Happy New Financial Year!

As we welcome a new financial year there are a few items we would like to make sure you are aware of.

Reminders

You can see this month’s important dates on our website.

You can also download and customise your own important dates calendar here

Don’t forget to attend to your year ended 30 June 2022:

• STP Finalisation.
• Payroll Tax Annual Return.
• Long Service Leave (LSL) Employer Return.
• Taxable Payment Annual Report (TPAR).
• For more information click here.

Have you applied for your Director ID as yet?

All company directors must have their Director ID by 30 November. For more information click here.

Tax Lodgement Due Dates

Most entities will have a lodgement due date of 15 May 2023.

• Entities with income in 2020-21 financial year of more than $2M have a lodgement due date of 31 March 2023.
• If your 2021 tax return was not lodged by 30 June 2022, the 2022 return will have a due date of 31 October 2022.

What’s New

Changes to Superannuation
On 1 July 2022 the $450 per month eligibility threshold was removed when it comes to super guarantee for employees.

The super guarantee rate also increased from 10% to 10.5% on 1 July 2022.

Changes to Award Pay Rates

Changes to Award Pay Rates
The national minimum wage also increased by $40 per week from 1 July. Please make sure you review your employees rates of pay.

Tax Rates & Offsets

Eligible businesses with a turnover up to $50m will be taxed at a rate of 25% for 2022.

The small business income tax offset has increased to 16% in 2022. The maximum offset remains at $1,000.

Last Chance in 2023

The 2023 financial year will be the last year in which eligible businesses can utilise temporary full expensing. Assets must be purchased and installed before 30 June 2023.

The 2023 tax return will also be the last opportunity to claim carry back losses.

As always, do not hesitate to contact us.