Tax & Accounting

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June 30 Tax Tips 2020

BUSINESS TIPS. Business Income and Expenses. Consider strategies to defer income until after 30 June, or bring expenses forward into June, especially if you expect lower income for next year. Ensure that your tax deductions are allowable Bad debts must be written off before 30 June Super contributions must be paid before 30 June and [...]

June 30 Superannuation Tips 2020

With June 30 approaching, now is the time to ensure your superannuation strategies are up to date. Contribution caps. Before the end of the financial year you should: Review if you have any income available to contribute to your fund; and Review your total contributions to ensure they are below the caps. Non-concessional (after tax) [...]

Catch-up concessional super contribution strategies

Catch-up concessional contribution rules are a new opportunity, available this 2019/20 financial year, that can be used to maximise tax-effective contributions. The new rule allows you to make larger super contributions to increase retirement savings, manage your tax position and may assist in equalising super interests between spouses. Eligible individuals can accrue amounts of unused [...]

How to process JobKeeper payments in your Payroll Software

Single Touch Payroll (STP) will be crucial for businesses wanting to quickly and easily access the Government’s JobKeeper wage subsidy scheme, which aims to provide payments of $1,500 per fortnight to eligible employees. Those businesses that are not using STP will be able to manually enter their employee details in the ATO’s online [...]

Enrol for JobKeeper. Step-by-step guide + tips

Enrol for the JobKeeper payment (from 20 April onwards) Step 1 – Register your interest and subscribe for JobKeeper payment updates. Step 2 – Check you and your employees meet the eligibility requirements. Step 3 – Continue to pay at least $1,500 to each eligible employee per JobKeeper fortnight (the first JobKeeper fortnight is the period [...]