July 2023 Newsletter

Welcome to this month’s issue of our newsletter. Our aim is to keep you informed about current tax and superannuation related matters.

This month we look at:

  • Employee contractor case law: Another key Federal Court case handed down in June may have a bearing on whether you owe certain workers you engage superannuation guarantee or not. A key factor is whether the worker has the ability to delegate or subcontract the work.
  • Working out your car expense deductions: With the cents per kilometer rated having just increased, we weigh up the pros and cons of the two alterative methods to use when calculating your work-related care expense deductions.
  • Lodgment amnesty: Since Budget night, the ATO has released more information around the small business lodgment amnesty which can now be taken advantage of from 1 June 2023! It applies to tax obligations that were originally due between 1 December 2019 and 28 February 2022 and runs from 1 June 2023 to 31 December 2023.
  • Fair Work changes: The national minimum wage has increased from 1 July to $882.80 per week or $23.23 per hour. There have also been changes to the award minimum wage, the paid parental leave scheme, and more!
  • Choosing your business structure: There are four main types of structures; each with its pros and cons. The new financial year is an opportune time to review your structure to see if it still meets your and your business’s needs. There are a number of factors to take into account when making this decision.
  • Increased superannuation guarantee rate: This came on stream from 1 July meaning that employees and certain contractors will be entitled to 11% superannuation payable on their ordinary time earnings. This rate change can be more complex that one may think!

Click here to read the Rose Partners July 2023 Newsletter.

If you would like to discuss anything raised in the newsletter, please contact our Team.

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