Newsletter

Focus Professional Group

Proposed Tax Changes for Individuals from 1st July 2024

Stage 3 income tax cuts for individuals to be changed The government proposes to re-instate the 37% tax rate for middle income earners that would otherwise be abolished under the legislated "Stage 3" tax cuts and lower the tax rate for low income earners from 19% to...

Relevant Tax Guide to the Federal Budget 2023

Relevant Tax Guide to the Federal Budget 2023 Treasurer Jim Chalmers has delivered his second Budget. We set out a summary of the key measures announced, and what they mean for you and your business. INDIVIDUALS   No changes to personal tax rates The Government...

Binding Death Benefit Nominations in SMSFs Don’t Expire After 3 Years

For many people, the family home and their super balance are their largest assets. A binding death benefit nomination (BDBN) can be a useful tool in deciding who will benefit from your super when you die. We summarise a recent decision of the High Court which has...

Employer super obligations changing from 1 July 2022

Increase in Superannuation Guarantee percentage From 1 July, the Superannuation Guarantee percentage increases to 10.5% (up from 10%).  The percentage is applied to an employee’s Ordinary Times Earnings.  Note that the new percentage will apply to remuneration paid to...

Relevant Tax Guide to the Federal Budget 2022

The forecast deficit for the 2022-23 year is $78 billion, and the current year’s deficit is expected to come in at $79 billion.  These are significantly lower than forecast in the two previous Budgets. Although some direct support measures continue, most have ceased....

Updates to grants for lockdown-impacted businesses

Updates to grants for lockdown-impacted businesses The Queensland State Government has provided further clarity in relation to the grant available for small business and businesses operating in the tourism and hospitality sector, affected by the latest lockdown....

June 2021 Newsletter

What needs to be done before 30 June 2021? Superannuation Contributions If you would like to claim a deduction in the 2021 financial year, make sure payment is made to Industry Superannuation Funds by 22 June 2021 to allow them to accept the contributions....

Your Guide to the 2021 Federal Budget

As we now allow ourselves the indulgence of thinking about a post-pandemic world, the goal of the 2021 Federal Budget is to support our economic recovery.   Following last year’s delayed Budget, a number of support measures, like JobKeeper and the Cashflow Boost, have...

Directors’ Exposure To Company Debts Expanded Again

A new law is about to commence which, if triggered, will treat you as continuing to be a director of a company after you have resigned.  That means continued exposure to all the laws that can make you personally liable for company debts.  However, this can be avoided...

JobMaker Hiring Credit

As many of the Government incentives introduced during COVID-19 start to dwindle away, the Government are promoting businesses to grow and hire additional employees through the JobMaker Hiring Credit. The JobMaker hiring credit is paid every 3 months in arrears to...