Factor1 Blog
Our Blog contains articles, posts and other materials that have made its way to clients and the public
Thank you from Factor1
Factor1 is so humbled and honoured to be named as a finalist in the 2023 Australian Accounting Awards.
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The Australian Federal Budget 2023-24
Here are some important things about taxes and retirement savings from the Budget that can help people and businesses plan their finances.
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With the Low and Middle-Income Tax Offset gone, we’ll feel the pinch this tax season
Without this offset, your tax bill will be higher this year, so expect a higher tax liability or a much lower tax refund during tax time.
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Grants to help affected Primary Producers in Victoria
Two available grants: the Victorian Primary Producer Flood Recovery Grant and the Victorian Rural Landholder Grant.
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30% Super Tax on Balances Exceeding $3 Million from 2025
As of 1st July 2025, earnings from super balances exceeding $3 million will increase to 30%.
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Single Touch Payroll (STP) Phase 2
Single Touch Payroll (STP) Phase 2 is an expansion of the ATO's payroll reporting system, where you'll be required to report additional information and clarify the payments you make to your employees.
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WorkCover Key Dates Reminder 2022/23
For those of you who have employees, here's a friendly reminder of the key dates to submit your certified rateable remuneration to your WorkSafe agent.
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$2,000 Small Business Specialist Advice Pathways Grant
New grant for employing small businesses to access professional advice.
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.au Direct Domain Names
Register your .au domain name by 20 Sep to avoid losing it to a competitor!
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Claiming deductions for working at home reminder
ATO's shortcut method ended on 30 June 2022. Therefore, please be reminded that if you claim any work from home expenses post 1 July 2022, you will need to keep your receipts.
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Changes to Super Guarantee from 1st July 2022
- Super Guarantee (SG) rate increases from 10% to 10.5%.
- The $450 per month eligibility threshold is being removed.
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TAX RATE GUIDE FOR SMALL BUSINESSES IN AUSTRALIA
Understanding the income tax required for small businesses in Australia will support the organisation and flow of your business activities.
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lodgment planning: q4 2022 deadlines
Start getting organised for the busy fourth quarter by planning now for lodgment and payment deadlines.
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Budget 2022-23
With the release of the Federal Budget last night, it's been reported Australians will see a clearer way forward to navigate through the coming financial year.
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Tax Deductible Business Expense List
It pays to be aware of all liabilities and any expenses you can file a claim for.
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New Director IDs
A unique identifier that will stay with a director for life, offering greater security
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New Stapled Super &
Superannuation Payments Reminder 2021/2022
For employers - Due dates for the current financial year.
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How to Prepare Taxes for a Small Business
Small businesses play a huge role in the economy of Australia. According to the ATO ‘they make up more than 99% of all Australian businesses, contribute more than $413 billion to the economy and employ more than 5.5 million people’.
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Vic’s Business Costs Assistance Program
Round Four – Construction
Payments between $2000 - $8400 to eligible businesses based on payroll size opens in November.
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WorkCover Key Dates Reminder 2021/22
For those of you who have employees, here's a friendly reminder of the key dates to submit your certified rateable remuneration to your WorkSafe agent.
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COVID-19 Disaster Payment
For workers, or sole traders who are unable to work due to a COVID-19 public health order.
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The 4 Types of Business Structures
When laying the foundations for a profitable business, deciding on the optimal business structure is crucial to your success.
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VIC’s Small Business COVID Hardship Fund
Providing $20,000 grants for eligible small and medium businesses that have experienced a reduction in turnover of at least 70%.
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Vic Business Support Update
New top-ups, grants and support for Victorian businesses.
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Super Guarantee Rate Increased from 9.5% to 10%
On 1 July 2021, the super guarantee rate increased from 9.5% to 10%. The rate is scheduled to progressively increase to 12% by July 2025.
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Circuit Breaker Business Support Package
The Victorian Government recently announced the $250 million Circuit Breaker Business Support Package to assist small to medium businesses and sole traders that are unable to operate due to the recent lockdown.
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Australian Federal Budget 2021-22
A plan to invest rather than reform, stimulate rather than surprise.
Australia’s federal government has handed down a pre-election budget focused on stability and recovery
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Flood Disaster Recovery Small Business Grant
A flood disaster recovery grant of up to $50,000 is now available for eligible small businesses or not-for-profit organisations that have been directly impacted by the NSW Storms and Floods from 19 February 2021 onwards (AGRN 954) or from 10 March 2021 onwards (AGRN 960).
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Jobs Victoria Fund
Wage subsidies of up to $20,000 per employee for eligible employers who hire eligible jobseekers.
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API compatible contact tracing now mandatory for business venues and facilities
QR Code/API compliance amnesty ends 23 April
Contact tracing has now become part of our normal lives to help contact tracers in the event a positive case of coronavirus (COVID-19) is identified.
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Circuit Breaker Action Business Support Package
Financial support to eligible businesses impacted by the recent Circuit Breaker lockdown
When the Victorian Government announced the five-day Circuit Breaker Action on Friday 12 February, many businesses were thrown into limbo with a previously anticipated eventful weekend.
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Scams on the rise
The past year has seen an increase in scams, especially during the pandemic.
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