The Federal Treasurer, Mr Josh Frydenberg, handed down the 2022–23 Federal Budget at 7:30 pm (AEDT) on 29 March 2022. In an economy emerging from the pandemic, the Treasurer has confirmed an unemployment rate of 4% and an expected budget deficit of $78 billion for 2022–23. As international uncertainties add pressure on the cost of living, key measures in the Budget provide cost of living relief in the form of an increased Low and Middle Income Tax Offset, a one off

As your accountant, we won’t just look after the financial side of your business, we can also advise you on the strategic side of your company, including the importance of business development as vital part of your growth plan. Business development (BD) is what helps your company move from slow, organic growth to fast-paced, hypergrowth. And it’s only by putting the right drive and expertise behind your BD that you can turn your strategic ideas into real success stories. So, how can

If your trust pays adult-child beneficiaries, then you’ll need to know how the new ATO tax guidance rules could alter your beneficiary arrangements. The proposed changes won’t affect every small business operating through a trust arrangement, but it’s important to check that existing provisions meet the new requirements. The ATO has released several related documents as a draft package that outlines specific taxpayer arrangements it is examining. It is interested in agreements where parents benefit from trust income allocated

The superannuation guarantee statutory rate has remained at 9.5% since July 2014. However, plans have been in place for some years now, to increase the rate to 12% incrementally. In July 2021, the rate will rise to 10%. From then on, the rate will increase by 0.5% each year until July 2025 when it will reach the legislated 12%. Prior to the delayed 2020 federal budget, there was discussion about the possibility of deferring the rate rise because of COVID-19. However, the

Figured is a farm financial management solution that helps you farm on the front foot. It gives you everything you need to make immediate and future-focused farming decisions. Crop and livestock tracking, farm budgeting and forecasting tools work with Xero enabling you to confidently plan and reforecast with real-time information when conditions change. Figured plus Xero ensures you know exactly where the farming operation stands – and where it’s heading. How it works: 5 Great Reasons to use Figured 1. All your farm’s

We wish you a very happy Christmas and well deserved end-of-year break from your partners at Professional Business Solutions. It has been another challenging year for our clients. We hope you will be able to take some time at Christmas to connect with family and friends, even if not in-person, to recharge and relax. We are grateful for the opportunity to work with you and be a part of your continued prosperity. Our office will be closing at 12pm Thursday the 23rd December and

Christmas holiday breaks are a chance to recharge for the year ahead especially after the year we have had. We look forward to warmer weather and finally setting up an out-of-office email for the break. However, for business owners, this time is a stressful without careful cash-flow planning. Even if you do continue to operate through the holiday shutdown season, your customers’ financial behaviour may not remain the same. The strategies and tips shared below are generalised, however, we are here if

All employers have to report payments made to employees and closely held payees to the ATO using Single Touch Payroll reporting from July 2021. Single Touch Payroll (STP) Phase 2 was initially planned for 1 July 2021 to align with the mandatory reporting for all employers, but it has been postponed to 1 January 2022. The ATO will allow employers until 31 March 2022 to start reporting if they don’t have an STP reporting solution in place yet. Some payroll software

With so many different marketing and sales channels to pursue in the digital world, it’s easy to think that your prospects and target customers know exactly what your business does. But are you getting the right messaging out there? And are you using the right channels to talk about your customer service and customer feedback? People buy from people, so it’s important to not underestimate the value of satisfied customers and personal recommendations. Telling the right stories We all love a good tale,

The government has initiated a new system that attaches a unique identifying number to an individual who is a company director. If you are a company director you will need a director identification number. You can apply for a director ID from November 2021. What is a Director Identification Number? A director has one number permanently attached to them, and this is used for identification purposes for any or all companies they are a director of. The new Australian Business Registry Services