AFR Top 100 Accounting Firms 2023

  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

Congratulations on your promotion!

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

Does your business hire contractors? Meet your TPAR obligations – 28 August deadline

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

ATO’s Enhanced Data Matching

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

Small Business Super Clearing House – Planned Outage 24-25 June 2023

📣 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

Fair Work Commission Announces 5.75% Increase To Minimum Wage – 1 July 2023

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

Annual Shutdown Provisions – significant changes to Modern Awards starting 1 May 2023

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

State Budget 23/24 Highlights

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

New Superannuation Standard Choice Form

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

Pharmacy – Federal Budget 2023/24 – what you need to know

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

Federal Budget 23/24 Highlights

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 Product Updates

  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

STP Phase 2 Deadline

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

Tax on Super Earnings – Rate Increase Announcement   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

Tax Update Series – February 2023

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

General Practice Grants Program – One off grants up to $50,000

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

SRO Land Tax Investigations

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

Season’s Greetings from Lombardi Partners

The team at Lombardi Partners would like to wish you the very best for this festive season. We look forward to working with you to make 2023 a successful and prosperous new year!   Our office will be closed from 4.00pm on 23 December 2022 and will reopen at 8.30am on 9 January 2023  Read more

Why do I need audit protection?

As announced in the most recent Federal Budget, the Government intends on increasing funding to the ATO for various tax compliance programs which will not only target multinational companies but also individual taxpayers and high net wealth individuals. Click here to read more about the ATO’s increased audit and review activity and the risk mitigation strategies you can put in place now to protect you, your business or your SMSF.  Read more

Director ID Deadline Extension

  For those who have yet to apply for their Director ID, the ABRS has indicated they will be taking a “pragmatic compliance approach” to directors if they applied for their Director ID before 14 December. While penalties may still be applied, the ABRS has indicated they will take a reasonable approach to support people to apply. Apply now!  Read more

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