Budget highlights

Budget Highlights for Business Owners

These are my Top Three highlights from the Federal Budget for small business owners. Income Tax Cuts The Stage 3 personal income tax cuts will commence from 1 July 2024 as previously legislated. From 1 July 2024 the 32.5% marginal tax rate will be cut to 30% for the $45,000 to $200,000 tax bracket. The 37% tax bracket will be …

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 …

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 …

Single Touch Payroll – What you need to know!

Summary of single touch payroll Single touch payroll changes when and how small businesses report payroll activity to the Australian Tax Office (ATO). Businesses used to report this information to the ATO once a year. Now, they need to send a report online after each pay day. Changes to when you report payroll Small businesses used to finalise their payroll …

Single Touch Payroll required for all businesses from 1 July 2019

Breaking News – 12 February 2019 Today, Australian lawmakers passed legislation that requires even the smallest of employers to electronically file each pay run with the tax office using Single Touch Payroll, from 1 July 2019. It’s a big ask for the nation’s 2.3 million small businesses, which employ 40 percent of all workers. It’s also a big opportunity Many employers still …