Minimum Wage Increase from 1 July 2021
When will this increase take effect? The new national minimum wage will apply from 1 July 2021. The award increase will happen in 3 stages. The increase doesn’t affect employees who already get paid more than their new minimum wage. Most awards will increase from 1 July 2021. Wages in the Retail Award will increase […]
Upcoming Superannuation Changes
There have been a number of changes around superannuation announced in the recent federal budget with the aim of increasing the members’ retirement balance and facilitating a more equitable superannuation system. Changes Effective from 1 July 2021 1) Mandatory Increase to Superannuation Guarantee Rate The superannuation guarantee is the rate that employers must contribute to […]
Your Knowledge- June 2021
Work From Home Expenses Under Scrutiny If you worked from home during lockdown and spent money on work related items that were not reimbursed by your business, you might be able to claim some of these expenses as a deduction – but not everything you purchase can be claimed. The ATO has stated that it […]
THE BALANCING ACT BUDGET: Federal Budget 2021-22
The 2021-22 Federal Budget is a balancing act between a better than anticipated deficit ($106 bn), an impending election, and the need to invest in the long term. Key initiatives include: Extension of temporary full expensing and loss-carry back providing immediate deductions for business investment in capital assets Introduction of a ‘patent box’ offering tax […]
Join Our Team
Anova are looking for an aspiring accountant to join our team at our growing Maitland Office. This role will suit someone studying Commerce/ Finance/ Business or similar at University, and wanting to finish their studies while starting their career. We are seeking an enthusiastic undergraduate with strong communication skills with a desire to advance your […]
THE NEW LIFETIME DIRECTOR IDs
Directors will be required to register for a unique identification number that they will keep for life, much like a tax file number under a rewrite of Australia’s business registers. ASIC does not currently verify the identity of directors and Elvis Presley and Bob Marley could “quite possibly” be registered. Or at least that was […]
JOBMAKER: WHAT WE KNOW SO FAR
JobMaker is a credit available to eligible businesses for hiring additional employees (not if you are merely replacing someone who left).
FORECASTING DURING A PANDEMIC
Now, more than ever, business operators should have a plan in place to manage during uncertain times.
THE ATO ON COVID-19 FRAUD WARPATH
We always knew that a Government scheme swiftly distributing cash during a crisis was going to come with equally swift compliance and review measures, particularly when eligibility was self-assessed.
THE NEW RULES FOR GIFT CARDS – WHAT YOU NEED TO KNOW
In Australia, around 34 million gift cards are sold each year with an estimated value of $2.5 billion.
