Do you need to register for WA Payroll Tax?

Business owners can be so occupied with running their business and hiring staff and most often miss out important thresholds that they need to be aware of.

In the past we have seen businesses missing the threshold to register for WA Payroll Tax simply because they do not realise that it is their responsibility as an employer to ensure they register, lodge and pay Payroll Tax on time.

In recent years WA Payroll Tax has become more complicated as there were several changes made to various thresholds and tiers as well as the tax rates.

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in Articles / Bookkeeping and Payroll / Knowledge Base / News / Running A Business / Starting a New Business / Tax Advice and Planning  by Emily Yip

Small Business Grants WA

To assist small businesses with the ongoing impact of COVID-19, the WA state government has released a series of business grants since the pandemic started.

Currently the following grants are available for WA businesses:

–          Small Business Hardship Grants (December 2021 and extended program)
–          Payroll tax waiver
–          Tenant Rent Relief Scheme
–          Landlord Rent Relief Incentive
–          Tenant Rental Credit Scheme (State Government tenants)

For the hospitality and events industry, the following grants are available:

–          Alfresco support package
–          Waiver of Liquor Licensing fees
–          Event Supplier Support Program

Different eligibility criteria applies to each grant so check the website for details.  If you need assistance applying for the grant please contact us.

Important note: the grants received will likely taxable income to the business so please make sure it is declared in the business’s tax return in the year of receipt.

in Articles / Knowledge Base / News / Running A Business  by Emily Yip

End of financial year checklist for businesses

What can businesses do before 30 June to prepare for the end of financial year as well as legally reduce tax liability for 2022 financial year?

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in Articles / Knowledge Base / News / Running A Business / Tax Advice and Planning  by Emily Yip

Super Guarantee to apply to more employees

Do you know that from 1 July 2022 onwards super guarantee will apply to employees earning less then $450 per calendar month, provided that they satisfy other eligibility requirements?

This applies to the following (not an exhaustive list):
– under 18 employees,
– contractors,
– full time, part time or casual staff,
– someone receiving a super pension or annuity while working (this includes employees on transition to retirement
– a temporary resident, such as a backpacker
– a company director
– a family member working in your business

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in Articles / Knowledge Base / News / Self Managed Super Funds / Starting a New Business / Tax Advice and Planning / Xero Cloud Accounting  by Emily Yip

New requirements for Directors from 5 April 2022

Are you planning to set up a new company and be the company director? Or are you planning to set up a new Self-Managed Super Fund where your company would be a trustee and you would be the director?

Do you know that legislation has passed in June 2020, whereby from 5 April 2022 onwards it is mandatory that all directors of a company to have a Director’s ID (Director identification number, or DIN) before you are allowed to be appointed as a director?

How to apply for Director’s ID?
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in Articles / Knowledge Base / News / Running A Business / Self Managed Super Funds / Starting a New Business  by Emily Yip