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The Federal Government unveiled its annual budget on 9 May. The images of tradies in hi-vis were replaced by images of health workers, carers and the aged as the budget focus turned to helping with the cost of living, with support for low-income earners while also allocating funding to health and education with the support for small businesses more about headlines than substance. Small Business Support The accelerated depreciation provisions…  Read more

The deadline for setting up a director ID by 30th November has passed. The ATO is urging those who haven’t yet applied for their director identification number (Director ID) to do so now. ASIC is responsible for enforcing director ID offences set out in the Corporations Act 2001. It is a criminal offence if directors do not apply on time and penalties may apply. What is a director ID? The…  Read more

Scrapping the $450 per month super guarantee threshold was a parting gift of the Liberal Party. From July 1, employers must make super guarantee payments for all employees regardless of an employee’s total monthly earnings. As announced in the 2021–22 federal Budget, the Australian Government the $450 per month threshold will be scrapped from July 1 to expand coverage of super guarantee to eligible employees regardless of their monthly pay. The…  Read more

Treasurer Josh Frydenberg has released the 2022 Federal Budget ahead of a Federal election in a few months. This article has a summary of the “Winners and Losers” of the Budget and we’ve compiled a recap of the key points below. Get in touch with us if you have any questions. The Budget read as a pre-election sugar hit. Some small changes like cuts to fuel excise may impact your…  Read more