For those of you in pension phase, there has been an extension of the temporary reduction in superannuation minimum drawdown rates through to financial year 2022/23 From 1 July 2022 minimum pensions will again be halved for all account-based and term allocated income streams as follows: Account-based pension minimums Age Standard Minimum Reduced Minimum for 2022/23… Read More Pension Minimum – Relief Extended
The start of a new tax year results in PAYG instalments being automatically reset for the September quarter, even if they have been varied down previously. The ATO calculate instalments based on the last tax return lodged, which at this point in time is probably 2021 for most people. Therefore if your income in 2022/23… Read More Varying your PAYG Instalments
Just a warning that scam emails purporting to be from mygov are circulating. We received two of them today. If you receive an email that looks like the picture below, don’t click on it – just delete it. I guarantee you don’t have an unexpected refund!
We still have a few of you that are yet to let us know your Director ID numbers. You must have your number before 30 November to avoid fines and penalties. Remember Director ID numbers are required for all directors of companies. This includes corporate trustees of SMSFs and Family Trust and Directors that may… Read More Director ID Number – Deadline
Just to let you all know the individual tax return checklist is ready for you to complete at your leisure. You can find it on this link. Please prepare the checklist, compile your backup paperwork then send it through to us – preferably via dropbox or similar. Those of you with investments may need to… Read More 2022 Tax Returns
Well a nice relaxing day for me today as it is my 54th birthday, so I am making the most of being spoiled. Not quite sure where all those years went, but here we are, hoping for another 46 good ones. As many of you know I had to do an emergency trip to the… Read More Happy Birthday to Me
Those of you who are directors of companies (even if the company is just the trustee of your SMSF or family trust) should be aware that ASIC fines have increased for late lodgement of forms. ASIC need to be told within 28 days of any changes to your shareholders’ and directors’ home addresses, business address,… Read More ASIC Fines
If you are paying employees you may well have received letters from the ATO telling you that you need to move from STP to STP2. The good news is that if you are using Xero, MYOB or Reckon, deferrals have been granted (as the software is not ready) until Jan 2023. So you can relax… Read More STP2 Update
A couple of important changes are occurring from 1 July, affecting lots of you so worth a read. The super guarantee payment increases to 10.5%. If you are running payroll through MYOB or XERO the rates should update automatically, but you need to check the July pay to make sure. Click on the links here… Read More July 2022 Changes
If you had an amount of tax to pay from the lodgement of your 2021 tax returns, that tax is due now. Please note that the ATO do not send reminders, so please arrange payments where applicable ASAP in order that we don’t need to chase you! Makes our job so much easier! If you… Read More Final 2021 tax payments due
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