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26 May 2022

Procedures to get a director ID

Please be advised that you are required by ASIC to obtain director ID before setting up a company. A director ID number will be a 15-digit number that starts with 036, the 3-digit code for  Australia. This measure is … Read Full Story

26 May 2022

Are you eligible for the lower company tax rate?

Did you know that reduced tax rates can be obtained from eligible businesses? This includes companies, corporate unit trusts, and publicly traded trusts. If your company is a base rate entity, your corporate tax rate is 25% from the … Read Full Story

26 May 2022

Get ready for super changes from 1 July

As the new financial year approaches, there are changes to who is eligible for super and how much you need to pay. From the 1st of July 2022, employees can be eligible for super guarantee (SG), regardless of how … Read Full Story

14 Apr 2022

Require help in managing your employee entitlements?

We can help you to manage your employer obligations. No matter at what point you are at in the hiring journey, we can help you when you: withhold your employee’s tax pay their super guarantee contributions manage their fringe … Read Full Story

14 Apr 2022

Superannuation regardless of employee earnings

From this 1st July  2022 onwards, Company owners need to pay super to their staff who earn less than $450 per month, provided they meet other eligibility requirements. This change results in raising the super guarantee eligibility so that … Read Full Story

14 Apr 2022

ATO puts 50,000 directors on notice

Thousands of directors have been warned by the Tax Office to take action on their company’s tax debts or face full enforcement action.  According to Grant Thornton financial advisory partner John McInerney, the ATO has sent out 50,000 alerts … Read Full Story

17 Mar 2022

ATO Expanding Single Touch Payroll Phase 2

The government announced in the 2019–20 Budget that Single Touch Payroll (STP) would be expanded to include more information. The expansion of STP, also known as STP Phase 2, will reduce the reporting burden for employers who must report … Read Full Story

17 Mar 2022

Jobs Victoria Fund

Connecting 1,500 Victorians looking for work with businesses looking for workers in hospitality, warehousing and logistics, tourism, and food processing – assisting in filling workforce shortages and providing unemployed Victorians with job opportunities. Existing funds from the Jobs Victoria … Read Full Story

17 Mar 2022

$200 Million Business Stimulus Package

The Victorian Government has announced a $200 million stimulus package to help businesses and entice Victorians to return to their favourite food and hospitality experiences throughout the state. The package will be available beginning in March 2022. The programs … Read Full Story

23 Feb 2022

Update for professional firms allocating profit

If you own or operate a professional firm, read our updated guidelines to see if the method you share profit or income is in accordance with your tax requirements. Accounting, law, medical, engineering, architectural, management consulting, and financial services … Read Full Story