Tax on Superannuation 101
Understanding the Basics: Tax on Superannuation Do you know how much tax you pay on superannuation contributions and withdrawals? The amount of tax depends on several factors. It is possible to minimise the amount you pay by understanding how the tax on super works. Tax on super is generally a lower rate than the tax […]
Personal Income Tax 101
Understanding the Basics: Personal Income Tax Australian residents pay personal income tax on all forms of income after a tax-free threshold of $18,200. The tax office calculate tax at four different rates according to how much income you earn each year, and the tax rate increases the more you make. The highest tax bracket applies […]
Capital Gains Tax 101
Understanding the Basics: Capital Gains Tax A capital gain (or loss) occurs when an asset is sold. The difference between the purchase price and the sale price is the gain or loss. Capital gains tax (CGT) applies to money you have made from selling an eligible asset. Capital gains tax events occur when an asset […]
PAYGI and PAYGW: What’s the Difference?
PAYGI and PAYGW: What’s the Difference? Many people new to running a business and employing people are unsure about the difference between PAYGI and PAYGW. They are not the same thing! PAYG stands for ‘pay as you go’. This is the means the ATO uses to obtain tax payments from both employees and business owners. […]
6 Reasons to Look at Your Financial Reports
6 Reasons Why Every Business Owner Should Review Financial Reports Monthly Making time to look over your financial reports each month is an important task for any business owner. If you are not taking the time to do this, here are 6 reasons we recommend that you should start to. But before we get our […]
Economic Challenges: A Guide for Small Businesses
Adapting to Economic Challenges: A Guide for Small Businesses In light of recent economic developments, we at DJ Grigg Financial want to provide you with the necessary insights and support to navigate these challenging times. Many small businesses are currently facing significant risks due to economic challenges, and it’s crucial to address these issues proactively. […]
Superannuation Rate Rises in July to 11.5%
Superannuation Rate Rises in July to 11.5% In July 2024, the superannuation guarantee statutory rate rises to 11.5%. Annually, the rate is increasing by 0.5% until July 2025, when it will reach the legislated 12%. Prepare Now for the July Rate Rise If you’d like help reviewing payroll costs and employee agreements, talk to us […]
Truck Drivers Expenses: Understanding Reasonable Costs
Understanding Reasonable Expenses for Employee Truck Drivers Employee truck drivers often face unique challenges when it comes to claiming deductions for work-related travel expenses. The Australian Taxation Office (ATO) provides guidelines on what constitutes “reasonable amounts” for domestic travel expenses. This is particularly relevant for truck drivers who spend significant amounts of time on the […]
Well-being in the Workplace
A Guide to Promoting Mental Well-being in the Workplace: Resources and Strategies for Employers Supporting and promoting health and well-being in the workplace is essential for staff and business owners alike. Providing a physically and mentally healthy workplace is beneficial for all who work there, as it reduces staff absenteeism, increases productivity, and makes the […]
Wage Deductions: Understanding What’s Acceptable
Understanding Wage Deductions: When is it Acceptable? Are you an employer in Australia wondering about wage deductions? Understanding when it is acceptable to deduct wages can be a complex issue. Wage deductions are generally only permitted in specific circumstances, such as to recover an overpayment or for a legitimate and authorised purpose. In this article, […]