One of the biggest expenses all businesses face, especially in the tourism and hospitality industry, is the cost of wages. Besides purchases of stock, payroll is generally the second highest expense with businesses needing to make sure they are complying with penalty rates, superannuation, WorkCover and payroll tax. However, a recent development will see the cost of employment increasing.
Created Date | Saturday, 17 May 2014
Filesize | 470 Kilobytes
The Federal Budget handed down on Tuesday evening of May 13 seemed to re-emphasise Treasurer Joe Hockey’s narrative pursued in the lead-up to budget night – that tough decisions would have to be made, and that due to the state of the economy we would all be expected to do some of the “heavy lifting”.
The major tax announcement was the introduction of a debt reduction tax on incomes over $180,000, although given the forecast contribution to reduce the nation’s debt it was surprising that the government was willing to risk an unfavourable electoral response. Many of the announcements also backed up the government’s claim that the “age of entitlement” is over.
There are many other budget initiatives that will have relevance to a wide variety of our clients, depending on your circumstances. As always, please feel free to talk to our office for further details and information.