2022/23 Federal Budget

1. Personal income tax changes

1.1 Increase to low and middle income tax offset (‘LMITO’)

The Government has announced a once-off $420 ‘cost of living tax offset’ for the 2022 income year, which will be provided in the form of an increase to the existing LMITO. This will increase the maximum LMITO benefit to $1,500 […]

Managing business cash flow and income

Managing small business cash flow and income in 2022

It’s been a lean time for small businesses, and especially the families supporting them.

Xero’s small business trends report shows that 60% of small business owners are worried about their household finances running low.

So while 2022 will hopefully be a year of rebounding sales […]

2021 Federal Budget business breakdown

What the Federal Budget means for business

To help create jobs, business investment and confidence after COVID-19 created the first recession since 1990, the Federal Government has just released a big spending 2021-22 Federal Budget.

Based on our analysis, the big winners appear to be:

Business – the instant tax deduction for buying equipment, cars, […]

Expansion of Single Touch Payroll

Employers to report additional information through STP on or before each payday.

In the 2019-20 Budget it was announced that the data collected through Single Touch Payroll (STP) will be expanded.

This expansion of STP reduces the reporting burden for employers who need to report information about their employees to multiple government agencies and supports […]


What there is for NSW Small Business

Support for local and small businesses a focal point for the NSW government in its 2020-21 Budget.

Payroll tax relief

The 2020/21 NSW State Budget has announced a temporary reduction in the payroll tax rate to 4.85% for the 2020/21 and 2021/22 financial years. The threshold will also increase […]

2020/21 Federal Budget Summary

Salisbury Accountants Federal Budget Summary 2020/21

1. Personal income tax changes

1.1 Changes to personal income tax rates

The Government has announced that it will bring forward changes to the personal income tax rates that were due to apply from 1 July 2022, so that these changes now apply from 1 July 2020 (i.e., from […]

Building your business budget

Top down or bottom up? Building your business budget

By Ben Gay, Salisburys Director

Once you’ve defined your Action Plan, it’s time to understand what this means financially for you and your business.

Start to build your budget. Why do we budget?

Quite simply, making sure the goals and targets you’re setting, and the action […]

2021 Business Planning

Business planning for 2021

By Ben Gay, Salisburys Director

We hope you’re managing and working your way through what has been one of the most challenging times from an economic and also from a social point of view certainly in our lifetime.

As we consider this new financial year despite the challenges we have been […]

Housing affordability Bill introduced

Foreign resident CGT main residence exemption

The government has introduced Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019 to implement capital gains tax (CGT) measures aimed at improving housing affordability, including the removal of the CGT main residence exemption for foreign residents.

These measures were first […]