Federal Budget Highlights – March 2022

overview Treasurer Josh Frydenberg delivered his fourth budget on Tuesday night.  There was a focus on easing cost of living pressures, employment growth, enhancing productivity, upskilling and reskilling, mental health and women’s safety, infrastructure spending, inflationary pressures and managing a budget deficit, all whilst keeping a firm eye on defence. However many economists are saying the Government is walking … Continued

Tech corner – Introducing: E-Invoicing

What is e-invoicing? E-invoicing allows businesses to electronically exchange invoices between accounting software, without the need for manual data entry. This will mean if you are working with a supplier using E-invoicing, their invoice will automatically appear in your Accounting software.  In Xero it will come in as a Draft Bill, allowing you to still apply … Continued

Director ID’s – How to avoid a $1.1 million fine!

Ok, ok, we realise that all sounds a bit dramatic however we were shocked to learn that this is the penalty for Directors who don’t comply with the new Director ID rules set to come in later this year. Here’s the facts: ALL Directors must have a Director ID by 30/11/2022 Applications open 1/11/2021 New … Continued

Superannuation choice rules will change from 1 November

You’ll have an extra step to take if you have new employees starting after 1 November 2021 and they don’t provide you details of their chosen superannuation fund. You will now need to request their ‘stapled super fund’ details from the ATO. A stapled superannuation fund is an existing superannuation account of an employee that … Continued

Mandatory Director ID numbers are coming

As part of the Federal Government’s digitalisation strategy, all Directors will be required to acquire a Director Identification Number (DIN) by 30/11/2022.    To obtain a Director ID you will need to verify your identity by supplying a number of official identity documents.  Your Director ID will stay with you for your lifetime, similar to a TFN.  The intent of the new rules is … Continued

SUPER NEWS – New legislation passed the Senate

SMSF – limit of number of members increased from 4 to 6  This week saw the long awaited Bill passed through the senate giving the green light for SMSF’s to increase their member numbers from 4 to 6. Here’s our brief overview and the pro’s and con’s of this change: It’s important to think carefully before family members decide to pool their super resources together in … Continued

Does your business pay wages?

If you answered yes, you should complete a wage reconciliation at the end of each financial year.  It is important this is done prior to lodging your Single Touch Payroll (STP) finalisation with the ATO (or issuing your employee PAYG Payment Summaries if you have not yet opted into STP) Why is a Wage Reconciliation Important?   A wage reconciliation confirms that the figures you’ve reported to the ATO, via your … Continued

Budget 2021-22 highlight reel

Business  Temporary Full Expensing of Asset Purchases  All businesses can claim a full deduction for the cost of any NEW assets purchased prior to 30 June 2023.  For businesses with aggregated turnover of less than $50 million this also applies to second-hand assets.  The deduction is available for the year the asset is installed / … Continued

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New Small Business Grants for Queensland

The Queensland Government has announced three new small business grants programs worth $25 million over two years.   * Business Basics grants of up to $5,000 each support new and emerging businesses to increase core capabilities and adopt current best practice. Applications to open on May 31, 2021.   * Business Boost grants of up … Continued

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