Victorian businesses win in new financial year law changes

Some of the big winners this new financial year are regional businesses but the lowest paid workers may not be too happy to see their next pay slips. The 1st of July has brought plenty of business changes with regional operators set to benefit from the windfall of payroll tax cuts, which were cut from 3.65% to 2.425%.

Regional payroll tax is now just half of the metropolitan rate. Victoria is proud to have the lowest regional payroll tax rate in Australia, making it a great place to do business because of the savings regional businesses can make.

However, employees are not as fortunate with the changes and businesses may still need to address it somehow. The employees are not as ecstatic with Sunday penalty rates in the hospitality, fast food, retail and pharmacy set to change after a Fair Work Commission decision in 2017. Full-time and part-time hospitality workers will have penalty rates cut by 10% as causal employees continue to get the same rate. Retail workers will drop by 15% and casual workers will decrease by an extra 5%. The penalty rates of pharmacy employees will decrease by 15% as fast food employees will see a 10% drop.

Accountants Ballarat & Bookkeepers Ballarat

Our goal is to empower you to become a better, more finance-focused and well-rounded entrepreneur. Contact us at info@skyacc.com.au or 1300 328 855

The good news is that minimum wages will increase by 3.5%, bringing the national minimum wage to $719.20 per week based on a 38-hour week or $18.93 a week. This brings an increase of $24.30 per week.

Meanwhile, the new Child Care Subsidy will replace the Child Care Rebate and Child Care Benefit, which means families will be required to complete an online test before they can receive any child care fee assistance. A family’s annual adjusted taxable income will be the basis for the subsidy percentage they can claim. Families who earn $186,958 or less will not have a cap on the amount they are eligible for.

Graduates with a HECS debt, on the other hand, will need to start repaying their debt once their repayment income is greater than $45,000, which is a decrease from $56,000. A person who earns about $700 a week will need to pay back 1% of their income annually towards their HECS debt and this will increase gradually until a person earning $132,000 must pay back 10% annually.

Victorians may register for the $50 Power Saving Bonus at the Victorian Energy Compare website and check for better deals on gas and electricity bills. Households need to use the website from now until the 31st of December to be eligible and to compare deals. They will not be required to switch plans or take up an offer. Take advantage of these benefits.

Accountants Ballarat & Bookkeepers Ballarat

Our goal is to empower you to become a better, more finance-focused and well-rounded entrepreneur. Contact us at info@skyacc.com.au or 1300 328 855

As you look for different ways to grow and improve your business, seeking professional advice could prove to be an important and helpful decision. You can click here to speak to experts who specialise in business consultancy. We would love to help you formulate investment strategies and streamline your processes to take your business to the next level.

Sky Accountants Ballarat keep your financial statements, profit and loss, cash flow and balance sheet current and up to date. We manage your books and can pay your bills, process your payroll and chase your overdue debtors. Tax deductions are our bread and butter.

Sky Accountants Ballarat drive your business with simple insightful accounting software. We can work with cloud versions of MYOB, Xero, Quickbooks, Receipt Bank, Shoebox and a host of cloud payroll systems. Sky Accountants Ballarat manage your finances from anywhere via these systems and via our web-based interface SkyHub®. Get a snapshot of your company’s financial health, review key financials, and see value and cost centers at a glance.

You can click here to speak to a businessaccounting and bookkeeping firm. We also offer hospitality business consultation and mortgage services. We will give you a call to know more about your needs. We will explain to you how we can improve your business.

Business Accountants Ballarat | Ballarat Accountants | Ballarat Accounting Firms | Ballarat Bookkeeping Firms | Ballarat Bookkeepers | Restaurant Accountants in Ballarat | Accountants for Manufacturing Business in Ballarat | Farm Accountants in Ballarat | Accountants for Medical Professionals in Ballarat | Accountants for Tradies in Ballarat | Company Accountants in Ballarat | Company Bookkeepers in Ballarat | Casino Accountants in Ballarat | Spa Accountants in Ballarat | Cafe Accountants in Ballarat | Hotel Accountants in Ballarat | Accountants for Builders in Ballarat | Ballarat SMSF Accountants | Xero Accountants Ballarat | Ballarat Mortgage Broker | Ballarat Financial Advisers

Phone: 1300 328 855
Office Address: 902 Howitt Street, Wendouree, Victoria 3355, Australia
Postal Address: PO Box 2234, Bakery Hill, Victoria 3354

Business Accountants Melbourne | Melbourne Accountants | Melbourne Accounting Firms | Melbourne Bookkeepers | Melbourne Bookkeeping Firms | Restaurant Accountants in Melbourne | Accountants for Manufacturing Business in Melbourne | Farm Accountants in Melbourne | Accountants for Medical Professionals in Melbourne | Accountants for Tradies in Melbourne | Company Accountants in Melbourne | Company Bookkeepers in Melbourne | Casino Accountants in Melbourne | Spa Accountants in Melbourne | Cafe Accountants in Melbourne | Hotel Accountants in Melbourne | Accountants for Builders in Melbourne| Melbourne SMSF Accountants | Xero Accountants Melbourne | Melbourne Mortgage Brokers | Melbourne Financial Advisers

 

Business Accountants Sunbury | Sunbury Accountants | Sunbury Accounting Firms | Sunbury Bookkeeping Firms | Sunbury Bookkeepers | Restaurant Accountants in Sunbury | Accountants for Manufacturing Business in Sunbury | Farm Accountants in Sunbury | Accountants for Medical Professionals in Sunbury | Accountants for Tradies in Sunbury | Company Accountants in Sunbury | Company Bookkeepers in Sunbury | Casino Accountants in Sunbury | Spa Accountants in Sunbury | Cafe Accountants in Sunbury | Hotel Accountants in Sunbury | Accountants for Builders in Sunbury | Sunbury SMSF Accountants | Xero Accountants Sunbury | Sunbury Mortgage Brokers | Sunbury Financial Advisers

 

Business Accountants Gisborne | Gisborne Accountants | Gisborne Accounting Firms | Gisborne Bookkeeping Firms | Gisborne Bookkeepers | Restaurant Accountants in Gisborne | Accountants for Manufacturing Business in Gisborne | Farm Accountants in Gisborne | Accountants for Medical Professionals in Gisborne | Accountants for Tradies in Gisborne | Company Accountants in Gisborne | Company Bookkeepers in Gisborne | Casino Accountants in Gisborne | Spa Accountants in Gisborne | Cafe Accountants in Gisborne | Hotel Accountants in Gisborne | Accountants for Builders in Gisborne | Gisborne SMSF Accountants | Xero Accountants Gisborne | Gisborne Mortgage Brokers | Gisborne Financial Advisers

Phone: 03 97444522
Sunbury Office Address: Suite 13, 33-35 Macedon Street, Sunbury, Victoria 3429, Australia
Gisborne Office Address: 45 Hamilton Street, Gisborne, Victoria 3437, Australia

Postal Address: PO Box 270 Gisborne Victoria 3437

To view the original content, click here

Disclaimer

Like this? Share it...

Related Reading

Leave a Reply

Your email address will not be published. Required fields are marked *

For security, use of Google's reCAPTCHA service is required which is subject to the Google Privacy Policy and Terms of Use.

I agree to these terms.