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 […]
‘Tis the season for parties and bonuses
The Christmas season is well and truly upon us and with it comes a spirit of generosity; perhaps a few gifts, hopefully a party or two, and maybe, if it’s been a good year, a bonus. When it comes to parties, gifts and bonuses from businesses, the ATO has a few guidelines, and it’s wise […]
Artificial Intelligence in Bookkeeping
AI, or artificial intelligence, seems to be the buzz word on everyone’s lips with the release of more sophisticated programmes such as Chat GPT 4 which can generate and edit creative and technical writing tasks. So how does AI fit into the bookkeeping and small business landscape and how useful is it as a tool? […]
The ATO’s Stricter Approach to Late Super Payments
If you are an employer, you would be aware of your important responsibility you have on ensuring your employee’s super payments are paid on time and in full. Of late, we have noticed that the ATO is taking a stricter approach to late paid super; clients have been penalised, even if the payment was made […]
Price Increase from 1 July 2023
As you may be aware, we are in a rapidly changing world. With inflation rate rises, businesses are needing to increase their prices to keep up; and our business is no exception. We have been encouraging clients to constantly review their pricing, because keeping prices moving to at least track inflation is the only sustainable […]
Have you Finalised your STP for 2023? All you need to know about End of Year STP Finalisation with STP2
If your business has opted into Single Touch Payroll (STP), you are no longer required to produce individual payment summaries for your employees. Instead, your payroll data is finalised by making an STP finalisation declaration which needs to be lodged by 14th July and is done through your accounting software. Here are some of our […]
Ending Soon! Instant Asset Write-Off
“Instant Asset Write Off” winds back 30th June 2023 – what does that mean for my business? Between 2019 and now, we have been living in a world of ever-increasing allowances for businesses to buy equipment such as vehicles and machinery and claim the purchase immediately in the year it was purchased (rather than claim […]
2023 – 2024 Federal Budget Announcement Last night’s 2023/24 Federal Budget announcement did not deliver any major surprises, but there are a number of key announcements. We have summarised the key issues below. If you need to discuss your specific circumstances, our team is ready to speak with you about your situation. Stage 3 Tax […]
2023 Changes to Land Tax – Summary
Land tax is applicable to all states in Australia, with the exception of the Northern Territory. It is a complicated area of tax law and one that has rules differing between states. Land tax is a tax levied on the owners of land in NSW as at midnight on 31 December of each year & […]