From 1 July 2021, the current superannuation rate of 9.5% will increase to 10%. This increase is a statutory increase and therefore compliance is mandatory. The rate of the superannuation guarantee is currently set to rise each year by 0.5% until it reaches 12%.
2020 sure brought a lot of changes! As such, you could expect some differences in this year’s Tax Return Lodgement too, especially if you received government stimulus payments! Among other things, you may want to keep in mind the following.
Managing effective cash flow is imperative for the success of small businesses! A struggle that everyone has gone through is getting your clients to pay you on time. Late payments can be detrimental to your company especially when you were needing the money to come within a certain timeframe. Thankfully, there are lots of ways to encourage clients to pay their invoices on time without compromising your relationship!