Welcome to our May monthly newsletter!

This month is extremely important for small business owners and accountants. The federal budget will be announced which will shape our tax system for the next twelve months. We recommend to complete annual budgeting and finalise tax planning after the budget announcement to allow for the most accurate estimates and reports. Please look out for the budget announcements later this month and as usual, our office will provide all our clients with a quick-read summary.



Head on over to our website

Monthly tax tip:

We already know one change that will apply to employers, and that is the increase of super guarantee from 10.5% to 11% on 1 July 2023. STP-enabled payroll software should automatically update; however, this is something to keep an eye on to avoid underpaying super for employees. This should also be acknowledged in budget/cash-flow reports to avoid a surprise later. This rise, including the annual award pay rate rise will continue to place financial pressure on employing entities so it’s important to understand what payments are liable for super guarantee and which payments do not need to accrue it. If employees and payments are not set-up correctly in payroll software, super may accrue on payments that do not require it which would mean an unnecessary expense to employers. Please see below for a breakdown of what payments accrue super, and what payments do not. However, if you are ever unsure then please contact our office to discuss any payroll queries.

Accrues super guarantee

DOES NOT accrue super

Ordinary hours


Overtime hours


On-call allowance


Expense allowance


All other allowances


Bonus in respect of overtime


All other bonuses


Annual leave loading


Parental & ancillary leave


All other leave types


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.

Book an Appointment

Important Dates!

15 May:

  •       Lodge 2022 tax returns for all entities that did not have to lodge earlier
  •       Pay 2022 income tax for companies and superannuation funds

21 May:

  • Lodge and pay April 2023 monthly business/instalment activity statement

26 May:

  • Lodge and pay quarter ending 31 March 2023 activity statement

28 May:

  •  Lodge and pay quarter ending 31 March 2023 superannuation guarantee charge statement if the contributions were not paid on time*


*Superannuation guarantee charge is not tax deductible


Click to email us about the above





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