A series of reforms and changes will commence on 1 July 2022. Here’s what is coming up and how it will affect your business. 1 July 2022 changes for business Superannuation Guarantee increase to 10.5% The Superannuation Guarantee (SG) rate will rise from 10% to 10.5% on 1 July 2022 and will continue to increase […]
READ MORETemporary immediate full expensing of assets
Temporary immediate full expensing of assets means businesses can immediately deduct the purchase cost of eligible new and second-hand* assets. Is your business eligible to immediately deduct assets? Businesses that are eligible need to have an aggregated turnover of less than $5 billion. For businesses with an aggregated turnover of less than $50 million, temporary […]
READ MORETrust Distribution Resolutions – lodge by 30th June to avoid 47% Tax
Do you have a Discretionary Trust? (also known as a Family Trust) Yes – well, you need to complete your trust distribution resolutions before 30 June. Failure to do so could see you paying extra tax of up to 47% of Trust profits. How can this happen? If a Trustee of a Trust fails to […]
READ MORECost of Goods Sold (COGS) or Cost of Sales – for your industry
Understanding the Significance of Cost of Sales or Cost of Goods Sold (COGS). Cost of Sales (also referred to as Cost of Goods Sold [COGS]) is a very important financial performance metric, as it tracks your ability to manufacture/deliver goods and services at a reasonable cost. It represents the direct costs related to the manufacturing […]
READ MOREProfits guidance finalised for professional services firms
The ATO has finalised its position on the allocation of profits from professional services firms – starting 1 July 2022. For some time, the ATO has been concerned about how professional services firms are structured – specifically, professional practices such as lawyers, accountants, medical practices, architects, engineers, etc., operating through trusts, companies and partnerships of […]
READ MOREGuidance for trust distributions – the ATO cracks down
The ATO has updated guidance for trust distributions made to adult children, corporate beneficiaries and entities with losses. Depending on how arrangements are structured, there is potential for significant level of risk. Released in February 2022, the updated guidance directly targets how trusts distribute income. As a result of the ATO’s more aggressive approach, many […]
READ MOREPandemic sees an increase in SMEs turning to trusted advisors
As challenging conditions brought on by the COVID-19 pandemic continue to put stress and strain on businesses, a growing number of business owners have sought advice and support from their professional advisors as well as their family/friends, colleagues and suppliers. The top 5 challenges facing businesses owners continue to be: Recruitment and labour shortages Supply […]
READ MORENew financial support grants for NSW, SA, WA businesses
Businesses struggling with the COVID-19 Omicron wave of the pandemic have been offered new financial support grants in NSW, SA and WA. These grants have just been announced by the three state governments and will be a very welcome cash injection for struggling small businesses. New South Wales The NSW government has announced a $1b […]
READ MORENew Year Business Ready Checklist
The beginning of the New Year is the perfect time to sit back and reflect on the year that has passed and get excited for the opportunities in the year ahead. Having clear goals set for yourself and your business provides a sense of DIRECTION, MOTIVATION and a clear FOCUS on what you are trying to […]
READ MOREQLD Business Boost Grant
Great news! The Queensland government has announced another grant available for Queensland businesses. The Business Boost grants program provides support to businesses to advance improvements in their efficiency and productivity. Your business may be eligible to receive a grant payment of up to $15,000 (excluding GST) to your proposed project. This support includes funded activities in 3 project areas: Future planning Specialised and automated software […]
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