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How the Budget will affect your super

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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

The NSW Government hands down the 2020-21 Budget

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I have to applaud the NSW Government during COVID-19, this year has been tough for so many both personally and professionally.

Recently the NSW Government announced it’s $1 billion Working for NSW Fund, which will help sustain businesses and create much needed cash flow and help businesses retain employees across government and non-government businesses.

They also announced that over $6 billion, that’s right $6 billion dollars will go towards waiving or deferring taxes, levies and fees, which includes payroll tax and licensing and registration fees to support businesses.

Due to the impact of COVID-19 on certain industries in NSW, the Government announced assistance for the following

$50million for arts rescue and restart, $27.3 million for sports and $11.6 million to support the taxi industry.

That is an incredible amount of money and the Government has advised the will also extend funding of $39.3 million for the Business Connect Program, which assist businesses in need of advice with those facing the multitude of challenges of COVID-19.

Let’s face it, the NSW Government are trying to serve and support local and small business, because as we know, we are the backbone of the country. If you didn’t have the local and small business, NSW / Australia wouldn’t function, pure and simple.

I support the NSW Government as they hand down the budget and we all know the future is uncertain, but this will definitely help many for a more positive 2021.

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

We are a full service, insourced Payroll and Bookkeeping business that puts money back in your pocket. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring.   When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!

The Budget 2020, what’s in it for SME’s?

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Check out this link for further info, but the Budget 2020 was an interesting one.

https://www.mybusiness.com.au/finance/7527-budget-2020-what-s-included-for-smes?utm_source=MyBusiness&utm_campaign=06_10_2020&utm_medium=email&utm_content=1&utm_emailID=

There were a mixture of Tax Concessions, JobMaker hiring, whereby if a business hires a young job seeker aged 16-35 they will receive a JobMaker hiring credit of $200.00 per week for every new worker and $100.00 a week if they hire a new person aged 30 to 35 years. This is payable for the next 12 months, if that new person works at least 20 hours per week.

The other one I found particularly interesting was the $800m digital plan, to push businesses to adopt digital technologies post COVID.

Have a look at the link yourself and see what you think. Interesting times ahead for Australia.

Though if you are totally confused by it all, give me a call direct on 0429 363 047.

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

We are a full service, insourced Payroll and Bookkeeping business that puts money back in your pocket. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring.   When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!