What’s Changing on 1 July 2022?

What’s Changing on 1 July 2022?

A series of reforms and changes will commence on 1 July 2022. Here’s what is coming up: For business Superannuation guarantee increase to 10.5% The Superannuation Guarantee (SG) rate will rise from 10% to 10.5% on 1 July 2022 and will continue to increase by 0.5% each...
‘Don’t Rock The Boat’ Budget 2022-23

‘Don’t Rock The Boat’ Budget 2022-23

This is a safe, ballot box-friendly Budget as expected with a focus on jobs, cost of living, homeownership, and health. Key initiatives in this ‘Don’t Rock the Boat’ Budget for 2022-23 include: A 6 month, 50% reduction in fuel excise with effect from midnight Budget...
Trusts and Trust Distributions

Trusts and Trust Distributions

Late last month, the Australian Taxation Office (ATO) released a package of new guidance material that directly targets how trusts distribute income. Many family groups will pay higher taxes (now and potentially retrospectively) as a result of the ATO’s more...
Covid Related Payments & Test Kits

Covid Related Payments & Test Kits

The rules for the Pandemic Leave Disaster Payment, the payment accessible to those who have lost work because they have had to self-isolate with COVID-19, or are caring for someone who contracted it, changed on 18 January 2022.  The new rules change the definition of...
Cash Injection for Struggling Businesses

Cash Injection for Struggling Businesses

Businesses struggling with the Omicron wave of the pandemic have been offered new grants and support in NSW, SA and WA. New South Wales The NSW Small Business Support package provides eligible employing businesses with a lump sum payment of 20% of weekly payroll, up...
Professional Services Firm Profits Guidance Finalised

Professional Services Firm Profits Guidance Finalised

The Australian Taxation Office’s finalised position on the allocation of profits from professional firms starts on 1 July 2022. The ATO’s guidance uses a series of factors to determine the level of risk associated with profits generated by a professional services firm...
Year of the Tiger: Roaring or Bellowing?

Year of the Tiger: Roaring or Bellowing?

The 2022 Luna New Year, Year of the Tiger, is about courage and bravery. It is a year to drive out evil and one of momentum and change. The message; walk boldly with courage. And it seems the Reserve Bank Governor is aligned with this sentiment. The Tiger economy At a...
NSW Business Support

NSW Business Support

The NSW Government has announced a $1 billion economic support package for struggling NSW small businesses impacted by the latest COVID-19 outbreak. Since the Omicron outbreak in December, many businesses have faced a slew of issues, including significant staff...
Has COVID-19 Devalued Your Business?

Has COVID-19 Devalued Your Business?

If you are selling your business, merging, acquiring, or inviting in new investors, you need to understand the value of your business. But, to what degree does the pandemic impact on value? Should you discount or hold firm to pre COVID-19 performance on the basis that...
2022: The year ahead

2022: The year ahead

2021 was to be the year we returned to a post-COVID normal however the pandemic has fundamentally changed the way many of us operate in our personal and work lives. In the past, most office workers were asked to work from home, and training sessions were even provided...