After 30 plus years of working in the Accounting profession, and 25 of those years at the helm of RVN and its predecessor firms, we are excited to announce Richard Verco’s transition to semi-retirement effective 1 July 2023. Having passionately driven RVN as a director for so many years, Richard is now keen to spend additional time with his family; travelling and pursuing other personal projects, whilst still remaining a part of the RVN team.

From the 1st of July 2023, there will be an increase in the superannuation guarantee rate in Australia. The rate will rise from the current 10.5% to 11% of ordinary-time earnings. This means that employers will need to ensure that the correct superannuation contributions are made for their employees under the new rate.

The Single Touch Payroll system has revolutionised the way businesses report their payroll information to the Australian Taxation Office (ATO). With the end of the financial year approaching, it is essential to complete the STP finalisation process accurately and within the required timeframes. Failure to meet these deadlines may result in penalties or non-compliance issues.

On Tuesday, May 9, 2023, the Treasurer unveiled the 2023-24 Australian Federal Budget, accompanied by revised key economic forecasts. While the Budget featured minimal tax measures, we have reviewed the Budget papers and compiled a concise overview of the changes that we deem most relevant for your consideration.

The Australian Taxation Office (ATO) has recently issued new guidelines for calculating claims for running expenses using the fixed rate method, while working from home from 1 July 2022. The new guidelines contained in the ATO’s PCG 2023/1 are a substantial change from the previous method and will require more detailed record keeping. These changes will affect your claims in your 2023 income tax return, and from 1^st March 2023, you will need detailed records of all hours worked at home.

Instant Asset Write-off Threshold to Apply From 1 July 2023

The current instant asset write-off known as “temporary full expensing” that allowed businesses with an aggregated turnover of less than $5 billion p.a. to claim 100% of the cost of an asset in the year that it was purchased will end on 30 June 2023.