News

Two business  initiatives announced in the budget have yet to go through Parliament. These are the 120% tax deduction for eligible training and technology investment for small business.  Unfortunately, there are no details available at the time of writing this and the Federal election may change the outcome

The Superannuation Guarantee rate will increase from 10% to 10.5% of Ordinary Time Earnings (wages) from 01 July 2022

This from MYOB:

Moving to STP Phase 2

You’ll be prompted in AccountRight to make the move to STP Phase 2. It’s a simple process and we’ll guide you every step of the way.

During the move, your payroll details will be checked to ensure they meet the new STP requirements, and you’ll be notified if anything needs fixing. This is very similar to what happened when you first set up STP.

From 1 July 2022, employees who earn less than $450 per month will be eligible to receive super guarantee – provided they meet other eligibility requirements. You’ll need to check your payroll and accounting systems have been updated for super payments made after 1 July 2022 to calculate your employees’ super guarantee entitlements.  More information here