stapled Super Funds Employers will soon be required to undertake an extra step in the super guarantee (SG) process if new employees have not provided them with their super membership details. Currently, employers must pay SG contributions to their employer-nominated fund (default fund) by the due date where employees have not […]
Queensland $5,000 Business Basics Grant Applications for the Queensland Government’s Business Basics Grant will open Monday 31 May 2021. This $5,000 grant is designed to assist new and emerging businesses to increase core capabilities and adopt current best practice. Funded Activities The grant can be put towards the following activities: Training and coaching Business development, marketing, […]
Treasurer Josh Frydenberg handed down the 2021-22 federal budget at 7.30pm on Tuesday 11 May 2021. The focus of the budget was on ensuring Australia’s economic recovery, with a focus on job creation, guaranteeing essential services and building a more resilient and secure Australia. Most of the announcements were around tax cuts and large funding […]
The Queensland government has announced another $25 million in grants for small business as part of its ‘Queensland Small Business Month’. The new grants are aimed at assisting more businesses to recover from the COVID-19 pandemic and pursue opportunities to grow and employ more people in the state. The three (3) new grants that have […]
Paying superannuation for your workers is an important part of being an employer. Currently, employers must pay a minimum 9.5% on ordinary time earnings (OTE) to an approved superannuation fund – this is called the ‘superannuation guarantee’ (SG). Payments Subject to SG OTE is usually the amount your employee earns for their ordinary hours of […]
The JobMaker Hiring Credit scheme is an incentive for businesses to employ additional young job seekers aged 16–35 years who were previously receiving financial assistance from the government. The aim of the JobMaker Hiring Credit scheme is to subsidise an increase in your number of employees, not reduce the cost of replacing existing employees. As an […]
By comparison to many countries, Australia has managed the COVID-19 pandemic well, but good management isn’t enough to protect us from the $213.7 billion deficit in 2020-21. The Government has taken to heart the old adage, “You have to spend money to make money” to trade our way out of a black hole. Some of […]
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