2022 Federal Budget overview
We’ve pulled together a snapshot from last night’s 2022 Federal Budget announcement to highlight who will be receiving a bit of a boost to their back pocket in the Treasurer’s latest budget.
We’ve pulled together a snapshot from last night’s 2022 Federal Budget announcement to highlight who will be receiving a bit of a boost to their back pocket in the Treasurer’s latest budget.
Small businesses in the eligible defined areas listed below who were directly impacted by the recent South East Queensland Rainfall and Flooding, 22 February – 7 March 2022 may now apply for Disaster Recovery Funding of up to $50,000.
There’s no denying that the onset of Covid-19 has led to some dramatic changes to the way we work. Whether you’ve had to learn to operate as a remote workforce, gained your black belt in time management due to the constant juggle of work and home school, or if you’ve had to reposition your products or services for new markets due to ongoing restrictions. These are just some of the challenges our workforces have been faced with over a long couple of years.
From 1 November 2021 (now) all company directors in Australia will need to apply for a unique Director Identification Number (DIN). Your DIN will be used by ASIC in a similar way to how the ATO uses your TFN – that is, it is a unique number that will be issued once you have verified your identity with Australian Business Registry Services (ABRS).
There’s some new rules coming into effect from 1 November for ‘Stapling’ of superfunds to employees, and as an employer there are a few things you may need to do to get ready. But before we get into that, let’s take a look at what “Stapling” actually is. Put simply, Stapling is an Australian Government superannuation reform that means an existing super account is linked, or ‘stapled’, to an individual employee so that it follows them as they change jobs.
Only twelve months ago we were in the thick of a Covid recession, but according to Josh Frydenberg “Team Australia” is bouncing back. It comes with the announcement of the 2021 Budget, which promises $30 billion in tax cuts. Here’s some highlights for small-medium business owners, as well as families.
The JobKeeper wage subsidy scheme is being extended into March 2021. Before you jump for joy too much, there’s a few changes that you will need to be across.
JobKeeper 2.0 again requires businesses to qualify on decline in turnover. You can again use the JobKeeper Alternative Tests if you don’t satisfy the Ordinary Tests.
Whilst we were all enjoying the Christmas break, the passing of the downsizer superannuation contribution (DSC) legislation occurred. So what is this additional form of contribution and what are the specific criteria that is required to be met?
You may remember as part of the 17/18 Budget the Federal Government announced changes to how GST collected on ‘New Residential Property’ would be passed onto the ATO. Well the exposure draft of the legislation has been released so we now have some more details on the changes the government is looking to make.