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Superannuation changes, tax help and energy prices on the agenda for small businesses as EOFY approaches

- June 14, 2022 2 MIN READ
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The Small Business and Family Enterprise Ombudsman, Bruce Billson, highlights the issues at the top of small businesses’ agendas as we fast approach the end of the financial year.

It was particularly pleasing to hear the Prime Minister specifically highlight the importance of small business in his first speech to the Labor Caucus, saying: “I’m serious about reaching out to small business and working on ways in which we can improve things for small business.”

And it was great to see small business retain its status in the Cabinet with the appointment of Julie Collins as the new Minister for Small Business.

We’re very much looking forward to a great partnership to make Australia the best place to start, grow and transform a business.


Superannuation Guarantee

Two important changes to the Superannuation Guarantee take effect from 1 July, so it’s essential that small business owners and managers understand what they are required to do.

The rate of the SG contribution paid by employers rises from 10 per cent to 10.5 per cent. And the $450 per month eligibility threshold is being removed, meaning all employees can now be eligible to receive the SG contribution regardless of how much they earn.

This could mean having to pay SG for the first time to some staff. For more information visit the ATO.

EOFY

The end of the financial year also means the need to complete bookkeeping, lodge tax returns and plan for the next 12 months. Business.gov.au has created a checklist to help businesses prepare and get organised:


  1. Check what record keeping and other tasks to complete
  2. Find out what tax deductions and concessions you can claim
  3. Check your tax agent is registered
  4. Keep up-to-date with tax changes
  5. Be wary of tax refund scams
  6. Review your finances
  7. Review your business and marketing plans
  8. Review your business structure
  9. Check your insurances
  10. Backup and secure your files

Tax Clinics for small business

If you are a small business that can’t afford professional tax advice, you might be eligible to seek help from a Tax Clinic.

These clinics are government-funded and free advice is provided by students who are studying tax related courses under the supervision of tax professionals.

To find out more about how the Tax Clinics might be able to help you complete and lodge your forms and returns correctly, you can read more about the National Tax Clinic Program on the Australian Tax Office website.

Energy prices

Many small and family businesses are grappling with crippling energy price increases as a result of global and market conditions beyond their control.

Some helpful tools are available to assist small businesses to compare energy spending with other similar businesses and to get help to save. Check out the Small Business Energy Check and the Business Energy Advice Program and invest a few minutes to see how you might be able to reduce the pinch in energy prices.

MSME Day

And finally, June 27 is Micro, Small and Medium Enterprises Day (MSME Day).

This is about celebrating the vital contribution made by small and family businesses to our economy, society and local communities. We encourage you to join us in saying a big thank you to our small and family businesses.

On our website we will be releasing statistics, sharing videos and a promoting a variety of other ways to help mark this special occasion. For more information about MSME day 2022 visit our webpage.


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Now read this: 

Stress less at EOFY and every day: The case for continuous accounting

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