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Accessing superannuation benefits.
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GrantConnect
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A 2023 Advent Calendar for our clients
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FBT – Christmas Parties and Taxi Fare/Rideshare
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Is My Organisation Exempt From the Spam Act?
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Article archive
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Quarter 4 October - December 2023
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Quarter 4 October - December 2018
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Quarter 1 January - March 2018
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Quarter 4 October - December 2017
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Quarter 4 October - December 2016
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Quarter 3 July - September 2016
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Quarter 1 January - March 2016
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Quarter 4 October - December 2015
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Quarter 3 July - September 2015
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Quarter 2 April - June 2015
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Quarter 1 January - March 2015
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Quarter 4 October - December 2014
Quarter 2 of, 2023 archive
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2023 Year End Tax Planning Guide
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Legal Considerations Around Recording Customers Who Enter My Business
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ATO acts against foreign worker exploitation
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Low productivity threatens inflation outlook, RBA warns
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Tax Time Checklists - Individuals; Company; Trust; Partnership; and Super Funds
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Top 50 Greatest Inventions in History
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Summary of Superannuation Issues and Recent Changes
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Key Considerations When Sharing Personal Information with Overseas Contractors
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Changes to parental and workplace sexual harassment laws
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Small businesses need hands-on help with cyber security
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Small business must race to beat instant asset write-off deadline
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Single Touch Payroll Reporting
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Holiday Home Tax
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Key points from the 2023-24 Federal Budget
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Overview of the Federal Budget 2023 – 24
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Protect your business from cyber threats
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ATO small business ideas or other business support
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Fuel Tax Claim Potential Errors in prior period BAS returns
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ATO warns businesses to check FBT claims as deadline nears
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FBT Reminder – Odometer Reading
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Early intervention 'critical' as insolvencies surge
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How Long Could You Survive Drinking Only .......
Key points from the 2023-24 Federal Budget

 

Federal Budgets can involve a lot of content.  The following are a quick summary of the main issues.  The other related article has more detail.

 

Budget surplus expected
The first surplus in a number of years.  A $4.2 billion surplus is predicted for the 2022-2023 financial year. 

Small business asset write-off
Current rules apply until the 30th June 2023 so action before then may be prudent for your business.  One-year small business instant asset write-off for assets up to $20k.

Small Business Energy Incentive
One-year Small Business Energy Incentive to switch to efficient energy sources such as electricity.

Household Energy Upgrade Fund
The move to solar and other energy saving systems is given a shove orward.  $1.3 billion Household Energy Upgrade Fund for home upgrades that save energy.

Boost to cyber skills
This should be a program that all small businesses get involved in.  Cyber security is one of the most misunderstood issues within this business group.  $23.4 million “Cyber Wardens” program to boost cyber skills in small businesses.

Minimum tax for multinationals
15 per cent global minimum tax and a domestic minimum tax from 1 January 2024 for multinational groups with global turnover of $1.2 billion or more.

Superannuation tax
Future earnings on super balances over $3 million will be taxed at an additional 15 per cent from 1 July 2025.  From 15% to 30%.

Change to super guarantee contributions
This change is expected to make a big difference to the efficiency of many small businesses.  Employers will be required to pay compulsory super guarantee contributions on payday rather than quarterly (from 1 July 2026).

Push towards net zero
Another authority! Establishment of a national Net Zero Authority.

Increased bulk-billing incentive
Perhaps giving medical practitioners more would be better but $3.5 billion over five years to increase the bulk-billing incentive for general practitioners.

Aged care workers wage increase
$11.3 billion wage increase for aged care workers.

More welfare support
Targeted relief for vulnerable members of the community – including JobSeeker recipients and Commonwealth Rent Assistance.

 

 

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