Tax Alert – Superannuation Guarantee Increase & Removal of the monthly $450 income threshold
Superannuation Guarantee increase from 1 July 2022 The Australian Taxation Office (ATO) has recently reminded taxpayers of the scheduled increase to the superannuation guarantee (SG) percentage, while some superannuation limits remain the same. From 1 July 2022, Australians will be contributing more into their superannuation fund as the SG percentage will increase from 10.0% to […]
Federal Budget 2022/23
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 […]
WA Government Covid-19 Grant Applications
The Western Australian Government has announced a range of targeted Small Business Grants to assist small businesses that were directly financially impacted by the Chief Health Officer’s COVID Restrictions (Directions). The information contained below is correct as at 23 March 2022. Small Business Hardship Grant The WA Government will provide businesses that have experienced a […]
Logbook Requirements
If you use your car for work, then it’s beneficial to have a valid car logbook in these circumstances: 1. For your Income Tax Return – Claiming a personal tax return deduction for work related travel cost using your own car. 2. FBT Compliance – Calculating the taxable value of a car fringe benefit when […]
Super Stapling is here!
What is Super Stapling? Under the current ‘default’ superannuation system, where an employee commences employment with a new employer and does not choose a superannuation fund into which their super contributions will be paid, their contributions are paid to a default ‘MySuper’ product selected by their employer. This means that a person who changes jobs […]
6 SMSF Members & Bring Forward Rule
It was a long wait but it was worth it. A Bill has passed through Parliament in June allowing up to 6 SMSF members and those aged 65 and 66 can access the bring forward rule. There were also a few others measures that passed that are important which we will go through below. 6 […]
Single Touch Payroll – No more deferrals! Deadline for compliance is 1 July 2021
Single Touch Payroll (STP) has been with us for nearly two and a half years as the ATO rolled it out in various stages. Some businesses have already met their STP obligations whilst others have been under an exemption, which will end on 1 July 2021. What does this deadline mean for you and your […]
Accura is moving office!
Its official, we have a move in date for our new office! As of Monday the 29th of March, Accura will be located at 9 Bishop Street Jolimont, on the first floor. We are looking forward to moving into our new space and welcoming all our clients into our new office. That being said, we would […]
