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As of 1 November 2021, if you have a new employee start and they do not return their “superannuation standard choice form”, then you must request their ‘stapled super fund’ details from the ATO.  Often when employees are younger, have multiple jobs, or do not take...

As of yesterday, you can now apply through Services NSW for JobSaver.  The eligibility criteria is the same as the NSW covid grant. Essentially the grant covers you for 26 June – 17 July and then JobSaver replaces that and applies for the 18 July onwards. ...

For payroll processed from the 1st July 2021 onwards, compulsory super guarantee charge (SGC) will be payable at 10% of wages. For super liability wages are called  “ordinary times earnings” (OTE). OTE is the amount you pay employees for their ordinary hours of work,...

So I’ll be direct and straight to the point here, to be successful and stay alive in this current environment, business owners must know the financial position and performance of their own business at all times. Just knowing your bank balance is not sufficient. You...

What a crazy year 2020 has been! Congratulations to all my friends, clients, and staff who have adapted so well during such uncertainty. Hopefully, it’s made many consider their processes and priorities, both business and personal. Our office will be closed on...

I believe the biggest two things to come out of the Budget are: 1. Personal Tax Cuts; and 2. Unlimited asset write off (fully expensing asset purchases) until June 2022 Personal tax cuts – these changes have already passed parliament. The 19% bracket which used to...

This is one of the most common questions we receive.  I will try and keep the answer as simple and as brief as possible. If the vehicle is a commercial vehicle, for example a ute, van or tradie dual cab that will legitimately be used a lot for work purposes, then we...

Wow it’s that time of year again! Our last day for the year will be next Thursday the 19th Dec, and we will re-open Monday 13th Jan. Thank you to all our clients and friends for their support during the year and we wish you all the best for the holidays. Warm regards...

If there is real work performed, and payment is at market rates, then the short answer is YES. Although minors under 18 can only earn $416 from investment income before being slugged with massive tax, they can however earn income for effort i.e. wages, without this...

We've had a lot of questions about the extra $1,080 being given to taxpayers for the 2019 FY. Is this applicable to me? Has this been included in my tax return? When will I receive it? This tax offset is called the Low and Middle Income Tax Offset (LMITO) and has been...

Our team were quite overwhelmed with the results of our customer satisfaction survey.  Thank you to all those who provided their feedback. It was an anonymous survey so we expected the feedback to be quite honest, and yes there were a few suggestions which we will...

Wherever possible, we suggest you pay all employee super TODAY, for this quarter or month (depending on what cycle you are on). Super is due by 21st of July anyway so you may as well pay it now and get the deduction this year. If your final pay run has already been...

We thought you might like to see some recent artwork we had carried out on our office here in Thirroul.3D all the way!

The budget proposal to allow assets under $30,000 (excl GST) to be written off immediately has passed both Houses of Parliament and is now in play as of 3rd April 2019 (subject to Royal Assent which should be a given). This applies to all small-medium sized businesses...

Hiring good people is one of the most challenging tasks in running a business. Here are the top 5 questions, in 3 different categories, to ask candidates according to seek.com. The top 5 motivational interview questions to ask candidates: Why are you interested in...

Family and domestic violence leave has now been added to the National Employment Standards, and applies to ALL employees in the Fair Work System from 12 December 2018. This new entitlement allows employees to access up to 5 days of UNPAID leave each year to do...

The short answer is, if the gift is classed as entertainment then NO, the expense is not tax deductible, however if the gift is not classified as entertainment, then YES it is tax deductible. Entertainment normally relates to immediate consumption of the item....