Welcome to the halkin blog.
Your source for weekly stories and advice on local business, the economy in general and what’s happening in Sydney this weekend.
Federal Budget 2023-2024
On Tuesday 9th May the Australian public received the 2023-2024 Federal Budget.
The overall economic outlook was an improvement in the cash balance and net business debt resulting in a $4 billion surplus. In addition, Treasury is forecasting the economy to slow over the coming 2 years.
Please read on below for key takeaways on the budget initiatives and, as always, our consultants are here to help, so reach out to us to have a conversation about how the budget initiatives can fit in to your circumstances and financial goals.
Enhance your Superannuation: How New Legislation Impacts Your Retirement
Retirement planning often takes a back-seat to life, but the newly passed legislation relating to superannuation in Australia is worth paying attention to this year. We’re taking a look at what the changes are, when they take effect, and how they create opportunities for you to improve your financial situation through well-thought-out planning and contributions.
Why Your Annual Financial Review Should Include Your Will and Estate Plan
As we close out the year, it’s an important time to turn your attention towards your financial position. The holidays are approaching, you’ve already spent some time ensuring your finances are in order to close out the calendar year, and you might be feeling pretty well prepared. However, there’s one thing that’s often overlooked: Your Will.
Phase 2 of Single Touch Payroll is Coming – Are You Ready?
As a business owner, you should already be aware of the Australian Government’s transition to Single Touch Payroll (STP). In the 2019-20 budget, the government also announced that STP would be expanded with additional information.
As required under the announcement, Phase 2 reporting is mandatory from 1 January 2022 onwards. The ATO will offer a flexible approach to the phase 2 rollout to ensure a smooth transition, depending on individual business circumstances.
Why You Need To Know Your Director ID
If you’re a company director, are you aware you need a new Director ID as of November 2021? If you haven’t verified your identity and secured your ID number yet, here’s what you need to know.
What is a Director ID?
The new director identification number (director ID) is a 15-digit ID number unique to each individual, intended to combat fraud and false identity issues. The director ID applies for directors of all companies, including registered foreign companies and Aboriginal and Torres Strait Islander corporations. Once your director ID has been assigned, it will never change. This ID number will stay the same, even if you move, change companies, or cease to work as a company director.
Super Choice Rules Will Change from 1 November 2021
From 1 November 2021, if you have new employees start, you may have an extra step to comply with the choice of fund rules if they don’t choose a super fund. You may now need to request their ‘stapled super fund’ details from us.
A stapled super fund is an existing super account that is linked, or 'stapled,' to an individual employee so that it follows them as they change jobs.
If you don't meet your choice of super fund obligations, additional penalties may apply. The change aims to reduce account fees by stopping new super accounts from being opened every time an employee starts a new job. Per the ATO, these are the steps you will need to take from November 1 onwards.
Can You Benefit from Tax Audit Insurance?
A surprise ATO review or audit of your tax returns can rapidly become a frustrating, costly and time-consuming process. Even seemingly simple queries can result in hours of paperwork for yourself or a legal professional. It’s important to remember that all taxpayers can be audited. The ATO has several recent focus areas that could potentially impact you as an individual, a business owner, or someone with a Self-Managed Super Fund (SMSF).
