Build your financial security with OBT Financial Group – Lockyer Valley’s Business of the Year 2015 and specialist financial advisers to individuals, business owners and farming families on accounting, tax, business advice and wealth planning for over 30 years.
From 1 July this year, most small businesses will need to be STP compliant. This includes small employers with closely held payees, as well as some micro businesses and seasonal employers.
Super Guarantee increase 1 July
The super guarantee (SG) is scheduled to increase from 9.5% to 10% from 1 July 2021. SG is the minimum super an employer must pay their employees.
2021/22 Federal Budget
Our team is available to assist you to capitalise on any of the Budget measures or minimise your risk. As always, the detail is important so please let us know if we can assist. We’ll keep you up to date as the detail of these measures comes to hand.
Using Human Resource Data to Support Business Decisions
We look at some important HR metrics which help business owners to improve their HR environment and make smarter business decisions.
JobMaker Hiring Credit
The JobMaker Hiring scheme applies to employees starting employment between 7 October 2020 and 6 October 2021. It is a scheme that gives employers an incentive to take on additional young job seekers and eligible employers receive weekly payments.
JobTrainer skills package announced
The key part of JobTrainer skills package is the expansion of the 50% apprentice wage subsidy to businesses with fewer than 200 employees. Plus, the subsidy has been extended from its original end date of 30 September 2020 to 31 March 2021.
1.75% increase to minimum wages
The new national minimum wage which applies to all full-time and part-time employees who are not covered by an award or agreement, will increase to $753.80 per week or $19.84 per hour (before tax) from 1 July 2020. The increase to awards will happen in 3 groups with 3 separate dates.
SBSCH USERS Deadline reminder to claim your tax deduction
Small Business Superannuation Clearing House users – want to claim a deduction for super contributions? Your super payments must be accepted by 23 June 2020.
JobKeeper Payment
What steps do you need to take to receive the JobKeeper Payment? Many employers around Australia are asking this same question. During the week commencing Monday 20 April one of our friendly staff will be in contact with you to discuss your possible eligibility for the JobKeeper payment.
FREE Working from Home ATO factsheet
If you work from home right now, remember to keep records and receipts for your home office expenses, along with a record of the hours you work from home. Keeping good records now will help to get your deductions right at tax time. The ATO has a PDF poster you can download to help understand what you can claim.
