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 […]

Single Touch Payroll Phase 2 Deferal By now most businesses are well versed in complying with Single Touch Payroll (STP). The expansion of STP, also known as STP Phase 2, is designed to reduce the reporting burden for employers who need to report information about their employees to multiple government agencies. STP Phase 2 involves specifying employment […]

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Disaster Assistance – Have You Been Affected By The Recent Weather The Australian and Queenland Goverment have jointly funded the Disaster Recovery grants and loans. This range of grants and loans are available to support businesses and communities impacted by the rainfall and flooding in South East Queensland during 22 February to 7 March 2022. […]