It’s Superman Day, and while we aren’t leaping over skyscrapers (OH&S), we are busy making sure your business is faster than a speeding bullet for Payday Super.
Need Clark Kent reliability and Superman results? Our capes are freshly pressed and ready to go!
We will continue to do the doing for our clients, this is just a quick heads-up on the two main costume changes.
Time is flying, and the 2025/2026 financial year is nearly over.
EOFY deals are great for salespeople hitting targets, but are they right for your bottom line?
Before you make any last-minute business purchases, you need accurate data.
Preparation is the secret to a stress-free tax season.
Make sure to lean on your qualified & licenced tax accountant for specific advice, and for everything else bookkeeping… sing out!
Here is what we need to action together right now to get you sorted before 30 June:
Payday Super laws have officially passed, and the countdown to 1 July 2026 is on. You will need to pay super at the same time as you pay wages. It must leap tall buildings and land in the employee’s fund within 7 business days.
We’ve put our undies on the outside of our tights, and we’ve got your back on these big changes.
What’s Changing?
– Increased Frequency: Depending on your pay cycles, your reporting frequency will shift from quarterly to weekly, fortnightly, or monthly. You’ll be in the phone booth a lot more often.
– New Calculations: ‘Qualifying Earnings’ will replace ‘Ordinary Time Earnings’ (OTE) as the base for calculating the 12% contribution.
– Cashflow Impact: If you don’t start your run-up now, you could end up paying April, May, June, and July all within a single month. That would be villainous for your cashflow.
Don’t wait for the 2026 deadline to activate your superpowers – start easing into the phone booth now to avoid a mid-2026 crunch.
Need a sidekick to make you look good? Ask us to give you a hand.
Is you Little Red Wagon owned by your business? Don’t crash into an unexpected Fringe Benefits Tax liability!
The FBT year ends next week and there are 3 things to think about:
-personal usage (have you got a logbook to document percentages?)
-would an EV be a sensible investment (right now? yeah fuel is $$%!)
-odometer reading on Tuesday night or Wednesday morning (to make paperwork less bad)
Speak to your accountant about potential FBT expenses now.
Employee Appreciation Day is tomorrow.
Want to say ‘thank you’ without inviting the ATO to the party?
Handle the ‘fun tax’ (FBT) like a pro.
Keep your gift under $300 (including GST) per person. For the best tax outcome, stick to Non-Entertainment gifts like a hamper or a gift card. You get the deduction, they get the prize!
And don’t forget the non-cash options
What are you planning for your team this year?
Thinking about rewarding staff with a bonus?💰💰💰
Ask us to help you with calculations.
– If you fail to withhold tax or report the payment (STP), the bonus becomes non-compliant (no tax deduction for you!)
– Superannuation is likely to apply to the bonus amount
– Schedule 5 tax scale must be used for PAYG withholding
We will calculate the total cost to you and the net amount the employee receives to avoid budget surprises.
Are you planning to host celebrations or play Santa with gifts for your staff and/or business associates?
Watch out for the Fringe Benefits Tax (FBT) grinch ruining the fun for everyone!
Speak to your accountant BEFORE Santa leaves a lump of coal in your stocking.
Do you provide perks to your team?
You probably need to submit an FBT return in the next couple of weeks.
No idea what could be captured? Speak to your tax accountant ASAP – gym membership, tickets to the footy, fancy meals, company car used for personal trips can all be captured.
Avoid fines and penalties – review your situation, ask your accountant – act now!
It’s a tight labour market, so finding the right team is difficult, once you’ve found someone you’ll have to negotiate their wage or salary cos its unlikely they’ve agreed to work for you for free.
From 1 January 2025, intentional underpayment of wages or entitlements can be a criminal offence.
If you aren’t sure if you are paying a worthy wage, investigate before FairWork does! Get an expert to help you, winging it isn’t an option.
It’s a bird, its a plane, its a person planning for their future needs!
Are you employing super heroes (who want to put away a bit extra for their retirement)?
Salary sacrificing wages into super can help employees save faster than a speeding locamotive, but as an employer, you need to make sure you have all the right paperwork.
Wearing your undies on the outside of tights is all well and good, leaping tall buildings in a single bound has OH&S issues, being your own retirement hero is a super idea!
