August Newsletter

Welcome to our August monthly newsletter!

The Fair Work Commission has increased the national minimum wage by 5.2% and wages under modern awards by 4.6% for this financial year. It’s extremely important to review all employees pay rates at the start of each financial year and to make sure all employees are receiving at least the minimum benefits. Even employees who are being paid over the minimum rates should still be reviewed as their current rate may not cover the minimum payment anymore.

It’s also important to ensure these increases are included in your budget and included in any price increase calculations to ensure your business can cover the rising cost of wages. Please note that there are certain awards that won’t receive an increase until October of this year as those industries were greatly affected by COVID-19 including tourism, airline and hospitality awards. We can assist your business in payroll management if required so please contact our office if you are unsure on employee payments.

Monthly tax tip:

There are many deductions relating to managing tax affairs that are often forgotten about. Most taxpayers are aware of the tax deduction relating to lodging their tax return along with any other bills paid to their tax agent for advice, etc. There are quite a few other expenses relating to the management of tax affairs that may be tax deductible. Software used to keep records or prepare a tax return can be deductible such as accounting/bookkeeping software, invoicing software, logbook recordkeeping software or Microsoft subscriptions. Other record keeping costs could include printing and stationery as well as other office expenses. Travel costs are also deductible including any car expenses for driving to a tax agent as well as meals and other costs associated with travelling a longer distance or staying overnight for meetings. Certain interest charged by the ATO can also be tax deductible however should be verified by your tax agent. Valuation fees relating to deductible gifts and properties may also be tax deductible. As always, evidence should be kept when claiming these deductions including any receipts or logbooks.

If you would like to schedule a consultation with us then please jump onto our website where you can see our availabilities and book a time that suits you.

Important Dates!

21 August:

•       Lodge and pay July 2022 monthly business/instalment activity statement

25 August:

•       Lodge and pay quarter ending 30 June 2022 business/instalment activity statement

28 August:

•       Lodge and pay quarter ending 30 June 2022 superannuation guarantee charge statement if the contributions were not paid on time*

*Superannuation guarantee charge is not tax deductible