Employee Super Increase to 10.5%

From 1 July 2022, two important super guarantee changes will apply to your business. Whats’ changed The rate of Super Guarantee is increasing from 10% to 10.5%The $450 per month eligibility threshold for when Super must be paid is being removed. What this means for you These changes mean that from 1 July 2022 you’ll need to make Super contributions …

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What’s on the Tax Office Radar

Australian Taxation Office Focus The ATO has announced its 4 key focus areas for Tax Time 2022 Record-keeping; Work-related expenses; Rental property income and deductions; and Capital gains from crypto assets, property, and shares. The ATO says that these priority areas will be scrutinised for correct reporting of deductions and income in 2022. The “golden” rules for taxpayers you must …

Budget Highlights for Business Owners

Technology Investment Boost $1.0 billion for a new Technology Investment Boost to encourage small businesses to go digital. Small businesses with annual turnover less than $50 million will be able to deduct a bonus 20% of the cost of expenses and depreciating assets that support digital uptake. This includes; portable payment devices, cyber security systems and subscriptions to cloud-based services. The boost …

Income Tax, BAS & Super Due Dates

Keeping on top of due dates can help you keep your business running smoothly. Take note of the most important financial dates for 2022 to plan for the year ahead and avoid any unnecessary penalties. End of Financial Year (EOFY) The end of the financial year is an important time for your small business. The last day of the financial …

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COVID-19 Business Support Grants QLD

The COVID-19 Business Support Grant provides Queensland businesses with funding to help them survive and recover from August 2021 lockdowns. Closing date: 16 Nov 2021.  What can small businesses get? Initial funding of $5,000 plus a one-off top up payment of $5,000 making a total of $10,000  What are the eligibility criteria? To be eligible, you must: 1. Employ staff (employees …

Single Touch Payroll - Times Up

Single Touch Payroll – Time’s Up

As a small business owner, you’ve likely heard about Single Touch Payroll (STP) by now. For nearly two and a half years, the ATO initiative has helped Australia’s small businesses digitally report payroll, including salaries, wages, PAYG withholding tax and superannuation information. Most employers are already using STP however, with the ATO rolling the initiative out in stages, some businesses …

Employee Super is Now 10%

Attention Employers: The Superannuation Guarantee rate increased from 9.5% to 10% on 1 July 2021. It is scheduled to increase to 12% by 2025. If you are a Small Business Owner that needs help with your Payroll, PAYGW Tax and Super obligations, Beck Partners can help you. Find Out More Find out more about Beck Partners , Who We Are and What We Do at our …

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Minimum wage increase 1 July 2021

The Fair Work Ombudsman is reminding employers that the national minimum wage has increased to $20.33 per hour or $772.60 per week (up from $19.84 and $753.80). Employees covered by awards will also have base rates increased by 2.5%, however, these increases to award wages begin on different dates for different groups of awards. Find Out More Find out more about Beck Partners , Who …

Tax Deductions for Small Business

Business expenses you can claim as a tax deduction You can claim most of the expenses involved in running your business as a tax deduction Just make sure: They relate directly to earning your income The expense was for your business, not for private use If the expense is for a mix of business and private use, you only claim …