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Is your business prepared for 2012-13?

changes for 1 July 2012With one week to go in this financial year, I thought it a good time to remind you of some changes that come into effect on 1 July.

  • the carbon tax starts – find out more about pricing impacts on the ACCC website
  • minimum weekly wages increase by 2.9% so if you employ anyone at minimum rates (including apprentices, trainees and juniors) make sure you are meeting the Fair Work Australia requirements
  • new individual PAYG tax rates change – namely the tax-free threshold is increasingly significantly. Make sure your payroll software has been updated with the new rates before your first pay run
  • the flood levy finishes on 30 June so if you have been deducting this from employees’ pays, remember to stop!
  • the superannuation co-contribution rate is halving to $0.50 per $1 you contribute, so if you qualify this year, you have a few days left to make a personal contribution to get this
  • concessional superannuation contributions (those from your employer, salary sacrifice or that you claim a tax deduction on) will be capped at $25,000 regardless of your age or situation. Check your contribution rates for 2012-13 so you don’t get any nasty tax surprises…

 

Have you implemented all of the relevant changes for your business?

If you’re looking for some tips for the end of financial year, some of my previous posts may help:

Preparing for the end of financial year
Maximise your 30 June position
Keeping your accounting issues under control
Understanding profit and paying yourself

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