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 …
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 …
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 …
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 …
Good News! – The small business Company Tax rate has reduced to 26% for the 2020/21 tax year. Beck Partners – Chartered Accountants are your Small Business Accounting and Tax Specialists on the Gold Coast. Contact us today for the practical advice and assistance you have been looking for. Find Out More Find out more about Beck Partners , Who We Are and What We …
Everyone wants to increase their tax refund (or reduce their tax payable). Beck Partners are here to help you to do this! Tax saving strategies generally involve you spending money on “something” which creates for you a tax deduction. The “something” you spend your money on could be an expense, an asset, or an investment related payment (like superannuation or …
“ Of course, I am minimising my tax. Anybody in this country who does not minimise his tax wants his head read. I can tell you as a government that you are not spending it so well that we should be donating extra. “ – Kerry Packer If you agree with K.P. here are some simple strategies you can use …
An enormous amount of Government Assistance has been announced for Small Business recently and staying on top of the details has been a challenge for most people. Following is a summary of the three incentives generating the most enquiries from our clients. Cash Boost = PAYGW Refunds If you normally show Wages on your BAS returns you will automatically get …
“If you always do what you’ve always done, you will always get what you’ve always got” – Henry Ford Its time for a change! Here’s a few ideas to grow your business by finding new markets. Create a video channel to increase your profile If you want to get your goods or services out there in front of a worldwide audience, …
The Australian Government has updated its economic stimulus package, which now totals $189 billion. Increased Cashflow Assistance Tax-free payments of up to $100,000 for eligible small and medium businesses based on their PAYG withholding obligations. This is not a cash payment, but it is a credit in the activity statement system equal to 100% of the PAYG amounts withheld from …
