The Federal Government has unveiled a revised approach to the much-debated Division 296 proposal. Below is a summary of the key changes that potential impacted superannuation members and SMSFs should note. There will now be two thresholds: $3 million and $10 million Both thresholds will be indexed to CPI, to align with movements in the Transfer Balance Cap: • $3 million threshold: indexed in $150,000 increments • $10 million threshold:… Read more
We’re thrilled to celebrate the incredible achievements of 11 of our team members who have been promoted! These well-deserved promotions recognise each individual’s outstanding effort, contribution and unwavering commitment to our clients, our team, and our values. Congratulations to each of you – we couldn’t be more excited to support you in your respective next career steps. Read more
https://lombardipartners.com.au/app/uploads/Rochelles-Promotion.mp4 We’re delighted to announce that Rochelle Ciccone been promoted to Partner from 1 July. A true client champion, Rochelle joined Lombardi Partners as a Director 2.5 years ago and has dedicated her time and effort to strengthening client relationships, forging new opportunities, and mentoring members of our team on their professional journey – all with her trademark smile and “glass half full” approach. Join us in congratulating Rochelle on… Read more
The AFR Top 100 Accounting Firms of 2023 results are in and Lombardi Partners have made the list for the second year in a row!While we might not be No.1 in revenue, we’re making moves in terms of year on year growth and attribute this continued success to our experienced and dedicated team, commitment to excellent client service and a clear focus on improving our systems and practices. Thank… Read more
We’re always proud to watch (and even better, facilitate) the growth of our team members, so it is with great pleasure that we announce the promotion of four of our team members! Simon Castellain, Anna Huynh, Joanne Kiang and Ankush Bhardwaj all embody Lombardi Partners’ values, professionalism, dedication and client-centric approach and each brings a unique perspective and skillset, enriching our collective expertise. Please join us in celebrating these well-deserved… Read more
What is a Taxable Payments Annual Report (TPAR)? If your business has an ABN and makes payments to contractors for services essential to your business, you may be required to report these details to the ATO via a TPAR. The ATO uses information from business TPARs to help identify under-reporting, GST compliance and assist sole traders with return pre-fill information. Do I need to lodge a TPAR? Businesses in the… Read more
The ATO is ramping up its data matching capabilities to ensure accurate reporting of income and deductions this tax season. They will have access to information from various sources, including property managers, financial institutions, sharing economy platforms, and income protection policies. ATO Assistant Commissioner, Tim Loh, emphasized that these expanded capabilities will help identify genuine taxpayers and those providing incorrect information. The data matching programs will uncover gaps, omissions and… Read more
📣 Attention small business owners and clients! 📣 Important Update: Super Clearing House Maintenance 📅 Dates: 24-25 June 2023 The Small Business Super Clearing house (SBSCH) will be undergoing scheduled maintenance. During this period, the system will be temporarily unavailable. What you need to know: To claim a tax deduction for super payments made before 30 June, it is crucial to adjust your payment plans and make payments prior to… Read more
The Fair Work Commission has handed down its decision on the minimum wage award, lifting it by 5.75% from 1 July 2023. The National Minimum Wages will be increased to $882.80 per week ($23.23 per hour) from the first full pay period starting on or after 1 July 2023. (Full decision here) What do you need to do? Review staff currently on minimum wages Subscribe to the FWC email updates… Read more
Following previous reviews in February 2019 and August 2022 of “annual shutdown” provisions in modern awards, the Fair Work Commission (FWC) will further amend the annual shutdown provisions found in 78 modern awards by replacing them with a “new” annual shutdown clause. What is Changing? The new shutdown clauses in modern awards will come into effect from 1st May 2023. The most significant change for many employers will be removing the ability… Read more
The measures announced in the Victorian 2023/24 Budget by Treasurer Tim Pallas on Tuesday 23 May which covered, among other things, payroll tax, land tax, land transfer duty as well as WorkCover and business insurance, will result in a significant hit for large businesses and property owners, with some benefits for small businesses. What’s included? Additional payroll tax of 0.5% applies to big business – businesses with a national payroll… Read more
Information For Employers & Employees Employees use the Super Choice Form to choose the superannuation fund into which their employer will pay their superannuation contributions. Employers must provide a standard choice form to employees at the commencement of employment. The Super Choice Form is required by law, and employers are legally required to make superannuation contributions on behalf of their employees. Employees can complete the form to ensure that their… Read more
Learn about the changes that will impact pharmacies in the recent 2023-24 Federal Budget The recent 2023-24 Federal Budget includes several measures that will impact pharmacies. One of the major changes being the 60-day dispensing of PBS medicines. From 1 September 2023, general patients will be able to obtain a script for 60 days of supply instead of the current 30 days. This will apply to more than 300 common… Read more
Similar to the 2022/23 Federal Budget delivered in October, Tuesday’s 2023/24 Federal Budget was relatively light on tax reform and continued to focus on addressing cost of living pressures faced by individuals and families. What’s included? Instant Asset Write Off for Small Businesses – Temporary Full Expensing will cease on 30 June 2023 and will be replaced by a $20,000 Instant Asset Write Off from 1 July 2023. This concession can… Read more
Xero has announced a few updates and changes in their 2023 Xero Roadshow last month. We would like to share the following updates that may be relevant to your business. Other new releases will be rolled out in the coming months, please stay tuned. Payroll History Improvements Xero has added history under all tabs of the employee records except for the Notes tab. Changes that have been made to… Read more
NOW is the time to transition to Single Touch Payroll 2 before the 31 MARCH 2023 deadline What is Single Touch Payroll? Single Touch Payroll (STP) is an Australian Government initiative to reduce employers’ reporting burdens to government agencies. STP requires ALL employers report employees’ detailed payroll information to the ATO, through STP-enabled software, ON or BEFORE each pay day, unless a concession applies. For comprehensive STP 2 information, please… Read more
https://lombardipartners.com.au/app/uploads/Super-tax-flash.mp4 The Treasurer and Prime Minister confirmed today that the government will tax earnings on super balances over $3 million at 30 per cent from 1 July 2025. Currently, earnings from superannuation in the accumulation phase are taxed at a concessional rate of up to 15 per cent. This will continue for all superannuation accounts with balances below $3 million. From 2025‑26, the concessional tax rate applied to future earnings for balances… Read more
Small Business Technology Investment Boost Small businesses are able to deduct an additional 20% of the expenditure they incur for the purpose of digitising business operations. This may include portable payment devices, cyber security systems and cloud-based service subscriptions. The concession ends 30 June 2023 and has a cap of $100,000. Small Business Skills and Training Boost Small businesses are able to deduct an additional 20% of the expenditure that… Read more
As part of the 2022-23 October Budget, The Department of Health and Aged Care is investing $220 million (over two years from 2022-23 to 2023-24) in Medicare general practices and Aboriginal Community Controlled Health Services (ACCHS), through the Strengthening Medicare – GP Grants Program. A one-off grant up to $50,000 will be available to general practices depending on practice size. This grant can be used for innovation, training, capital works… Read more
Lombardi Partners are experiencing an influx of Land Held On Trust Investigation Notices from the SRO, where they are questioning the accuracy of information they are using to assess land tax for trust landowners. The Land Tax Act 2005 contains special rules for trusts and sets out a surcharge rate of land tax, higher than the general land tax rate, if the total land value is between $25,000 and $3… Read more