NEWS

Removal of special purpose financial statements

For annual reporting periods beginning on or after 1 July 2021 (i.e. 30 June 2022 year ends), the following Australian for-profit private sector entities no longer need to prepare special purpose financial statements (SPFS): Required by legislation to prepare financial statements that comply with Australian Accounting Standards or accounting standards; or Required by their constituting or another document (e.g. lending agreement, shareholder agreement and trust deed) to prepare financial statements that comply with Australian Accounting Standards, if the document is created or amended…

Read More

Update to Business Services for the 2021/22 FY

LOSS CARRY BACK TAX OFFSET AND TEMPORARY FULL EXPENSING/INSTANT ASSET WRITE OFFS The government has proposed to extend loss carry back tax offset and temporary full expensing by 12 months to 30 June 2023. The loss carry back tax offset was a welcome announcement in the Federal Budget handed down on 6 October 2020. The temporary rules are designed to provide a cash flow support to eligible corporate entities that were previously in a tax paying position but now find…

Read More

Superannuation changes for the new 30 June 2022 financial year

We are happy to provide the following list of changes to Superannuation for the current 30 June 2022 financial year: Concessional Contributions The concessional contribution cap has moved to $27,500, the cap was previously $25,000. Non-Concessional Contributions The non-concessional contributions cap has moved to $110,000, the cap was previously $100,000. To make non-concessional contributions your total super balance at 1 July must be under $1,700,000. The maximum amount of non-concessional contributions that can be brought forward into a current year…

Read More

DFK Benjamin King Money Business & Taxation Bulletin for Winter 2021

As Year end fast approaches, we provide you with the DFK Benjamin King Money Winter Bulletin which contains some very important information for year end and beyond including: Claiming working from home costs using COVID-19 rate of 80 cents per hour Increase in superannuation guarantee rate to 10% Increase in superannuation concessional contributions to $27,500 Temporary full expenses of Depreciating Assets extended to 30 June 2022 A key dates checklist An article on cryptocurrency and tax How COVID-19 has changed…

Read More

National Minimum Wage will increase by 2.5%

As part of the Annual Wage Review for 2021, the Fair Work Commission (FWC) announced a 2.5% increase to the national minimum wage and award wages. This will occur in 3 different stages. The increase in annual wages applies to anybody who is paid minimum award wages or the national minimum wage. If you are covered by a registered agreement, (usually a contract between an employer and their employees regarding employment conditions), it is important you check if this increase…

Read More

Single Touch Payroll (STP)

Single Touch Payroll (STP), is an Australian Government initiative to reduce employers’ reporting burdens to government agencies. With STP, you report employees’ payroll information to us each time you pay them through STP-enabled software. Payroll information includes: Salaries and wages Pay as you go (PAYG) withholding Superannuation. STP started on 1 July 2018 for employers with 20 or more employees and 1 July 2019 for employers with 19 or fewer employees and is a mandatory obligation. If you haven’t started already started reporting your wages under…

Read More

Circuit Breaker – State Government Business Grants for COVID-19

The Victorian state government has announced Circuit Breaker Support Package to assist small and medium business and sole traders under the circuit breaker restrictions that were announced on 27 May 2021. There are 2 programs, which include: The Business Costs Assistance Program Round Two providing $2,500 or $5,000 grants for eligible employing and non-employing businesses in sectors most impacted. This includes businesses operating in an industry that cannot operate under the circuit breaker restrictions and which cannot work remotely, and;…

Read More

COVID-19 Business Support

The Victorian government has announced a number of support packages for businesses affected by the current COVID-19 circuit breaker. The packages are aimed to assist small to medium business who are unable to operate whilst the circuit breaker is in operation. There are three packages announced which relate to:  Business cost assistance program: provides $2,500 grants for eligible employing and non-employing businesses in the sectors most impacted. Licensed hospitality venue fund 2021: provides businesses holding an eligible liquor licence and food certificate with a…

Read More

The 2021-22 Federal Budget Report

Comments on the 2021-22 Federal Budget The 2021/22 Federal Budget handed down last night is part of the next stage of the Government’s economic plan to secure Australia’s recovery in a post Covid-19 economy. It is aimed at creating jobs, guaranteeing essential services and building a more resilient and secure Australia. Highlights are: Personal income tax cuts – extension of low and middle tax offset. Business tax incentives; – including loss carry back rules and full expensing of deprecating assets will…

Read More

Victorian Test Isolation Payment

Have you missed work/closed your business due to getting tested for COVID or due to the isolation periods that come after this test? There may be a solution for you, as the state government of Victoria have announced a COVID-19 $450 Test Isolation Payment. To be eligible for this payment you will need to be: Over the age of 17; and Have been tested for COVID-19 or are the carer of someone who has been tested for COVID-19; and Currently…

Read More

A member firm of DFK International a worldwide association of independent accounting firms and business advisers.

CONTACT

L/3, 689 Burke Road, Camberwell, VIC 3124
PO Box 1163, Camberwell, VIC 3124
Telephone: 03 9804 0411
Facsimile: 03 9804 0422
Email: info@dfkbkm.com.au