All Trading Names expire on 31 October 2023 – what do you need to do? A ‘trading name’ refers to an unregistered name that businesses could use prior to the introduction of the National Business Names Register back in 28 May 2012. After this date, businesses needed to register their ‘business name’ with ASIC.  An extended […]

Single Touch Payroll End-Of-Year Finalisation For businesses that employ staff, the deadline for submitting your 2023 Single Touch Payroll (STP) finalisation with the Australian Taxation Office (ATO) is 14th July 2023. The STP finalisation process ensures that all payroll information such as employees’ wages, PAYG withholding and superannuation contributions are accurately reported to the ATO. Income […]

Late Superannuation Guarantee Payments – What You Need To Know! The Australian Taxation Office (ATO) has announced that they will now be conducting data matching to ensure employers are reporting all their superannuation information correctly and complying with legislation requirements. Penalties may be enforced by the ATO if employers do not report and pay employee’s […]

2023 Federal Budget On Tuesday 9 May, Treasurer Jim Chalmers handed down the Federal Budget for 2023/24, which was eagerly awaited given increasing cost of living pressures and recent interest rate rises impacting the financial situation of many Australians. The government announced a small surplus of $4.2 billion this financial year, the first in 15 years. The […]

Super Balances Over $3m To Be Taxed At 30% The Treasurer has recently confirmed Labor will double tax rates paid by those with over $3 million in superannuation. Individuals with superannuation balances surpassing $3 million will see their tax rate double to 30 per cent from 2025-26, The government is set to introduce enabling legislation to implement […]

Do You Work From Home? As flexible working arrangements continue to become more widely practiced, the ATO has released new record keeping requirements for Working from Home deductions. For the 2023-24 and later income years, you must keep a record for the entire income year of the number of hours you worked from home during that income […]