20/1/2022

Harsh penalties may be imposed on employers by the ATO for failure to meet their quarterly superannuation guarantee (SG) obligations on time. You can only claim a tax deduction for super guarantee payments you make for employees in the financial year if it’s paid on time, regardless of whether your accounts are reported on a…

21/9/2021

Our latest TaxWise Business newsletter is now available. Topics include; • Summary of State and Territory 2021 COVID-19 financial support measures available to businesses • Do you need to pay tax on COVID-19 financial support payments that you receive? • It’s tax time again! • What were some of the more significant 2020–21 tax changes for…

15/9/2021

AFR - Wednesday, 15 Sep 2021 - Page 24 Michael Jiang’s grocery business has been given a boost by a federal government-backed scheme enabling cheaper loans to expand operations, including buying commercial property. Strategy Government-backed funding for pandemic relief can ease retirement plans, writes Duncan Hughes. Michael Jiang’s grocery business has been given a boost…

9/9/2021

Not so long ago it was commonplace for Self-Managed Superannuation Funds (SMSF) trustees to revalue their property assets every 3 years. This was simply long-standing industry practice, assuming the property values don’t change quickly and therefore getting a new valuation every 3 years was appropriate. Even then there was no specific rule stipulating that valuations…

5/7/2021

There are few changes to the way employees and areas relating to your employees, that as a business owner, need to be across this new financial year. Minimum Wage Increase - 1 July 2021 The national minimum wage increased on 1 July by 2.5% to $20.33 per hour (or $772.60 per week). The minimum wage…

29/6/2021

Having a self-managed superannuation fund (SMSF) gives you control and flexibility over how you make investments and prepare for retirement. It’s important to get your deductions and record keeping correct for the SMSF audit process and the tax return, as there are strict laws governing SMSFs. An SMSF must be set up as a trust…

7/6/2021

Recent changes to super are coming into effect, which will impact your business and employees. Super Guarantee Contributions From 1 July 2021, the amount of Superannuation Guarantee Contributions (SGC) that employers have to pay on their employees' wages is increasing from 9.5% to 10%. As an employer, you will need to ensure that your payroll…

5/3/2021

Article taken from AFR March 4 2021 Depending on your age and how much you’ve already got in retirement savings, after July 1 the new pre-tax cap will be $27,500 and the after-tax cap $110,000. From July 1 this year, you may be able to boost your superannuation savings and have more for retirement because…

4/11/2020

AFR - Wednesday, 4 Nov 2020 - Page 24 There’s been a lot of talk in recent years about the ‘‘ SKI’ ’ phenomenon (spending the kids’ inheritance) but there are many Australians who want to help their children financially – either now or in the future – passing on the wealth they built in…

2/11/2020

Our latest TaxWise Business newsletter is now available. Topics covered include; Budget measures now law, JobKeeper updates, what has the ATO been up to? tax tips, ABN details, business structures, superannuation and key tax dates. PrincipleFocus-TaxWise-Business-News-November-2020Download