Federal Budget 2024/2025 – Highlights Cheat Sheet

The recent Federal Budget announced has left us feeling underwhelmed with its minimal changes and a few headline-grabbing initiatives. While there may not have been any groundbreaking policies, it’s still crucial to understand the implications. To assist we have created a Cheat Sheet, please click here to download. Extending & Funding Compliance Programs What? Extending […]

Is Paying Off Your HECS Debt Early a Wise Choice?

Understanding HECS-HELP Debt HECS-HELP debt is designed to provide financial assistance to students. It allows students to defer payment of their tuition fees and repay the debt later based on their income. It is crucial for students to understand the terms and conditions of this debt and how it can impact their financial situation. The […]

The Redesigned Stage 3 Personal Income Tax Cuts

The personal income tax cuts legislated to commence on 1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government. After much speculation, the Government has announced that they will amend the legislated Stage 3 tax cuts scheduled to commence on 1 July 2024. This will mean that more Australian […]

Super Compliance under ATO Microscope

The ATO is now diligently examining super guarantee (SG) contributions, ensuring not only their completion but also their timeliness. Employers who are late or non-compliant in their contributions are quickly identified and contacted by the ATO. Methods ATO use to detect Late Super Payments One key area of investment has been in enhancing data matching […]

EOFY Checklist for Businesses

The end of Financial Year 2022-2023 is rapidly approaching. As a business owner it is time to review your tax affairs, if not yet done, to ensure you are complying with next years regulations and to maximise any planning strategies going forward. The checklist below summarises some key points that may be relevant going into […]

Ace in the Hole: Budget 2023-24

The ‘ace in the hole’ of the 2023-24 Federal Budget was the $4.2bn surplus; the first in 15 years. Click here to download your guide to the budget, or read on for a summary. The surplus was driven by a surge in the corporate and individual tax take. High commodity prices, inflation, and high employment […]

What’s the Deal with Working from Home?

The Australian Taxation Office (ATO) has updated its approach to how you claim expenses for working from home. The ATO has ‘refreshed’ the way you can claim deductions for the costs you incur when you work from home. From 1 July 2022 onwards, you can choose either to use a new ‘fixed rate’ method (67 […]

Tips For Keeping Your Business Data Secure

It’s no secret that data loss can be a costly nightmare for a small business, with recent studies showing the average cost of a data breach in Australia is now $4.1 million. Unfortunately, cyber attackers increasingly target small businesses because they are less likely to have security protection in place. Accidental loss or loss due […]

Single Touch Payroll (STP) Phase 2 – It’s Time

Single Touch Payroll (STP) reporting was introduced to streamline the way employee payroll information is reported. STP Phase 2 has been rolling out since 1 January 2022. Many major software providers had applied for deferrals to get their software up to date. These blanket deferrals are coming to an end with the majority of providers […]

2022 – 2023 Budget Summary

There’s nothing in the 2022-23 Federal Mini Budget that will create a UK style crisis. The stage 3 tax cuts legislated to commence on 1 July 2024 are not mentioned, and most funding initiatives appear to be a reallocation of previous Government initiatives. With seven months before the 2023-24 Budget released in May 2023, this […]