The ATO has just announced that the cents per kilometre rate has increased to 85 cents per kilometre for 2023/24. To recap, there are two methods to claim work-related car expenses as follows: Cents per kilometre method This method is easier for record keeping, involves a more simple calculation, and is generally suited to those...

Since Budget night, the ATO has released more information around the small business lodgement amnesty…which can now be taken advantage of from 1 June 2023! The amnesty was announced in the recent Budget. It applies to tax obligations that were originally due between 1 December 2019 and 28 February 2022 and runs from 1 June 2023 to 31 December...

The new financial year can be a time where business owners look at their operating structure and consider whether it still meets their needs. Choosing a structure is not simply about minimising tax, rather a range of factors should be considered as such as asset protection, establishment and ongoing compliance costs, succession planning, and your...

Another key Federal Court case may have a bearing on whether you owe certain workers you engage superannuation guarantee or not. For background, early last year the High Court made a game-changing decision in determining whether a worker is an employee or contractor at common law. It ruled that this is determined by the employment...

Although not related to tax, there are a number of changes on the Fair Work front that employers should be aware of: Minimum wage increase The National Minimum Wage applies to employees who aren’t covered by an award or registered agreement. From 1 July 2023, the new National Minimum Wage will be $882.80 per week...

The increase to the superannuation guarantee (SG) rate from 1 July 2023 will see more employees (and certain contractors) entitled to additional SG contributions on their pay. But what happens when income earned before 30 June is paid after 30 June 2023 – will employees be entitled to the higher SG rate of 11%? SG...

Access our Wallace Partners Client Information Newsletter July 2023 below: Wallace Partners CIN July 2023

If your company is falling behind with payment of certain taxes, directors may be held personally liable. To recap, there are a number of advantages in operating a business through a company structure. Chief among them is asset protection. Because a company is a separate legal entity, it is liable for any debts incurred while...

Are you a parent or grandparent wondering whether you can contribute to your child or grandchild’s superannuation account to give them a financial head start? The answer is it is possible, however, there are a few issues to consider before you go down this path. Making contributions to a child’s account Superannuation law categorises contributions...

The predicted slowing of the economy in 2023-24 along with the pay day super guarantee (SG) proposal are sure to make cashflow more important than ever for business over the coming months and years, noting that it is one of the biggest difficulties faced by business. To recap, from 1 July 2026, employers will be required to...