From 1 July 2026, the way employers pay superannuation will change significantly. The Federal Government is introducing Payday Super, which will require employers to pay super at the same time as wages — instead of quarterly. At the same time, the ATO Small Business Superannuation Clearing House (SBSCH) will close on 30 June 2026, meaning businesses currently using it will need a new solution in place. This is a structural… Read more
Hiring an employee is a significant milestone for any business. Not only are you expanding your team, but you’re freeing up time so you can focus on growing and building your business. Adding someone with new skills and expertise can also enhance your overall capabilities and bring fresh perspectives to the table, enabling you to tackle challenges you couldn’t handle alone. However, making the decision to hire isn’t always easy.… Read more
When you are running a business, hiring people can seem like a confusing process. To make things more complicated, there are multiple employment types in Australia. When choosing who to hire for your business, it is important to be aware of these different employment types. In particular, you should know whether or not you are hiring a contractor or employee. This ensures that you can take the correct steps to… Read more
Employee Share Option Plans (ESOPs) are becoming increasingly popular among Australian businesses, as they offer a way to incentivize and retain employees by giving them an ownership stake in the company. However, as with any employee benefit plan, certain reporting requirements must be met to comply with Australian law. In this article, we will explore what ESOP reporting requirements are from a tax perspective, why they are necessary, and how… Read more
Government announces changes to proposed ‘Stage 3’ tax cuts Despite previous assurances, and after much speculation, the Government has announced tweaks to the ‘Stage 3’ tax cuts that will apply from 1 July 2024. More particularly, the Government proposes to: reduce the 19% tax rate to 16%; reduce the 32.5% tax rate to 30% for incomes between $45,000 and a new $135,000 threshold; increase the threshold at which the 37%… Read more
When starting a business, you often wear all the hats – CEO, salesperson, marketer, and even janitor. But as your business grows, you’ll eventually hit a wall. There’s only so much you can do on your own. That’s when you might need to consider hiring your first employee. Hiring someone brings many benefits. It can double your workforce, free up your time to focus on the business, and introduce new… Read more
The NSW Government has announced more Covid business support over the next few months. The package, which starts February 1, includes: a lump-sum payment of 20% of weekly payroll with a minimum payment of $500 per week and a maximum payment of $5,000 per week. It is for businesses with a turnover between $75,000 and $50 million that suffered a 40% downturn in January and projected to do the same… Read more
