Happy New Financial Year!

As we embark on a new financial year, we want to take a moment to extend our warmest wishes for a Happy New Year! We also want to ensure that you are well-informed about important matters related to this new financial year.

Don’t forget to attend to your year ended 30 June 2023:

• STP Finalisation – Due this Friday 14th June.
• Payroll Tax Annual Return
• Long Service Leave Employer Return.
• Taxable Payment Annual Report (TPAR).

For more information on these obligations, please click here.

Tax Lodgement Due Dates:

• Most entities will have a lodgement due date of 15 May 2024.
• Entities that has income in 2021-22 financial year of more than $2M have a lodgement due date of 31 March 2024.
• If your 2022 tax return was not lodged by 30 June 2023, your 2023 return will have a due date of 31 October 2023.

What’s New?

Changes to Superannuation

The superannuation guarantee rate has increased from 10.5% to 11% from 1 July 2023.

Changes to Award Pay Rates

The national minimum wage also increased by 8.65%. Please make sure you review your employees’ rates of pay.

Wages figures in Activity Statements

From July 2023 the ATO will pre-fill wages and wages tax figures into activity statements based on Single Touch Payroll (STP) Data lodged with your pay runs. If you prepare your own activity statements, please ensure you check that the wages and wages tax figures are correct before lodgement with the tax office.

New Legislation Passed

We have finally seen legislation passed for two key measures the Morrison Government presented in their final budget back in March 2022:

Skills & Training Boost

• Bonus deduction of 20% for eligible expenditure for external training provided to their employees.
• Small Businesses Turnover less than $50M.
• Expenditure must be incurred from 7:30pm 29 March 2022 to 30 June 2024.
• Eligible expenditure:

1. Must be for training employees (in person or online).
2. Must be charged by a registered training provider.
3. Registered training provider must not be the small business or an associate of the small business.
4. Expenditure must already be deductible under tax law.

Technology Boost

• Bonus deduction of 20% for eligible expenditure on expenses and depreciating assets for the purposes of their digital operations or digitising their operations.
• Small Businesses Turnover less than $50M.
• Maximum eligible expenditure of up to $100,000, maximum bonus deduction of $20,000.
• Expenditure must be incurred from 7:30pm 29 March 2022 to 30 June 2023.
• Eligible Expenditure

1. digital enabling items – computer and telecommunications hardware and equipment, software, internet costs, systems and services that form and facilitate the use of computer networks;
2. digital media and marketing – audio and visual content that can be created, accessed, stored or viewed on digital devices, including web page design;
3. e-commerce – goods or services supporting digitally ordered or platform-enabled online transactions, portable payment devices, digital inventory management, subscriptions to cloud-based services, and advice on digital operations or digitising operations, such as advice about digital tools to support business continuity and growth; or
4. cyber security – cyber security systems, backup management and monitoring services.

As always, do not hesitate to contact us.

Kind regards,

SaabTeece