Business Update – 27 March 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australia’s job boom sees unemployment rate fall Australia’s unemployment rate has fallen to 3.7% in February, according to data released by the Australian Bureau of Statistics (ABS), with around 116,000 people starting jobs in February. Resilience of Australian Households and Businesses In its latest Financial Stability Report released today, the…  Read more

Business Update – 20 March 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Cost of living relief coming, just not a big budget cash splash Australians can expect some fresh cost of living relief in May when the federal budget is unveiled, but Treasurer Jim Chalmers has ruled out a big cash splash. Business conditions improve in February February saw an uptick in business conditions as the…  Read more

Superannuation Guarantee Increase – 1 July 2023

Xperion

For small business owners and payroll managers, staying up-to-date on the latest superannuation changes is essential. And, with the Australian Superannuation Guarantee (SG) set to increase from 10.5% to 11% from 1st July 2023, it’s important to understand what this means and how it could affect your business. As an employer, this increase, and subsequent increases, will have an impact on your payroll management and accounting systems. Here’s what you…  Read more

2023-2024 Federal Budget Update – $3 million super threshold confirmed

Xperion

  As expected, the 2023-2024 Federal Budget has placed a strong emphasis on the cost of living and establishing a stronger, secure economy. From an SMSF perspective, we were pleased to see there were no unexpected changes likely to significantly impact the sector or superannuation more broadly. As expected, we saw continued provisions for the Government’s proposed $3 million tax threshold for superannuation balances. The following is a brief summary…  Read more

What the 2023 Federal Budget means for you

Xperion

The Australian Government unveiled its annual budget this week, which aims to stimulate economic growth, address long-term challenges, and improve social services. The budget is focused on helping with the cost of living, with tax cuts for middle and low-income earners, while also allocating funding to health, education, and small businesses. If you have any questions about how this budget affects you, please get in touch. Tax Cuts One of…  Read more

Practice Update – May 2023

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Last chance to claim deductions under temporary full expensing Deductions under ‘temporary full expensing’ are only available in the 2021, 2022 and 2023 income years, and are expected to come to an end on 30 June 2023. Under temporary full expensing, businesses with an aggregated turnover of less than $5 billion can generally claim a deduction for the full cost of eligible new assets first held, used or installed ready…  Read more

Practice Update – April 2023

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New 15% super tax to apply from 1 July 2025 The Government recently announced it will be imposing a 15% additional tax on individuals that have more than $3 million in superannuation.  The new measure is expected to commence from 1 July 2025 (i.e., the start of the 2026 income year). The main takeaways from the information provided thus far include the following:     The additional 15% tax will…  Read more

2022-23 October Federal Budget Update – Superannuation

Petra King

As expected, this year’s second Federal Budget had a strong focus on families, education, health and aged care, energy and affordable housing. From a superannuation perspective it has been a relatively quiet Budget but there were some welcome announcements that will benefit SMSF members funding their retirement. Please remember the following budget announcement are not yet law. Reducing the eligibility age for downsizer contributions The eligibility age to make downsizer…  Read more

Super changes apply, don’t get caught short

Xperion

  To avoid additional costs (including the superannuation guarantee charge (SGC), you must pay the right amount of super for all your eligible employees by the quarterly due date. Whether you’re paying super weekly, monthly, or quarterly it’s important to check that the super guarantee (SG) you pay takes into account changes that started on 1 July 2022. These were: the increase in the SG rate from 10% to 10.5%. the removal…  Read more

ATO’s small business focus for 2022 income year

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ATO’s small business focus for 2022 income year The ATO announced that it will be focussing on the following matters for small business tax returns for the 2021/22 year: Deductions that are private in nature and not related to business income, as well as overclaiming of business expenses (especially for taxpayers running a home-based business). Omission of business income (e.g., income from the sharing economy or new business ventures). Record…  Read more

1 July 2022 and superannuation contribution changes

Xperion

Several key super changes which may impact your ability to contribute to your SMSF, are set to take effect from 1 July 2022. These changes create opportunities for all SMSF members, young and old, to grow their retirement savings. What are the superannuation contribution changes? Originally announced in the 2021 Federal Budget, the following changes apply from 1 July 2022: Individuals up to the age of 74, will no longer…  Read more

Oops we’ve done it again!

Xperion

We are finalists in the Australian Accounting Awards – Superannuation Specialist Accountant of the Year. Petra King from Xperion – Proud to be boring accountants has been short-listed for the Australian Accounting Awards 2022 and named a finalist in Superannuation Specialist Accountant category. The Australian Accounting Awards recognises and acknowledges the achievements of individuals and firms whether they are in the profession’s most senior ranks or if they’re a rising…  Read more

2022/23 Federal Budget

Xperion

1.     Personal income tax changes 1.1         Increase to low and middle income tax offset (‘LMITO’) The Government has announced a once-off $420 ‘cost of living tax offset’ for the 2022 income year, which will be provided in the form of an increase to the existing LMITO. This will increase the maximum LMITO benefit to $1,500 for individuals and $3,000 for couples, and will be paid from 1 July 2022 when…  Read more

Tax update

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Tax deductibility of COVID-19 test expenses After much speculation, the Government announced that COVID-19 tests, including Polymerase Chain Reaction (‘PCR’) and Rapid Antigen Tests (‘RATs’), will be both:    tax-deductible; and    exempt from FBT; broadly where they are purchased for work-related purposes. This will require the introduction of new specific legislation (i.e., to clarify that work-related COVID- 19 test expenses incurred by individuals will be tax-deductible or FBT exempt…  Read more

Super choice rules will change from 1 November

Petra King

You’ll have an extra step to take if you have new employees who start from 1 November 2021 and they don’t choose a super fund.   You may now need to request their ‘stapled super fund’ details from the ATO.   A stapled super fund is an existing super account of an employee that follows them as they change jobs. This change aims to stop your new employees paying extra…  Read more

Business Update – 30 June 2021

Xperion

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Five states in lockdowns After months of keeping the coronavirus under control, five out of eight Australian states and territories are battling the highly infectious Delta variant. In order to prevent the spread, lockdowns in three large cities have been implemented, affecting more than 20 million Australians, or about…  Read more

EOFY Checklist for business owners

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Is your business ready for 30 June? Hopefully by now you have 2021 tax planning sorted and are ready to plan out the next year. What do you need to do now to make EOFY seamless? Consider automation! There is no better time than 1 July to start afresh. If you got to June and are finding it hard to get your paperwork organised for the end of financial year…  Read more

Important Change for Employers: Superannuation Guarantee increasing to 10% on 1 July 2021

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A Quick Overview The Superannuation Guarantee (SG) is scheduled to increase to 10% from 1 July 2021. If you have employees, you need to be ready for this legislated increase. What is Superannuation Guarantee? The Superannuation Guarantee is the minimum super an employer must pay to their employees super fund. The current SG percentage rate is 9.5% of employees Ordinary Time Earnings, but this is changing. Ordinary Time Earnings or…  Read more

2021-22 Federal Budget Update – A strong Budget for SMSFs

Xperion

As expected, this year’s Federal Budget has a strong emphasis on job growth and women’s security. From an SMSF perspective, there were some welcome surprises for SMSF trustees, the key measures that you should be aware of are outlined below. All measures outlined below, other than the proposed changes to legacy retirement products, are expected to commence from 1 July 2022, once they have received Royal Assent. Repealing the work…  Read more

Superannuation death benefits – review succession plans

Petra King

Regardless of the size of your superannuation benefits, it is vital that you sort out your estate plans to ensure that you have a well prepared estate plan so that the right assets go to the right beneficiaries.  You need to make sure that you get holistic estate planning advice and have arrangements in place to review your estate plans regularly. Estate plans are not to be set and forgotten.…  Read more

COVID-19 Business Update – 14 October 2020

Xperion

Welcome back to our Weekly Digest. We hope you and your family are safe and doing well. Read on for this week’s update. Proposed Superannuation Reform Measures The Government has announced that it will spend $159.6 million over the next four years to implement a number of reforms to the superannuation system that will save fund members $18 billion in fees and other costs between now and 2030. The key…  Read more