Division 293 Tax is an additional tax imposed by the Government on high income earners to the normal taxes they pay.

It is that time of the year where businesses are looking to provide staff and clients with a gift to thank them for their effort and business during the year.

One of the major announcements in the May Budget that will have an impact on small business is the reduction of the instant asset write off threshold from $150,000 to $20,000.

Leading up to the 1st of July 2022, we were told to ‘get ready’ for the new superannuation changes that would come into effect.

With the NSW Government’s recent announcement of a new support package for eligible business, I thought it would be a good time to remind our NSW and VIC business clients of what assistance still available for them.

In these last 12 months, any business owner would have heard their accountants stress the importance of being up to date with their employee’s superannuation payments.

Anyone who was following the Federal Budget coverage during the last week would have heard it mentioned that, of the 450,000 new jobs that the Government announced in October 2020 would be created by the Job Maker Program as at Budget night, only 1000 applications had been approved under the scheme.