Are you an SME who has been impacted economically by COVID-19, and who could use financial assistance to get back on their feet? The SME Recovery Loan Scheme has been extended to 30 June 2022 with a reduced Government guarantee of 50 per cent. This is known as the 2022 Scheme expansion, where loans will…
There are plenty of ways to maximise your superannuation contributions prior to your retirement at any time of your life. As the means of funding your nomadic lifestyle, your seachange or your downtime after retiring, you want to make sure your superannuation is equipped to handle it. The Australian Taxation Office recommends that you should…
While your business may not necessarily be planning an extravagant bash after the events of this year, a Christmas party may be on the menu for your hard-working employees. Planning out your Christmas party in a COVID-safe manner with a little knowledge of the tax deductions you might be able to claim back can make…
From 1 November 2021, minimum wages in 21 awards were increased. If you are not paying your employees this new rate of pay, you may find yourself facing significant penalties for failure to comply with the Fair Work Ombudsman. This increase is to be applied to anyone who is paid the minimum award wages or…
What happens to your super when you die? It might not be a question that has cropped up in many people’s minds, but it is something that you should be concerned about. Upon the untimely death of someone, their superannuation may be one of the elements of the estate that can be bequeathed and divided…
Are you in the process of getting a second job to supplement your income? Or have you already received one, and are now simply confused about what you are being taxed on? Gaining employment in a second position or job means that you may have a higher amount of tax withheld from your pay. Though…
Australia’s superannuation laws are designed with the intent to ensure that your nest egg for retirement is protected and able to continue to grow throughout your career. Your employer is expected to make contributions to your superannuation by law, known as the Superannuation Guarantee, as a part of your wages and salary package. The current…
Over the last 12 months, there have been many notable schemes promoted by state and federal governments to assist businesses and individuals with much-needed tax relief. Numerous relief schemes have been put into place to assist those with rent relief for their businesses. Rent is a major business expense. It is one that many businesses…
Did you know that there are 31 different business registers that a business or company may need to be registered with that are a part of ASIC? Some of these registers are being brought together, in what will be known as the Australian Business Registry Services (ABRS). The Commissioner of Taxation was appointed in April…
Innovation is one of the pinnacles of good business practice. However, sometimes innovation isn’t a process that can be achieved by one person alone. In business, some of the best ideas and practices that your business might achieve could occur through collaboration. Most businesses will have understood the impact and importance of internal collaboration between…