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What is SuperStream – Insights from ND ACCOUNTING

What is SuperStream? Natasha is the principle of ND Accounting and taxation service based in Warrawong and offers tax tips and advice to local businesses in Wollongong, Shellharbour and afar on money matters such as business structures, bookkeeping, accounting, Self Managed Super Funds and tax for both individuals and businesses. SuperStream is an initiative that [...]

Superannuation Guarantee Charge– Insights from ND Accounting

  Why was the superannuation guarantee set up? The establishment of compulsory superannuation was a direct result of the financial challenges being faced by an expanding aging population.  The scheme was introduced on the 1st of July 1992, forcing all workers to save for retirement relieving the pressure on Australia’s age pension. Exemptions include employees [...]

Increasing the small business entity (‘SBE’) turnover threshold

  From 1 July 2016, the government will increase the SBE turn over threshold from $2 million to $10million. The current $2 million turnover threshold will be retained for access to the small business capital gains tax (‘CGT’) concessions, and access to the SBITO (i.e., the increased 8% tax discount) will be limited to entities [...]

Small Business Income Tax Offset (‘SBITO’)

From 1 July 2016, the government will increase the current 5% tax discount (referred to as the SBITO) to 8%. The discount is currently available to an individual in receipt of income from an unincorporated small business entity (‘SBE’) (i.e., basically, an entity with an aggregated turnover of less than $2 million), and applies to [...]