The majority of the superannuation changes proposed in the 2021 Federal budget are likely to be passed. The changes will most likely apply from 1 July 2022. To summarise, these changes are as follows: Removal of the $450 per month threshold for compulsory employer super contributions Currently, if an employee, over the age of 18, […]
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Director ID
From Monday the 1st of November 2021, ASIC (the Australian Securities and Investment Commission) has implemented the new Director Identification Number (Director ID) regime. What is a Director ID A Director ID is a unique identifier that a director will apply for once and keep forever. Why has this been introduced The Director Identification Number […]
End of Year Obligations
It’s the start of a new financial year, and with this becomes a few essential tasks. These are outlined below: Please let me know if you would like some help with any of the below. Employee Income Statements Previously called Group certificates or PAYG Payment Summaries, you most likely have been reporting through Single Touch […]
COVID-19: Government Support
COVID-19 Lockdown Financial Support With South Australia now being in Lockdown for a seven day period, we, at Cortex Accounting, are available to support you through this difficult time. Individuals and businesses who have been directly effected have access to the following government financial support. Business Support Grant Eligible SA small and medium businesses impacted […]
Positive versus Negative Gearing
Recently I was asked the question whether it was better to have a positive or negatively geared investment property. To answer this question, we first need to have a clear understanding of the above terms. Positive Gearing Positive gearing is where the rental income is more than the properties outgoings. Outgoings may include interest payments, […]
Small Business Grant
The South Australian state government has announced a second round of the Emergency Cash Grants for Small Businesses. The cash grants will be available to help cover a business’ ongoing or outstanding operating costs, such as rent, power bills, supplier and raw materials costs and other fees. The second round of Small Business Grants includes $10,000 […]
JobKeeper payment scheme extension
The Federal government has recently legislated the extension of the JobKeeper payment scheme beyond the former end date of the current scheme of 27 September 2020. It is now important that business owners reassess the requirements for accessing the JobKeeper scheme in light of the new regulations. This applies regardless of whether you previously qualified […]
Federal Budget 2020
The annual federal budget is usually delivered on the second Tuesday of May. Due to the uncertainty of the full economic impacts of the Covid-19 pandemic, the Government announced on 6 March 2020 that it had decided to defer the 2020–21 Budget until 6 October 2020.In review, the budget provides good and positive incentives for struggling […]