By Yvette Goss, Accountant and Superannuation Specialist.
The Federal Budget was handed down last month and while it only contained a few measures specifically for superannuation, which is a change from previous years, they were quite significant proposals. Other upcoming changes are due to indexation or temporary measures that will cease, so let’s take a look at what will apply from 1 July 2023.
By Ben Spiers, Director.
On Tuesday 9th May 2023, Treasurer Jim Chalmers presented the Federal Budget for 2023-24. With cost-of-living pressures and interest rates being front of mind for all Australians, this was understandably the main focus of the night. Whilst there will always be winners and losers, this Budget attempted to balance providing sufficient assistance in current times as well as continuing to invest for the future.
by Ben Spiers, Director.
The 2022-23 Budget announced by the Government on Tuesday 29th March was primarily focussed at providing additional assistance to individuals considering the rising cost of living. There were many changes that will apply to Business, Individuals, Aged Care, Super and Taxation, but here is a summary of the key announcements.
Single Touch Payroll (STP) starts from 1 July 2018 for employers with 20 or more employees and will be expanded to include employers with 19 or less employees from 1 July 2019. STP will require employers to report salary and wages, allowances, deductions, tax and superannuation to the ATO each time you pay employees in line with your current pay cycle.
Employers will require STP ready software and those with STP compliant software can choose to report before 1 July 2019. Most employers will find that commonly available commercial software solutions will be compliant however we recommend that you check with your provider to ensure your software is ready by the relevant start date.