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Do you use business money for private purposes?
If you use money or assets from your company or trust for private purposes, it’s important to consider there may be tax consequences. You need to report these transactions correctly in the company, trust and individual tax return. This applies for business money and assets such as: salary, wages and…
8 in a row
Today the Reserve Bank of Australia (RBA) increased official interest rate by 0.25% to 3.1%. This is the eighth increase in a row. The last time Australia had an interest rate above 3% was back in October 2012. The RBA Governor noted inflation was remaining persistently high at 6.9% despite…
Director ID Not Required for Former Company Directors
Former company directors, including those of corporate SMSF trustees, will not be required to obtain a director identification number (director ID) by 30 November if they have ceased all directorships before 1 December under a new draft legislative instrument released by the ATO. The draft instrument, ABRS 2022/D1, issued on…
Paid Family and Domestic Violence Leave
From next year, employees will be able to access 10 days of paid family and domestic violence leave in a 12-month period. This includes casual and part-time employees. This new entitlement will replace the existing entitlement to 5 days of unpaid family and domestic violence leave under the National Employment…
New income limits for the Commonwealth Seniors Health Card
Legislation to increase the income thresholds for the Commonwealth Seniors Health Card (CSHC) has received Royal Assent. The new thresholds will be effective from 4 November 2022. To meet the income test from 4 November 2022, you must earn no more than the following: $90,000 a year if you’re single…
Atomic Habits
It's extraordinary how bad habits seemed to be easy to adopt and good habits difficult. A book we highly recommend you either listen to, or read, is Atomic Habits by James Clear. A couple of key take outs from the book include small changes are easier to implement but add…
2022/23 October Federal Budget
On Tuesday, 25 October 2022, Treasurer Jim Chalmers handed down the 2022-23 October Federal Budget, his 1st Budget. While a Budget was handed down on 29 March 2022, this second Budget for 2022-23 updates economic forecasts and outlines the new Labor Government's priorities following the May 2022 Federal election. The…
Quotes to brighten up your day
We live in an unpredictable world where people fail, get judged, and are scared to get out of their comfort zones. Sometimes, all you need are a few words of wisdom that’ll uplift your spirits. Words, after all, have the power to improve the trajectory of your life. You’ll make…
Superannuation Guarantee Changes
To avoid additional costs, including the superannuation guarantee charge (SGC), employers must pay the correct amount of superannuation for all eligible employees by the quarterly due date. Whether you’re paying superannuation weekly, monthly, or quarterly, it’s important to check the superannuation guarantee (SG) that you pay takes into account the…
Top 10 GST Mistakes
The approach to the year 2000 brought us many things to worry about…and no I don’t just mean the Y2K conspiracy. I am talking about the introduction of the Goods and Services Tax in Australia, or GST as it’s more commonly referred to on July 1st, 2000. Since then, more…
