Super Caps & Rates Changing from 1 July 2024
From 1 July 2024 the maximum amount you can contribute to super is changing: Current Cap Cap from 1 July 2024 Concessional Contributions 27,500 30,000 Non Concessional Contributions 110,000 120,000 The Super Guarantee rate is also increasing from 11% to 11.5% – most software will update automatically but we do suggest that you check your […]
ATO Data Matching with Air Bnb, Uber and AirTasker
Do you earn income via an Electronic Distribution Platform (EDP) such as Air Bnb, Uber or AirTasker? From 1 July 2023 EDP’s relating to taxi travel, ride-sourcing and short-term accommodation started reporting ‘tax related information’ (e.g. income you have earned) to the ATO, with EDP’s relating to other industries starting from 1 July 2024. What […]
EOFY Payroll
You’ve probably heard of End of Financial Year (EOFY), but did you know that payroll also has some EOFY tasks of its own? We have put together a short checklist to help you: Process any outstanding adjustments – you know those things that you’re meant to get done during the year; perhaps it’s sorting out […]
Car Related Tax Deductions
When using your car for work purposes, you may be able to claim work-related car expenses as a deduction when completing your tax return. If you intend on claiming motor vehicle expenses in your tax return, please record your odometer reading as at 30 June 2024 and provide this to us with your tax records. […]
Budget Update 2024-2025
Last night the 2024-2025 Federal Budget was announced. We cannot remember a budget with less for the accountants in the room to sort out! That being said, there are several measures that could impact you. Overall take: the intention seems to be to provide some cost-of-living help, whilst also driving down inflation (in the short-term […]
Agritourism Rules Ease NSW Farmers
The State Government has now made it easier for NSW farmers to use their land for agritourism, hoping to help diversify their income. Offering tourism-related activities on their properties including farm experiences, cellar doors, cafés, retreats, roadside stalls, fruit picking, hosting small weddings and more. Planning rules have been simplified meaning that they are either […]
Update on Financial Advisers at HQB
Two of our Partners, Brad & James, are limited financial advisers. Recently there has been a change in ownership of the Australian Financial Services Licensee (AFSL) through which Brad/James operate, from Diverger to Count. This change has no impact to our clients, the advice we provide and our continued relationships remain the same. You can […]
Bookkeeping New Year Resolutions
The year has rolled on towards a fresh and exciting start – it’s time to think about your New Year Resolutions. Not for you though, for your business! We’ve put together some suggestions as a starting point, but of course you may have some of your own to add too. Put all of your business […]
Stage 3 Tax Cuts Explained
The Federal Government have today announced changes to the Stage 3 tax cuts which are to come into effect from the 1st July 2024. Background: Initially the proposal included changes to the tax brackets, resulting in those earning between $45,001-$200,000 paying 30% on each dollar earned. There was little benefit to low income earners. Changes […]
HQB Engagement Agreements via Ignition
Our Ethical and Professional standards require that we regularly provide our clients with an Engagement Agreement. In the coming week, we will be sending out (for each entity) our current engagement agreement via a third-party app called Ignition for e- signature. We confirm that the terms of our service and the engagement between our clients […]