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Why is my tax refund so small?
Tax, Business news, Small business Chris Sykes Tax, Business news, Small business Chris Sykes

Why is my tax refund so small?

The low and middle income earners offset delivered up to $1,080 from 2018-19 to 2020-21, and up to $1,500 in 2021-22 for those earning up to $126,000, is gone. This was a significant boost for many people each tax time and bolstered the tax returns of millions of Australians. For many, the end of this offset has meant that their tax refund has reduced dramatically compared to previous years.

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Important: 1 July 2023 wage increases
Business news, Small business Chris Sykes Business news, Small business Chris Sykes

Important: 1 July 2023 wage increases

For employers, incorrectly calculating wages is not portrayed as a mistake, it’s “wage theft.” Beyond the reputational issues of getting it wrong, the Fair Work Commission backs it up with fines of $9,390 per breach for a corporation. In 2021-22 alone, the Fair Work Ombudsman recovered $532 million in unpaid wages recovered for over 384,000 workers.

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The 120% technology and skills ‘boost’ deduction
Business news, Small business, Tax Chris Sykes Business news, Small business, Tax Chris Sykes

The 120% technology and skills ‘boost’ deduction

The 120% skills and training, and technology costs deduction for small and medium business have passed Parliament. We’ll show you how to take maximise your deductions.

Almost a year after the 2022-23 Federal Budget announcement, the 120% tax deduction for expenditure by small and medium businesses (SME) on technology, or skills and training for their staff, is finally law.

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Paid - Family and Domestic Violence Leave, New Rules
Small business, Business news Chris Sykes Small business, Business news Chris Sykes

Paid - Family and Domestic Violence Leave, New Rules

Employees of non-small business employers can now access 10 days of paid family and domestic violence leave in a 12-month period.

Employees of small businesses can access the leave from 1 August 2023.

Employees have had an entitlement to unpaid family and domestic violence leave (FDVL) for some time as part of the National Employment Standards (NES). But as of 1st February this is a paid leave entitlement for employees of larger employers and 1 August 2023 for employees of small employers (fewer than 15 employees).

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Am I taxed on an insurance payout?
Small business, Business news, Investing, Tax Chris Sykes Small business, Business news, Investing, Tax Chris Sykes

Am I taxed on an insurance payout?

Australia has had its fair share of disasters over the last few years – drought, bushfires and floods – that have ramped up the volume of insurance claims. Most people would assume that if and when they need to claim on their insurance, the insurance payout covers the damage and is not income assessed for tax purposes - but this is not always the case.

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Acquiring collectables inside your SMSF
SMSF, Investing Chris Sykes SMSF, Investing Chris Sykes

Acquiring collectables inside your SMSF

Clients with self-managed superannuation funds (SMSF) often ask what assets the SMSF can acquire.

‘Why’?

The golden rule for acquiring assets inside your SMSF is why? To be compliant, your fund must be maintained for the sole purpose of providing retirement benefits to members, or to their dependants if a member dies before retirement. The sole purpose test (section 62 of the Superannuation Industry (Supervision) Act 1993), is your starting point. If the collectible you are looking to acquire does not fulfil this purpose, then you have an immediate problem.

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Do you have your Directors ID yet!
Business news, Small business Chris Sykes Business news, Small business Chris Sykes

Do you have your Directors ID yet!

In October 2021 the Government introduced a new identification system for company directors, a Directors ID. A number of transitional measures were put in place to make it easier for existing directors to comply with the new regime. The last of those transitional measure is fast approaching on 30 November 2022. If you are a director and have not applied for your Directors ID by 30 November 2022 you could face stiff penalties.

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FBT 2022 - Tips and what to look out for
Small business, Business news Chris Sykes Small business, Business news Chris Sykes

FBT 2022 - Tips and what to look out for

Fringe Benefits Tax (FBT) is one of the focus areas for the Australian Taxation Office. It is important for business owners to understand when FBT may apply, and what benefits they can provide employees that do not attract FBT. For most small and medium employers, it is best to avoid non-exempt benefits as record keeping when it comes to FBT can be quite onerous.

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