Small Business

As business owners, significant time is dedicated to the operations of your business, however, sometimes when you are clouded in the day to day, it is difficult to step back and analyse the financial health of your business and potential growth opportunities. It also becomes increasingly difficult for one person to oversee all finances, therefore it is critical that SME businesses receive timely and incisive advice.

As part of the 2022-23 Budget, the government introduced the Small Business Technology Investment Boost. Small businesses (with an aggregated annual turnover of less than $50 million) are able to deduct an additional 20% of expenditure that is incurred to support their digital operations and digitise their operations.

As we approach the Christmas period, many businesses will now be considering the festive season, with planning and organisation of celebrations for workplaces, employees, clients, and associates well underway.

As business owners, significant time can be dedicated to growing your organisation and shaping it for the future. However, often neglected can be the time taken to ensure that proper protections are put in place, which can combat against potential risks that may arise both internally and externally.

As we approach the end of the Fringe Benefit Tax year for 2021/22, it is important for SME businesses to continue to maintain obligations ahead of the 31 March Year-End date.

In response to the impacts of the recent South-East Queensland rainfall and flooding, the Queensland Government has announced the release of its ‘Extraordinary Disaster Assistance Recovery Grants’, designed to support affected small businesses in their recovery.

Happy New Year and may it be a successful 2022.

Following the successful roll-out of Single Touch Payroll reporting in 2019, the Australian Tax Office has introduced an expansion of the program (as outlined in the 2019-20 Federal Budget), with ‘Phase Two’ due to commence from 1 January 2022.

Following Royal Assent of the ‘Your Future, Your Super’ legislation, new Superannuation Fund rules apply surrounding a new employee’s superannuation account, which will now follow them from job to job unless they make an active choice to nominate an alternative.

Taxpayers can vary their pay as you go ('PAYG') instalments throughout the year if they think they will pay too much, compared with their estimated tax for the year.

To assist taxpayers who continue to be affected by COVID-19, the ATO has stated that it will not apply penalties or interest on varied instalments for the 2021/22 income year for excessive variations when the taxpayer has taken reasonable care to estimate its end of year tax.