From 1 July 2019, all minimum pay rates in all modern awards as well the national minimum wage will increase by 3.0%.
As business owners, we often find ourselves getting bogged down in the day to day operations of running our business and not strategic planning like we should. It is important we take the time to step back and look at the bigger picture. Time spent on your business instead of in your business can ultimately help you identify opportunities and inefficiencies that can improve your business and even your lifestyle.
Where to start . . .
Take the time to
assess your business and its environment
What is your business really successful at
After winning Saturday’s election, Prime Minister Scott
Morrison is in the process finalising his cabinet. Small
business were being cautious leading up to the election, as they were concerned
about what the impact of the many changes Labor were proposing would have on
them. The Coalition didn’t have a lot to
say about new policies, however they committed to the path that they had in
place for small business.
With the election over, small business can now plan with
more confidence for the future. Small
Business can now look back on the budget and have more confidence that the
Single Touch Payroll (STP) is rolling out for all employers
1 July 2019. For those with 20 or more
employees, you should already be reporting STP, for those with under 20
employees, below are a few tips to help make sure you are STP ready.
About Single Touch Payroll
Each time you pay your employees you will need to report the year-to-date salary and wage information, PAYG withholding and super information to the ATO. STP does not change your payroll cycle or PAYG withholding and super contribution payment due datesFull details of mandatory and voluntary
No business owner wants to
pay more tax than they legally are required to.
It is important to review your situation to determine that cashflow
sweet spot between paying tax and spending money to reduce tax.
This time of the year is also crucial for businesses to set new goals for the financial year ahead. It is always great for a business to establish good financial habits as this will have a positive impact in the short term and long term. With an election around the corner, you may want to be comfortable
Trust deeds for a
self-managed superannuation fund are a legal document that sets out the
governing rules for the fund.
It is important to ensure Trust Deeds are up to date to
include the latest legislative changes.
Here is a timeline of the biggest changes in self-managed
superannuation fund’s history:
1999 – Conversion of ‘excluded funds’ to ‘SMSF’s, change
in preservation and in-house asset rules2007 – ‘Simpler Super’ reforms2017 – Sustainable Super reforms
Trust Deeds containing out of date provisions could have an
adverse effect on member benefits within the fund.
If your Trust Deed was
Scomo is channelling his inner AC/DC with the ‘Back in Black’ budget, however the government doesn’t want you to think that they are a rebellious when it comes to the economy. The government’s desire is to assure you that they are the best choice for managing the economy and the nations finances. The budget is very short term and is directly pointing at the election in May.
The problem with this budget, is that the election may result in these proposals not being passed. The budget reply on Thursday night
Within this recent budget the Government has announced they will be increasing the low and middle income tax offset which should benefit individuals whose taxable incomes are less than $125,999 by receiving between $255 and $1,080 back in tax refunds. Please refer to below to determine the tax offset that could be paid to you.
It is important to note here that this is a non-refundable tax offset, as a result of this if you have not paid any tax or your tax payable is less than the tax