Archive for September 2022
Urgent message to business owners: ATO unrelenting in tax debt recovery – DPNs on the rise
The ATO is on a mission to recover unpaid taxes and directors are being held personally liable. The stakes are high, and business owners MUST seek the help of their accountant to navigate this murky water. Tens of thousands of warning letters are issued by the ATO each month to directors of companies with outstanding…
Read MoreFairwork advice for spontaneous public holiday to honour Queen
Thursday September 22 will be a “one-off” public holiday to commemorate the life of the late Queen Elizabeth II. The public holiday was announced by Prime Minister Anthony Albanese and confirmed for NSW by the Minister for Employee Relations Damien Tudehope under section 5 of the Public Holidays Act 2010. Businesses have had to scramble to accommodate…
Read MoreJobs Summit: highlights that tackle staff/skills shortages
The recent Federal Jobs and Skills Summit was a positive step in addressing the labour and skills shortages experienced by almost every industry, but questions remain about whether the actions being taken by the government are enough. Additional migration places, TAFE courses and childcare policies were announced, but business owners want to see more to…
Read MoreTop pressures on business cash flow and how to get ahead of it
The top (although not only) pressures on cash flow for small businesses are overdue invoices, inventory bloating, professional development to address the skills shortage and business technology. Various institutions, including Xero, the Australian Tax Office and Treasury have made announcements that relate to these themes with the intention of relieving cash flow pressure. Read on…
Read MoreIncome tax cuts are coming
Labor is sticking to its Stage 3 income tax cut plans. Here’s what it means for your income… The plan, which passed into law in 2019 with Labor’s support, will remove the bracket taxing 37 cents of each dollar of earnings between $120,001 and $180,000. The $180,000 top bracket limit will expand to $200,000. It…
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