Bookkeeping Blog

Advice and tips for Australian Businesses

Don’t forget to review your work-related expenses at Tax Time!!

This will be very interesting, as most people working from home since the pandemic, have now worked solidly for the full 12 months, so many people will be asking what are work-related expenses and what is not.

The Tax Office has warned it will be taking a close look at work related expenses.

Do you know what you can or cannot claim at tax?

If you don’t have a clue and need help, then please give me a call.

Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID

Job Trainer program will be extended

Did you know the Job Trainer program will be extended for another 12 months? Which is absolutely amazing for many people obtaining work!!!

They anticipate 163,000 additional low fee and free training places in areas of need, which of course is health, aged, disability care, childcare and trades. This money was actually the extension of funds originally allocated to the $4billion Jobmaker Hiring Credit Program which as we know was unsuccessful.

Australia as we know, is in a skills shortage, so Boosting Apprentice Commencements (BAC) subsidy, has been a huge success and this has now also been extended for 6 months for new apprentices or trainees, who commence before 31 March 2022.

Which means the subsidy remains capped at $7K per quarter per apprentice or trainee. The Budget also delivers pathway services for 5,000 women to commence non-traditional apprenticeships.
What a great incentive for Trainees/Apprentices and also Women, so I applaud the Government in allocating these funds appropriately.

The other area is support for businesses helping people into work, ie wage subsidies available through the Job Active, Transition to Work and Parents Next. These will all be increased to $10,000 and the Local Jobs Program will be expanded and extended to 51 employment regions.

Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID

How the Budget will affect your super

Did you know about these recent changes which may affect your super?
In summary, this is what the Government have outlined.

– $450 monthly threshold for superannuation payments have now been scrapped
– First home super saver scheme maximum increased from $30,000 to $50,000
– Work test for super contributions scrapped for ages 67-74
– Super downsizing contribution age threshold reduced to 60

I am sure you didn’t know this information. As a Bookkeeper I must keep up to date on a daily basis of changes. This is what I do each day to ensure all my clients are up to date.
If you need assistance in relation to Superannuation | Bookkeeping, then please give me a call.

Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID