by Financially Sorted | Aug 27, 2024 | Economy, Small Business
In today’s economic climate, many small business owners are seeking additional sources of income to alleviate cash flow challenges. One potential solution is passive income, which can provide financial support with minimal ongoing effort. Let’s take a...
by Financially Sorted | Jul 30, 2024 | Business, Economy, Finance, Interest Rates, Land Tax, Superannuation, Tax & Accounting, Tax Returns
Will 2024-25 be another year of volatility or a return to stability? Personal tax & super As you would be aware (at least we hope so after a $40m public education campaign), the personal income tax cuts came into effect on 1 July 2024. At the same time, the...
by Financially Sorted | May 30, 2024 | Business, Small Business, SMSF, Superannuation
A major update to the small business superannuation clearing house (SBSCH) was introduced on 15 March 2024 that potentially impacts businesses being able to make superannuation guarantee contributions into SMSFs. SMSFs must have their bank account registered with the...
by Financially Sorted | May 15, 2024 | Federal Budget
On Tuesday 14 May Treasurer Jim Chalmers handed down the Federal Budget for 2024-25. A Budget surplus of $9.3bn is forecast in 2023-24, but an underlying cash deficit of $28.3bn is expected in 2024-25 (and a $42.8bn deficit for 2025-26). Cost of living has been...
by Financially Sorted | Oct 30, 2023 | ATO, Superannuation
Be careful – STP 2 and more sophisticated software enables the Australia Tax Office to monitor payments, month by month, & quarter by quarter. The ATO has now begun proactive action against employers who fail to pay super guarantee (SG) payments on time or...
