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payroll system in eastern suburbs

Wage theft caught you off guard? Here’s how you can avoid it.

If there was ever a time to be a law-abiding, business conscience employer – now is the time. Who would have thought a global pandemic would have prompted such a change in our working circumstances driving a closer examination into Australia’s workplace relations framework. While Covid-19 has transformed the home into a business office, employer representatives, experts, and unions have worked together to explore solutions for wage compliance and enforcement. The active union movement and class action interest have led the Fair Work Ombudsman (FWO) to focus on the issue and ensure businesses are aware of the consequences. Not to mention the Victorian and Queensland governments have passed legislation making wage theft a criminal offense with potential imprisonment as a penalty.

Wage theft sounds deliberate – and while it is the unlawful underpayment of employees – it describes all cases of employee underpayment, whether deliberate or unintentional. In all the years we have been working as tax accountants, we have seen very few underpayment cases. However, they do occur – even when you believe you have a plan in place. Often, underpayment cases in small businesses have occurred when employers have not understood and applied the correct aware requirements, resulting in wage non-compliance. This is a classic case of non-deliberate wage theft.

In Australia, there is a complex award framework, with over 120 modern awards – each award outlining minimum award wage rate and employment standards and conditions for employees based on their industry or occupation. The Fair Work Ombudsman keeps business owners on their toes by regularly reviewing and updating rewards. In fact, the framework is so complex – that we would recommend a professional with specialist knowledge to help you navigate it. This year, as a result of Covid-19, the Job Keeper wage subsidy (a vital lifeline for businesses trying to stay afloat) has compounded additional complexity. And with the introduction of Job Keeper 2.0, there’s no wondering why small businesses are left scratching their heads in confusion. Job Keeper 2.0 introduced changes to rates and eligibility, and employers were asked to apply a two-tier wage subsidy to its workforce. See what I mean when I say – best to hire a financial professional, who is equipped with the knowledge on how to navigate the system.

While there is no single mistake that addresses wage non-compliance, here’s how you can avoid wage theft and work with confidence >>

  1. Find help

It is important that the Fair Work Act is completely understood by employers and business owners. Unfortunately, as a business owner, you may not have the time or the knowledge to apprehend all the requirements set out in the Fair Work Act. Therefore, it is worthwhile to have an accountant and HR representative to assist you in navigating its complexity. Additionally, external help can also run an audit on your business to identify any issues you have within your business. 

  1. Custom your payroll system

When utilizing a payroll system, businesses must not forget to ensure it is up-to-date with all the correct awards and classifications. Unfortunately, out-of-the-box payroll software is not adequate for Australia’s complex award system; therefore it requires customization and maintenance. A professional can also assist with the management of your payroll system.

  1. Understand award requirements and employee classifications

Keep up-to-date with relevant awards for your industry, and ensure you are correctly classifying employees. Misinterpretation of awards can result in an investigation by the Australian Taxation Office, and incorrect employee classification can bring Fair Work Ombudsman investigations. Both awards and classification issues can lead to the underpayment of your employees.

  1. Made a mistake? Fix it ASAP!

While wage compliance is at the forefront of regulators, and unions – why not work with a professional to audit your business. If you find discrepancies within your employee classification or underpayments to employees, you will need to determine the length and amount of underpayment and rectify the mistake quickly. Additionally, finding the cause of the mistake will prevent underpayment from occurring again.

Navigating payroll, wage compliance, and the Fair Work Act in 2020 is more complicated than ever. Boost your confidence in your business’ compliance requirements, and come chat with us at RT Taxation accountant services for small businesses. We are equipped to help you keep on top of all the complexities surrounding wage compliance.

If you have any questions about the accuracy of your payroll systems in eastern suburbs and remuneration practices, now is the time to reach out to R T Accounting & Taxation Services for assistance.

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COVID-19 Survival for SMEs

COVID-19 Survival for SMEs Via Financial Stability

Businesses of all scales in Australia are having some difficulties in keeping up with the demands and shifting presence of COVID-19. With the virus still being omnipresent and the global economy being in an uncertain position, this has made it difficult for local businesses to grow and even start anew. With the Australian economy surviving and thriving through small and medium enterprises (SMEs) to supplement their larger counterparts, it is necessary to ensure their survival.

One thing that can prove to be problematic in the times of COVID-19 is the area of business finances. In times of uncertainty, budgeting and finances always have to be managed appropriately to survive as an enterprise. As brutal as it sounds, money still plays a big part in today’s world, and businesses still have to keep up with taxation, budgeting, payroll, and many other monetary aspects. 

The following are tips to keep battling through COVID-19 while keeping your finances in check to soften the blow:

1. Take the Time to Update Records

If you have been putting off your records keeping, accountants in the Eastern Suburbs always recommend taking time to do a whole record update whenever possible. The records will prove to be useful, as they provide you with a clear view of your future moves with your company. Cash flow, bookkeeping, taxation, payroll, and other records must be viewed and listed down to ensure that you are making informed decisions for the future. 

Using software to do accounting is the best way to do this, as it keeps everything under record online and simplifies the entire process. 

2. Look at Your Business’s Financial Health Realistically

The sad reality is that COVID-19 has killed many industries, and therefore only a handful are expected to make it out alive by the time the vaccines come out. This uncertainty is why taking a look at your business’s financial health is essential, as it might make sense to liquidate assets or remove certain aspects of your operations that are eating up money. 

Doing so quarterly will ensure that you have a detailed report that you can use to make decisions, which will help your business do the right things during this uncertain period. Working with accountants in the Eastern Suburbs will help you develop a realistic view of what you need to do to keep operations running for the coming months. 

3. Work On Improving Cash Flow

An issue plenty are having is the area of cash flow. With revenue being less than expenditures, this spells bad news for any company, especially SMEs. Taking the time to look at where the money is coming in and where it is continuously going out will help in improving cash flow. One solution is to liquidate specific products that aren’t doing so well and focus on those that are in high demand to ensure proper allocation of resources. 

It can also help to cut down on unnecessary expenses, such as specific subscriptions that are no longer useful during this pandemic period. It can also help to take a loan from external investors but ensure that accounting reports and proper planning are done before going through with any loan. Lastly, a great way to make sales nowadays is to shift online, so start investing in an eCommerce site for products-based SMEs to drive increased sales. 

Conclusion

Staying on top of finances is essential in making it through COVID-19, as only a few industries are thriving and making money. Realistically, business in 2020 is the most difficult to get into, but those that can manage money and improve their cash flows can pull through and make it into the coming year. 

RT Accounting & Taxation Services is a premium bookkeeper service in the Eastern Suburbs, NSW. The world of the pandemic does not have to be difficult for any business, which is why our accounting solutions for SMEs and other startups can be the catalyst to survival. Contact us to know more about how we can help with accounting services in Australia. 

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ATO Restarts Compliance Programs

Australian Tax Office Restarts Compliance Programs

The Australian Tax Office (ATO) has warned businesses not staying up to date with their obligations. It may impact their eligibility for future stimulus measures. Also, ATO readies to recommence its work to address key risks to the Tax and Superannuation system.

The ATO has indicated that it will continue to focus on implementing government stimulus measures. Then including those announced weeks ago in the Federal Budget, it will shortly recommence its work to address the key risk to the Taxation and Supersystem.

Businesses doing well will need to resume their obligations. Those facing ongoing hardship are encouraged to get in contact with their Registered Tax Agent so they can notify the ATO accordingly. It is tough for the ATO to identify exactly who is still impacted on ongoing communication will be critical to ensure compliance is met and any future stimulus measures are received.

The ATO stopped providing blanket extensions to small business audit cases in early September. They have recommended activity where the business is either not adversely affected by COVID-19 or are now able to progress.

Scammer Alert

It is important for clients to remain vigilant of any callers pretending they are from the ATO, demanding money to be paid in full immediately. There has been an increase in reported cases of these scammers taking advantage of those most vulnerable during these times.

The Australian Tax Office will generally not call the taxpayer demanding immediate payment of any tax debts or liabilities nor would accept payment in the form of gift cards.

Scammers often try to ‘phish’ for information by impersonating government agencies such as the ATO.

If you hand over your information, scammers might use it to:

  • drain your bank account
  • establish fake businesses in your name
  • gain access to your online government services
  • scam your clients and employees.

Scammers have many opportunities to trick you into giving away your valuable information.

There are some things your business can do to help stay safe:

  • use complex passwords and change them regularly
  • remove system access for people who no longer work for you
  • log out of systems and lock computers when you are not using them
  • maintain up-to-date security and anti-virus software on computers and other devices.

There are also some things you can do to stay safe when you are dealing with government services online:

  • do not access services via a hyperlink in an email or SMS
  • access services through an independent online search
  • if you are ever in doubt, look up the service’s phone number separately and call them to check.

Unless you have heard anything different from your Registered Tax Agent, you should not engage with any of these scam calls.

If you have been in contact with any of these callers, it is important that you get in touch with the Police and cancel any card information you may have given to the given.

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accountant services for small businesses

Do not Let COVID-19 Take Your Eye off Wage Compliance

COVID-19 has brought several challenges that have never been faced before by Australian Small Businesses. For many organizations, making small savings, day to day, could be the difference between continued operation and having to close. In these tough COVID times, we could be forgiven for expecting leniency. However, Victoria and Queensland have now passed legislation. This not only makes it an offense to underpay employees, as has always been the case. But they have introduced the additional penalty of potential imprisonment for business owners and operators.

In our decade of experience in the industry, deliberate underpayment of wages is rare. However, as seen in the media, underpayments do occur. Sometimes, it is the complexity of the Award system which leads to issues, in other cases, it is a misunderstanding of employer obligations and occasionally it is simply a calculation error. These instances should be rectified and dealt with accordingly once identified.

However, this genuine error has been labeled as “wage theft”, and in most cases, employers are vilified when they have identified the error themselves and have commenced a process of rectification. Despite this, State Governments such as Victoria and Queensland have introduced legislation to make underpayment of wages, in some cases, a criminal offense. We have not seen whether a genuine error will avoid being captured. The question now becomes. Will we be able to convince regulators that any error was genuinely inadvertent?

The introduction of the JobKeeper wage subsidy, which has become a vital lifeline for businesses trying to stay afloat, has added to the already complex wage environment in which a large amount of businesses operates. This has only gotten more complex with the introduction of JobKeeper 2.0, where rates and eligibility criteria have changed, and employers are asked to apply a two-tier wage subsidy to its workforce.

Now is not the time for employers to take their eye off the ball regarding wage compliance. You should not think it is alright to bend the rules to save much-needed dollars. We have been surprised in recent times, the increase in clients seeking payroll audits/reviews. Given the risks of getting it incorrect continue to increase, it makes more sense for your business to provide peace of mind that your payroll processes are correct and efficient.

RT Taxation accountant services for small businesses in the eastern suburb are well equipped to undertake these reviews to ensure that your Payroll is always correct, and no short cuts have been taken. These reviews can also identify, where employers, may be able to make savings in their payroll systems. If you have any questions about the accuracy of your payroll system and remuneration practices, now is the time to reach out to R T Accounting & Taxation Services for assistance.

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tax accountants in eastern suburbs

Does Your Business Qualify for Tax Concession – RT Taxation

One of the most beneficial tax concessions available to a small business owner is the 15-year exemption under the small business Capital Gains Tax (CGT) concessions.

Basically, business owners who meet the following criteria can sell a business asset tax-free, with the option to contribute up to $1.565million of the gains into superannuation.

These rules state the business owners who can qualify and those who cannot. It is a tough result for those that barely miss out on the tax concessions. Your business ownership structure and your profit distribution decisions here could determine whether you can access the concessions or not. It is important to be alert to the legislation and plan accordingly.

5 qualification criteria for a business owner:

  1. There is a sale of a business asset (not share or trust interest) for a gain.
    1. For example, the goodwill of a business, or a business warehouse or office location (office location more pertinent in the current situation as more businesses opt for a remote workforce)
  2. Either
    1. The business owner, and its related entities, must have an aggregates turnover of less than $2 million or
    2. The net value of the assets of the business owner, including related entities must not exceed $6 million. This excludes personal use assets, including your family home or your superannuation
  3. The business asset must be owned continuously for the 15 years leading up to the sale
  4. If the sale is made by a company or trust; that entity must have had a significant individual. This means, there must have been an individual holding at least 20% interest in the entity for at least 15 years
  5. At the time of the sale, the individual seller, or significant individual of the entity seller, must be aged 55 years or over and the sale is made in connection with the business owner’s retirement.

It is important to note that where the asset is sold is a share in a company or interest in a trust, the exemption may still be available, but the rules become very complicated and you will need to work through the structure to ensure there is sufficient participation in the business by the owner and the entity in which the shares are sold satisfies additional conditions in relation to annual turnover or net business assets. For example, the owner must have a minimum of 20% interest in the entity. It is also important that the rules become even more complicated if there are two layers of ownership, for example, the common structure of a trust owning a company.

This potentially large tax concession has very specific rules attached which must be astutely assessed. If you would like more information or require assistance in determining your eligibility, please get in touch with one of our best tax accountants in eastern suburbs, who will be happy to assist you.

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Accountant in Eastern Suburbs

Why Start-Ups Must Think About Their Accounting

For many start-ups, Accounting is viewed as a non-value adding expense until the company has grown to a certain level. But for smaller companies, trying to do their own accounts and taxes, the cost may be greater than hiring an Accountant since inception. Granted, newer companies have found ways to limit their expenses and look at different ways to maximize growth while keeping overhead low. However, no matter how well you can manage your companies books, investors prefer Accountants to provide them with detailed growth projections, figures, and hard data to evaluate a pitch.

There are many benefits to having an Accountant on call whilst you are a start-up. The most important benefit is that an Accountant allows you and your team to focus on developing products and relationships and improve sales and marketing campaigns. When your business is initially established, you must learn the different areas of the business, and classify them as “essential” and “non-essential” to maximize growth.

The Accounting Services at R T Accounting & Taxation Services can provide your company with financial information of the highest caliber. These include:
  • Month End Reporting
  • Payroll Services
  • Industry Benchmarking & KPI Analysis
  • Working Capital & Cash Flow Management
  • Development of Policies and Procedures
  • Regular updates on Tax Legislation

Another great advantage to an Accounting Service is having another valued business partner on your side. Since Accountants usually have years of experience assisting start-ups, they can provide a wealth of information for the services listed above. Having insight into the trajectory of your business can be invaluable to your business starting up and help you in developing the most effective business strategies.

Essentially, if you believe that your start-up may need the assistance of an Accountant, then time is of the essence to begin finding one that fits your needs. The earlier you acquire one, the easier it will be to fix any financial difficulties that occur in the future. It is always beneficial to have a firm financial system in place as this will serve as a strong base for your business and support its overall health. Research has shown that start-ups that begin with erratic financial planning often end in demise, making the assistance of an Accountant even more valuable for a new business.

Get in touch with our Accountants in eastern suburbs at R T Accounting & Taxation Services to enquire about our Outsourced CFO Services and Business Tax. Also, Advisory Services to see how having an Accountant can be beneficial to your start-up, and let’s see your business grow during these difficult times.

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Payroll services in eastern suburb

When payroll mistakes make your job taxing

A few high-profile Australian payroll services scandals have rocked the business world over the last year. George Calombaris underpaid workers $7.8 million. Lush Cosmetics discovered a significant payroll error, underpaying staff since 2010. Wesfarmers uncovered $24 million in payroll errors. And ABC (yes, the iconic Free to Air television broadcasting service) admitted to underpaying casual staff over the past six years! While the issues in each company may be different. All mistakes fall under the payroll umbrella of the business process. When it comes to payroll no business can afford to make mistakes.

Payroll blunders do not only occur in large businesses where staff numbers are high, and possibly more difficult to manage. Larger companies have dedicated teams and diverse payroll software to assist in flushing out all the payroll details (and yet some BIG mistakes are still made). Who takes care of payroll administration for small businesses?. As a business owner, focusing on building your business – doing what you love, will always remain your top priority. Losing sleep, trying to wrap your head around payroll tax legislation, remembering tax deadlines, and not forgetting superannuation contributions is not what building a business should look like. Don’t let payroll make your role as a business owner taxing!

In Australia, more businesses are relying on payroll software. For paying employees and manage the entire payroll process/function. Self-managing a payroll system can keep costs down. However, the complexity of software varies in the industry. It is often limited to the number of employees within a business. In addition, there are special factors that need to be accounted for. These are often overlooked by a business owner who does not have the time or knowledge to be abreast of all payroll laws and considerations.

In addition, Australian businesses need to ensure the payroll software is considering various employee requirements. Some of these include Child Support, Flexi-Pay, Salary Sacrifice, PPL, and more. This is why it’s important for businesses to recognize the complexities involved in the payroll process. Just to ensure they pay staff accordingly.

Payroll Mistakes

So, what kind of mistakes do businesses (large or small – this applies to all companies) make when it comes to payroll.

   1. Mis-handling data

Collecting the correct data, and ensuring data entry is precise is very important for an efficient payroll process. When collating information about employees, businesses are required to correctly classify employees to withhold the right amount of taxes. Payroll data includes employee tax file numbers, personal details, and payment information.

A simple way to minimize data entry blunders is to allow new hires to collate their own personal information into their payroll profile. Which involve them in the proofing process where employees can cross-check their profile. To ensure all details are correct.

   2. Not adhering to payroll deadlines

Believe it or not, employees are often faced with reminding their employer to correctly pay their benefits. Also superannuation and salary correctly and on time. According to a 2019 HRM “, 23% of organizations with 1-10 employees admit to making late payments to staff”. And “22% of these ‘micro-businesses’ admit to making late superannuation payments”.

Deadlines do not end with employee payroll. You can’t forget your monthly payroll tax liability lodged quarterly. Late payments may cause a penalty. So it’s important to follow regulations and complete payments on time!

And to make matters more complicated, the Australian Tax Office introduced the Job Keeper payments. Which has to change rates and wage condition amounts businesses need to adhere to. With so many deadlines and commitments that are tied to payroll. Any wonder why business owners find it taxing to manage it themselves!

   3. Forgetting the important bits

Just like data entry, the payroll process needs good attention to detail. There are so many different aspects of the entire process that can be overlooked quite easily. For example, Misclassifying employees. This simple mistake will lead to the incorrect application of award with overtime. Incorrectly understanding the award rate with overtime is a common mistake made by small businesses.

Don’t forget the superannuation contributions. Did you know that you can accidentally overpay an employee’s superannuation if they do overtime?. When it comes to superannuation contributions Small business directors are not always aware of the specifics.

And there is so much more to payroll than just employee taxable wages and superannuation contributions. Businesses need to specify contractor, apprentice, and trainee payments, document employee fringe benefits. And also employee allowances, include the director’s remuneration and manage employee sick leave. Fair Work states that a single employee is entitled to 10 days of sick leave per year calculated. As 1/26 of an employee’s ordinary hours of work in a year (I’ll leave that to your accountant to go over the finer details).

And lastly – what many would say, most importantly – the Fair Work Information Statement (FWIS). I’ll start with saying, you could receive a fine of up to $62,000. If you fail to provide your employees with a Fair Work Information Statement. 

Overlooking reporting

Payroll audit is unpleasant for any business, regardless if you’re running a large multinational organization or a small 20 employee company. In the case that your business is to be audited, you’re accurately kept business and payroll records will allow you to breeze through the audit with flying colors. This is a testament to why it is important to report every month and reconcile any issues. There may be some sort of human error. But going over your payroll records (and not forgetting to include all those important bits in point 3) will allow your business to continually improve accuracy. Always better to show you have self-corrected any mistakes along the way rather than being caught out trying to hide them further down the track.

Ever-changing Tax Law

Yes, the Tax Laws change frequently, and business owners need to keep up with variations made. It can be difficult for those small business owners who are focusing on actually building their business. To stay on top of law changes dictated by the Australian Taxation Office.

There you have it… There is so much to learn when it comes to payroll services in eastern suburbs. Staying on top of every little detail and law is tough. But it’s critical for your business to do so, to run smoothly and avoid payroll mistakes. The best way to take the “taxing” feeling out of payroll is to get in contact with our Accountants at R T Taxation & Accounting Services. You can take advantage of our Outsourced CFO Services to leave the administrative hassle of running your small business to the experts and for you to do what you know best.

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Taxpayers Tax Return

Tax Deadline Looming: What to do to Avoid a Penalty

Australian taxpayers who have not yet submitted their Tax Returns have less than a week. They have to fix the situation in order before they start accumulating late lodgement fees.

For taxpayers submitting their own returns, the official last lodgement date is October 31st, 2020. However, since October 31st is a Saturday, this has been moved forward to Monday, November 2nd.

If you need more time, this October 31st rule does not apply if you are on a registered tax agent list by 31st October. This is a quick and easy process and as simple as sending us a message via any of our platforms.

Scammers

It is also important to note that scammers are on the rise in approaching the tax deadline day. Taxpayers should never send their myGOV details, passwords, credit card. Bank details, driver’s license, and passport details to anyone.

Scammers can also make full use of victims. The full name, date of birth, and current address if those details are combined with the above details.

Phishing scams lure victims into passing over personal details by pretending to be respected groups. They use the ATO or Australia Post, with email scams leading the way, followed by phone calls and text scams. Australians need to be vigilant when it comes to their email inbox.

This means taking a good look at the senders’ email address to see if something doesn’t seem right, even things such as spelling errors or an email address that has nothing to do with the business or group they claim to be representing.

There is one golden rule in that if something looks too good to be true, it probably is. Even the converse may apply. That means if the ATO is offering a bigger refund, or demanding any tax debt should be paid urgently, you should get in touch with your tax agent as soon as possible and never give your personal details to people you don’t trust.

If you’re not entirely sure about the process to lodge your tax returns, don’t be afraid to give us a call or send us an email beforehand and one of our specialists will be more than happy to guide you through the process.

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New Tax Tables Services

New Tax Tables Brought Forward

With the news of the 2020 Federal Budget bringing forward the Coalition’s three-stage tax cut package. Our payroll services in the eastern suburb of Sydney have implemented the new tax tables into our facility for our small business customers.

The ATO has announced that since changes have been made partway through the income year. All the employers have until 16th November 2020 to do so.

Employees and other payees will receive their entitlement to the reduced tax payable for the entire 2020–21 income year. After lodging their income tax return.

Employers seek to pay their workers an accurate amount. Payroll providers are working to have their products updated with the correct tax tables implemented.

Reckon

A statement released to its customer base last Friday. Reckon announced that they have updated their systems with the tax changes.

“The Government announced changes to personal income tax thresholds for the 2020-21 income year in the 2020 Federal Budget. Changes to income tax tables took effect from 13 October 2020.

We have updated the 2020-21 ATO PAYG tax tables in Reckon One, so there is nothing else you need to do. Pay runs dated from 13 October 2020 automatically use the 2020-21 PAYG tax tables.”

Xero

Xero has updated their software to reflect the new tax tables in Xero Payroll. They want to match the new withholding rates as of 13th October 2020. Employers have a grace period up to 16th November to start using the new table, however, it would be wise to use them as soon as possible to avoid any confusion.

MYOB

MYOB have updated their products in line with the tax changes last week. This reflects all their products updated with new tax tables well ahead of the 16th November deadline.

QuickBooks

QuickBooks have updated their payroll system to match the new withholding rates as at 13th October 2020. Employers have a grace period up to 16th November to start using the new table, however, it would be wise to use them as soon as possible to avoid any confusion.

What are the tax cuts?

The income tax threshold for 19% will increase from $37,000 to $45,000 and lifting the 32.5% threshold from $90,000 to $120,000.

In 2020-21 tax years, single low and middle income earners will receive up to $2,745 tax relief and dual income families can receive up to $5,490 in refundable tax offsets.

The new tax cuts are as followed

  • All Income owners with $40,000 earnings will have a 21% tax reduction
  • Income owners with $60,000 earnings will have a 17% tax reduction
  • 11% tax reduction for the Income owners with $80,000 earnings
  • Income owners with $160,000 earnings will have a 5% tax reduction

For further information on our Payroll Services, feel free to get in contact with our Accountants at R T Accounting & Taxation Services.

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Federal Budget

Federal Budget 2020

Australia’s first recession budget since the early 1990s was delivered last week. This will be the blueprint for successive federal budgets. This will focus on repairing the economic destruction caused by COVID-19.

The government has not held back, with major spending initiatives targeting taxpayers, job creation, infrastructure, manufacturing, and regional recovery.

Taxation

For lower and middle-income earners there was an established law for income tax cuts. The government will also retain the Low and Middle Income Tax Offset for an additional year providing further relief.

Business Support

There is an extension of the instant asset write-off to businesses with a turnover of up to $5 billion until June 2022 along with the introduction of a tax loss carryback, which will provide much-needed cash to previously profitable businesses that are now making losses due to COVID-19.

The Digital Business Plan measures support digital transformation. But ultimately is a missed opportunity to directly help Australian businesses. They will take up technology to enhance innovation and job growth.

Superannuation

The creation of superannuation accounts will not happen every time when a worker starts a new job. When you change jobs, Your superannuation account will ‘follow you’ preventing the creation of multiple super accounts.

For further information on how the 2020 Federal Budget affects you, feel free to get in contact with our Accountants at R T Accounting & Taxation Services.

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