Getting ready before Tax Time
Today

If your books are reconciled and clean then your tax accountant can review them BEFORE 30 June and then tailor a response to give you the best tax outcome. By May, a business will have a fair idea what their profit or loss will look like by 30 June. There are quite a few tax strategies your tax accountant can advise on with some of them requiring action before 30 June. For example any additional Superannuation that is paid needs to be received by the Superannuation fund before 30 June. If we can help get your financials in order to give your Tax Accountant greater clarity then contact us. Read More…

Countdown to Payday Super
Today

Up until now Superannuation for employees  for most small business could be paid quarterly. The new law introducing Payday Super comes into effect on 1 July 2026. It means Superannuation needs to be paid when payroll is processed. So for a small business with a weekly pay this means 52 payments of Superannuation compared to just four quarterly payments This may create Cashflow Challenges and processes will need to be amended to ensure that the payment is processed easily. If the payment does not go through in time there may be penalties. For a simple overview here is an ATO video link https://tv.ato.gov.au/media/c-bd9wqof/bi9or7or3x5bw8 Read More…

What is included in Super after 1 July 2026
Today

Superannuation at 12% is calculated on some, but not all Salaries and Wages. What is included is being expanded on 1 July 2026. Currently the payroll items that are included in the calculation of Superannuation are called "Ordinary Times Earnings". The new definition after 1 July 2026 is called "Qualifying Earnings" and includes "Ordinary Times Earnings" plus some additional payroll items (previously excluded) particularly around certain commissions and Salary Sacrifice earnings. The ATO have supplied a table comparing the two definitions showing the difference on their website  https://www.ato.gov.au/businesses-and-organisations/super-for-employers/payday-super/payday-super-resources/explaining-qualifying-earnings#ato-Whatarequalifyingearnings Read More…