Insights & Resources

Appointing an SMSF auditor The ATO reminds SMSF trustees that they need to appoint an approved SMSF auditor for each income year, no later than 45 days before they need to lodge their SMSF annual return. An SMSF's audit must be finalised before the trustees lodge their SMSF annual return, as the trustees will need some information from the audit re...

Claiming GST credits for employee expense reimbursements Employers may be entitled to claim GST input tax credits for payments they have made to reimburse employees for expenses that are directly related to their business activities. A 'reimbursement' is provided when a taxpayer pays their employee the amount, or part of the amount, of a particular...

The super guarantee rate is increasing  Businesses that have employees, or hire eligible contractors, will need to ensure that their payroll and accounting systems are updated to reflect the new super guarantee rate of 11% for payments of salary and wages that are made from 1 July 2023.Businesses need to calculate super contributions at 11% fo...

On 9 May 2023, Treasurer Jim Chalmers handed down the 2023/24 Federal Budget. Some of the measures announced by the Government (including some which were actually announced prior to the Budget), include: from 1 July 2026, employers will be required to pay their employees' superannuation at the same time as their salary and wages;providing businesse...

The 'ace in the hole' of the 2023-24 Federal Budget was the $4.2bn surplus; the first in 15 years driven by a surge in the corporate and individual tax take. Key measures include: Energy bill relief for some households and small businessEncouraging doctors to offer bulk billing by tripling the incentive for children under 16, pensioners and other C...

Last chance to claim deductions under temporary full expensing Deductions under 'temporary full expensing' are only available in the 2021, 2022 and 2023 income years, and are expected to come to an end on 30 June 2023.Taxpayers can choose to opt out of temporary full expensing for an income year for some or all of their assets, and claim a deductio...

How to claim working from home expenses Taxpayers who have been working from home this financial year, and who consequently incurred work-related expenses, have two ways to calculate their work from home deduction: the actual cost method; orthe fixed rate method. Using the fixed rate method, taxpayers can claim a rate of 67 cents per hour worked at...

How to claim working from home expenses Taxpayers who have been working from home this financial year, and who consequently incurred work-related expenses, have two ways to calculate their work from home deduction: the actual cost method; orthe fixed rate method.Using the fixed rate method, taxpayers can claim a rate of 67 cents per hour worked at ...

Tax planning is an investment in your business success – because when it comes to tax, what you don't plan for can hurt your business. If you suspect you may be paying more tax than you legally need to, book a Tax Planning review with your client relationship manager What is business tax planning? Business tax planning involves reviewing your busin...

Significant change to claiming working from home expenses Before 1 July 2022, an individual taxpayer that incurred additional deductible expenses as a result of working from home, had a choice of three methods to claim these expenses. These choices were:The shortcut method – which was available from 1 March 2020 to 30 June 2022;The fixed-rate metho...

Super Guarantee Contributions for the December 2022 quarter A reminder to employers that their December 2022 superannuation guarantee ('SG') contributions were due by 28 January 2023. Do not forget the two changes to SG that commenced on 1 July 2022: the rate increased from 10% to 10.5%employees no longer need to earn $450 per month to be eligible....

We hope you enjoyed your Christmas & New Year period with family and friends. Its hard to believe we're nearly half way through January when it feels like the year only just started. It's the start of a new year, which means now is the time to set yourself up for success in 2023.At CSCG we are jumping right into the new year with our focus rema...

Employees will soon be able to access 10 days of paid family and domestic violence leave in a 12-month period. Key points Full-time, part-time and casual employees will be able to access 10 days of paid family and domestic violence leave in a 12-month period. It won't be pro-rated for part-time or casual employees.The full 10-day leave entitlement ...

Director ID deadline is approaching The Government has launched an awareness campaign to help company directors get their director identification number ('director ID') as the 30 November deadline approaches. A director ID is a unique 15‑digit identifier that a company director will apply for once and keep forever. Director IDs are administered by ...

By the 30th November 2022 ALL Company Directors are required to apply for a Director ID Number. ASIC is responsible for enforcing director ID offences set out in the Corporations Act 2001. It is a criminal offence if directors do not apply on time and penalties may apply. Application for a Director ID is a straightforward process. Firstly you must ...

Wyndham City's Small Business Entrepreneurship and Innovation Fund 2023 (the Fund) has been specifically developed to support businesses within the City boundaries to develop innovation, encourage collaboration and build entrepreneurship capacity that generates long term business sustainability and regional growth containment. Competitive Fund The ...

Banking business income to a private account The ATO has stated that it has "no concerns" with business owners banking their business takings or other sales in private accounts, but that this may become an issue when this income isn't reported. Therefore, the ATO notes that a good way to avoid this problem is to establish a separate business bank a...

Dear Client, To avoid additional costs (including the superannuation guarantee charge (SGC)), you must pay the right amount of super for all your eligible employees by the quarterly due date. Whether you're paying super weekly, monthly, or quarterly it's important to check that the super guarantee (SG) you pay takes into account changes that starte...

More COVID-19 business grants are now tax-free The Federal Government has expanded the list of State and Territory COVID-19 grant programs that may be tax-free to eligible businesses. A State or Territory Government COVID-19 grant payment will generally be tax-free if: the payment is received under a grant program that is formally declared to be an...

The Victorian State Government have launched the Small Business Specialist Advice Pathways Program which provides $2,000 grants to employing small businesses to access professional advice and services to help them make informed business decisions and plan for the future. The program supports businesses that have faced disruptive change, caused by t...