7 Oct, 2022

Affordable Childcare Measures Coming Soon

To fulfil its election promise, the government has recently introduced a Bill to make early childhood education and childcare more affordable through changes to the level of the Child Care…

16 Sep, 2022

Overview of Record-Keeping

You are legally required to keep records of all transactions relating to your tax and superannuation affairs as you start, run, sell, change or close your business, specifically: any documents…

4 Sep, 2022

Electric cars to be exempt from FBT

During the 2022 election campaign, Labor announced its Electric Car Discount policy in order to make electric cars cheaper and increase uptake. As a part of the policy, Labor proposed to…

26 Aug, 2022

Bonus Deduction for Employee Training Proposal

As a part of its strategy to address the current skills shortage as well as to future-proof Australia’s workforce by building better trained and more productive workers, the government has proposed…

18 Aug, 2022

TPAR – due soon

Businesses that have made payments to contractors for certain services in the 2021-22 income year are required to lodge a Taxable Payments Annual Report (TPAR) by 28 August 2022. This includes…

6 Aug, 2022

Super Pension Drawdown Reduction Extended

The temporary 50% reduction in minimum annual payment amounts for superannuation pensions and annuities has been extended by a further year to 30 June 2023. This temporary measure was first introduced…

27 Jul, 2022

Personal Super Deductions

If you are considering making a personal contribution to your super and would like to claim a deduction on the contributions made, it is important to remember to give the…

12 Jul, 2022

SMSF Covid Relief measures have now ceased

Trustees of SMSFs should be aware that COVID relief measures that were previously in place have now ended. The relief measures applied for the 2019-20, 2020-21 and 2021-22 years but expired…

12 Jun, 2022

Work test scrapped for super contributions: under 75s

Individuals aged between 67 and 75 will be able to make non-concessional and salary sacrificed contributions without the need to pass the work test or satisfy the work test exemption…

6 Jun, 2022

Get ready for changes to super guarantee

From 1 July 2022, two important super guarantee (SG) changes will apply to your business. These are:- the rate of SG is increasing from 10% to 10.5%; and the $450…